oil & gas 23 September 2010 Deutsche Bank 10th Oil & Gas Conference Deutsche Bank Conference - 23 September 2010
Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the Presentation) constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in…
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 Two key operating areas: Cameroon and Gabon Company Assets 7 Blocks (5 in Cameroon and 2 in Gabon). 4 offshore shallow water, 3 onshore. 6 operated, 1 non operated. JDZ Overall P50 contingent resource base 165…
Company Overview Two key operating areas: Cameroon and Gabon Asset Strategy for 2010/2011 To move resources to reserves on Etinde Permit (IE and IF appraisal wells); targeting transfer of 100mmboe (gross). High impact…
2010 Etinde Drilling and Seismic Campaign Programme with potential to transform company Jack-up rig secured on 2 firm (IE-3, Sapele-1) and up to 2 contingent wells (day rate 90k). Drilling operations ongoing. MLHP 7 current 3D…
Asset Overview Cameroon
Cameroon Overview Relatively underexplored an emerging oil story 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…
MLHP 7 Resource (Mean Unrisked Gross Volumes In Place) Resources to Reserves Dry GIIP Wet GIIP* NGL STOIIP (bcf) (bcf) (mmbbl) (mmbbl) Isongo Marine Field* 466 18 Isongo E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C…
MLHP 7 IE Field Update Resources to Reserves IE-1 drilled 1981; encountered dry gas in Biafra and gas/condensate in Isongo Formation. IE-2Z appraisal drilled February 2007 (Bowleven) established IE-3 Well* high flowrates and…
MLHP 7 IF Field Update Resources to Reserves IF oil discovered August 2008. Average oil flow 3371 bopd, peak spot rate of 4184bopd on choke, 36 degrees API. Bowleven assessment of hydrocarbons in place 225mmbbls ID-1 IE-1 STOIIP.…
Concept: Combined IE & IF FPSO Synergised Development WHP interfaced to IF Minimum Facility Platform with combined re-injection IM IE Single subsea well FPSO Spread Moored Dynamic Flexible Production Riser and Umbilical…
Cameroon Exploration Three Phases of Douala Basin Exploration Bomono 1950s Oil and gas shows in Phase 1 1950s Paleocene siltstones. Focussed onshore, field mapping and basic Logbaba 1950s technology. Oil and Gas Condensate in…
Cameroon Exploration Douala Basin Current and Planned Activities Recent Douala Basin E&P Activity Bomono 2D Acq. Onshore Seismic: Bowleven acquired 280KM 2D in OLHP-2 (Bomono). Glencore acquiring 2D in Matanda. Matanda…
Regional Geology and Play Types D-1r (2007), 25mmscfd, Sapele-1 well (2010) Onshore and offshore Cretaceous rocks outcrop 1400bcpd from 75ft gross Miocene rich G-C and mixed Tertiary and at surface within the Miocene deep-water…
MLHP-5 Exploration Well Sapele-1 High impact exploration well targeting stacked objectives Sapele-1 drilling operations commenced mid September 2010, estimated target depth 4,450 metres (approx 70- Sapele-1 NW Exploration SE 80 days…
Bomono Overview Bomono 100% Bowleven. Composed of two blocks covering an area of 2328km. 5 year first term, expiring December 2012. Existing 2D 280km 2D acquired in Q1 2010 dry season. Commitments 500km 2D seismic data (280km…
Asset Overview Gabon - Epaemeno
Epaemeno Overview Epaemeno Basement 50% Bowleven, 50% farm-out completed April 2007. Second exploration term expiry August 2010 with third term expiry August Dentale Prospects 2013. Commitments Dentale Basin Omko-1 (20MMbbl)…
Financial Overview
Principal 2010 Work Programme Stage 1 of Vitol farm-out transaction provides 100 million funding of gross work programme for 25% interest. 2010 2011 Cash post Sapele-1 well estimated to be c. 80m. Q2 Q3 Q4 Q1 Q2 Vitol have an…
Outlook & Closing Remarks
2010/2011 Objectives and Overview Busiest period in Bowlevens history to date Objectives Move discovered hydrocarbons from resources to reserves. Further test exploration potential of Cameroon acreage. 2010 Overview An…
Corporate Valuation (Unrisked) Resources to Reserves Significant value potential Deutsche Bank Conference - 23 September 2010
Corporate Valuation (Unrisked) Resources to Reserves Significant value potential Deutsche Bank Conference - 23 September 2010
We have the opportunity for significant value creation. The 2010/11 Cameroon drilling programme has the potential to transform the company.
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 Kevin Hart Tel: +44 131 524 5678 John Brown Tel: +44 131 524 5678 kerry.crawfordbowleven.com www.bowleven.com Bowleven Plc. 1 North St Andrew Lane, Edinburgh, EH2 1HX,…
Appendix
Bowleven Corporate Valuation Assumptions Valuation Date 1st July 2010. Bowleven Cash 101million, including 22million recoverable from Vitol for pre-deal completion (17/6/10) expenditure; Vitol Phase I remaining gross carry…
IE and IF Valuation Assumptions IE and IF Valuation Assumptions IE IF Total Liquids Recovery, mmbbls 55 82 137 Development Wells 4P 3I 4P 3I 8P 6I 1st Oil 2014 2014 2014 Liquids Production, mbpd 18 29 47 Bowleven Etinde…
Concept: IE Gas Recycling FPSO Development 463 bcf WGIIP (Pre IE-3); WHP, FPSO Processing and Gas Reinjection IM IE Single subsea well FPSO Spread Moored Dynamic Flexible Production Riser and Shuttle Umbilical Tanker Limb…
Concept: IF FPSO Oil Development 225 mmbbls STOIIP; Well Head Jacket, FPSO Processing and Gas Export Shuttle Tanker Limb IF Gas Dehydration and Compression Gas Export Pipeline Dynamic Flexible Production Riser and…
MLHP 7 IE-3 Test Results Objectives Depth ft Test Hydrocarbon Comments MD IE-3 well stacked objectives: 845bopd DST 1 8326-8348 Oil 38API To appraise gas-condensate bearing upper Isongo reservoir (28/64 Choke) updip of IE-1 and…
Company Timeline 1995 Company formed. Key shareholders % held of ISC as at 13th August 2010 1998 Awarded Etinde Permit. Blackrock Investment 14.5% Management 2004 Disappointing drilling results. JPMorgan Asset Management…
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