Bank of America Merrill Lynch Oil & Gas Investor Forum 15 - 17 April 2013 APRIL 2013 BAML O&G Investor Forum 1
Vision & Strategy Vision It is our vision to build an African focused exploration and production company which in time becomes renowned for its ability to consistently create and realise material shareholder value through…
Company Overview Cameroon 5 blocks in Cameroon covering 4,644km. Nigeria 3 offshore shallow water, 2 onshore; all operated. Multiple hydrocarbon discoveries. Bomono Permit 2 Acreage: 2,328km P50 contingent resource base 203…
Group Objectives Excellent Progress Resources to Reserves: The Path to FID* IM-5: successful appraisal/development well - liquids rich and fertiliser gas requirements underpinned. Submission of Etinde Exploitation Authorisation…
IM-5 Well Update Rio del Rey Basin Douala Basin MLHP-7. MLHP-5 & 6, OLHP 1 & 2. Shallow offshore area. Onshore and shallow offshore areas. Highly prospective acreage within a proven Highly prospective active hydrocarbon…
IM-5 Well - Pre-drill targets and results to date Etinde Appraisal/Development Drilling Objectives IM-3 IM-5 Primary: determine reservoir, fluid properties and gas composition of Middle Isongo. Results to date Secondary: explore…
Seismic Correlation Panel Tying IM Wells IM-4 IM-2 IM-3 IM-5 Upper Isongo Upper Isongo Intra Isongo Intra Isongo Log evaluated 3m net net pay approx. 70m. pay. Below seismic resolution Areally extensive Intra Isongo…
IM Field Volumetric Update Material Volume Addition Validation of more than sufficient gas volumes on a P90 Upper Isongo basis to meet fertiliser plant requirements. Intra Isongo discovery represents material volume addition.…
IM Field Volumetric Update Material Volume Addition Validation of more than sufficient gas volumes on a P90 Middle Isongo basis to meet fertiliser plant requirements. Intra Isongo discovery represents material volume addition.…
IM Field Volumetric Update Material Volume Addition Validation of more than sufficient gas volumes on a P90 Middle Isongo basis to meet fertiliser plant requirements. Intra Isongo discovery represents material volume addition.…
IM Field Volumetric Update Material Volume Addition Validation of more than sufficient gas volumes on a P90 Intra Isongo basis to meet fertiliser plant requirements. Intra Isongo discovery represents material volume addition.…
IM Field Volumetric Update Material Volume Addition Validation of more than sufficient gas volumes on a P90 Intra Isongo basis to meet fertiliser plant requirements. Intra Isongo discovery represents material volume addition.…
Intra Isongo Exploration/Appraisal Upside IM-5 1 Km APRIL 2013 BAML O&G Investor Forum 14
Intra Isongo Exploration/Appraisal Upside at discovery horizon and greater interval Material Exploration/Appraisal Upside Intra Isongo Prospects IM-5 well has considerably de-risked the Isongo play: Seismic response correlates…
Intra Isongo Exploration/Appraisal Upside at discovery horizon and greater interval Material Exploration/Appraisal Upside IM-5 IM-5 well has considerably de-risked the Isongo play: Seismic response correlates with thick,…
Intra Isongo Exploration/Appraisal Upside at discovery horizon and greater interval Material Exploration/Appraisal Upside Greater Interval IM-5 well has considerably de-risked the Isongo play: Prospects Seismic response…
IM Field Discovered Volumes and Upside Potential (Unrisked) Overview of Volumes Discovered Volumes* IM Field P90 P50 P10 Mean Total WGIIP (bcf) 531 1,050 2,144 1,222 Total CIIP (mmbbl) 74 155 333 184 Intra Isongo Unrisked…
Etinde Existing Discoveries Overview of Gross Unrisked Mean Volumes In place* IC IM Manyikebi IE IF Deep Omicron fairway Sapele-3 SNA-1X Sapele-1/ST D-Discovery Sapele-2 *Operators estimates. APRIL…
Hub and Spoke Development Flexibility for future expansion Phased Approach All processing onshore; unmanned offshore platforms. Stage I - fields on MLHP-7. Stage II - discoveries on MLHP-5 (Sapele). Significant flexibility for…
Hub and Spoke Development Stage I Development Gantt Chart Strategic Alliance Alliance with Petrofac to deliver first production from Etinde. High level basis of development design agreed. Provides up to 500 million for Stage…
Hub and Spoke Development Stage II (MLHP-5) Sapele & D-1R Hydrocarbons discovered at multiple stratigraphic levels. Significant in-place volumes discovered across MLHP-5 by the Sapele and D-1R wells. Extensive stratigraphically…
Cameroon Overview Further Prospectivity Rio del Rey Basin Douala Basin MLHP-7. MLHP-5 & 6, OLHP 1 & 2. Shallow offshore area. Onshore and shallow offshore areas. Highly prospective acreage within a proven Highly prospective…
Etinde - Further Prospectivity MLHP-5 EEAA envisages additional exploration in exploitation area. Extensive deeper prospectivity at Paleocene and Cretaceous levels. Hydrocarbons encountered with Sapele-1 and Sapele-3. Palaeocene…
Bomono Overview Historical 6 deep wells and c.10 shallow wells drilled in the 1950s. Wells and onshore oil seeps prove active hydrocarbon system. Tertiary and Cretaceous structural and stratigraphic traps Vintage 2D defined in…
Bomono Exploration Well Operations Zingana-1 (Proposed Well) Exploration well location selected (Zingana-1), planning for immediate follow-up with second independent exploration well. Zingana-1 Prospect - site prepared; drill ready…
Kenya Block 11B Significant acreage 14,000km2. Bowleven 50% equity interest. Initial 2 year exploration period work programme. Operated by Adamantine Energy, technical support provided by Bowleven under a TSA. Geology…
Kenya Block 11B Existing vintage seismic and gravity data confirm presence of multiple basins and structural features closely analogous to successful discoveries to the south. Preliminary scouting trip confirms ideal terrain across…
Funding Overview Cash at end February 2013 approx. 65 million, no debt. Petrofac provides up to 500 million for Stage I development; initial capital investment at FID. Potential for up to 60 million of Bowlevens IM-5 costs at…
Outlook Resources to Reserves: The Path to Development Etinde development sanction the path to FID includes: Approval of the EEAA; updated to integrate IM-5 results. Finalisation of a Gas Sales Agreement. Resources to Reserves…
oil & gas Appendix
Petrofac Commercial Structure Commercial Structure Structure provides potential for 300 million or 500 million of capital. 300 / 500 Petrofac to be remunerated from Euroils share of the Etinde million project cashflows. Onshore…
Maximising Liquids Value Delivery Point Gas Options IM MLHP-7 Power (AES) Up to 10mmscfd IE 3rd Party Led Fertiliser (Ferrostaal) IF Up to 70mmscfd Oil, Condensate Liquids Stripping & up to Up to 80mmscfd…
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 oil & gas Kevin Hart Tel: +44 131 524 5678 infobowleven.com www.bowleven.com Bowleven Plc. The Cube 45 Leith Street Edinburgh EH1 3AT United Kingdom
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