Bank of America Merrill Lynch Annual Oil & Gas Forum April 2012 The Grove, Hertfordshire
Presentation Outline Introduction Etinde Development Cameroon Subsurface Financial Overview Outlook & Conclusion APRIL 2012 BoAML Annual Oil & Gas Forum 3
Company Overview Company Assets 5 Blocks in Cameroon covering 4,644km. 3 offshore shallow water, 2 onshore; all operated. Nigeria Overall P50 contingent resource base 217 mmboe* (net). Extensive 3D & 2D seismic database;…
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…
Recent Highlights Significant Progress Drilling success - Sapele 2 & 3 encountering oil and gas condensate. 2D seismic and 4C OBC 3D seismic evaluation over Bomono and MLHP-7. Significant progress on Etinde Development plans.…
Key Events for 2012-2013 Mobilise for Commercialisation Etinde Target to sign MOUs for up to 80mmscf of dry gas sales by end H1 2012. Submission of draft Etinde exploitation application imminent. Rig anticipated around middle…
oil & gas Etinde Development
Etinde Drilling History Track Record Wells and Resources 2007 2008 2009 2010 2011 Sapele-1 (Feb 2011) 100% Drilling success rate. IE-2z (March 2007) Vitol 33-43m Net Pay Tested 8,800boepd farm-in Focus on liquids. 55m Net Pay…
Etinde Existing Discoveries (Pre Sapele-3 Update) Overview of Gross Unrisked Mean Volumes In place* Deep Omicron fairway *Operators estimates. APRIL 2012 BoAML Annual Oil & Gas Forum 10
Concept: Combined Hub and Spoke Development Fully Integrated Holistic Option to Maximise Synergies Bomono Limbe Hub and Phase 1 Power Plant Douala GTE and Gas IM All Liquids & Gas supply Condensate to IE Limbe IF…
Gas Handling The Key to Monetising Resources Etinde resources are predominately gas-associated liquids. In order to realise the value of Bowlevens existing discoveries, finding a solution for the associated gas is key. In common…
Gas Solutions Multiple Options Third Party led Alternative In House Solutions Fertiliser Power LNG Methanol Small Scale Reinjection (Ferrostaal) (AES Sonel) (Cameroon/Bioko) (JV) LNG (JV) 80-185 60-110 60-110 Dependent…
Maximising Liquids Value Delivery Point Gas Options Phase 1 MLHP-7 IM Target 2015 Power (AES) Up to 10mmscfd IE 3rd Party Led Fertiliser (Ferrostaal) IF Up to 70mmscfd Oil, Condensate Liquids Stripping & up to…
Value Optimisation: Gas Supply Configuration to Maximise Liquids Yield Total Mean WGIIP & Initial Liquids Yield* Test Yields 600 bbls/mmcf 1,272 1,272bbls/mmcf IF 1,272 500 Omicron Deep 313-329 IF IE 127-292 Initial Liquids…
Key Milestones Gantt Chart APRIL 2012 BoAML Annual Oil & Gas Forum 16
oil & gas Cameroon Subsurface
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…
Combined Hub and Spoke Development MLHP-7 Limbe Hub and IM Power Plant MLHP-7 IE IF MLHP-6 Potential to accelerate MLHP-5 development/production. Facilitates phased approach. All processing onshore; unmanned offshore…
Etinde Existing Discoveries IM Gas Condensate Field Historical IM-1 IM-2 Discovered by TEPCAM in 1967 with the IM-1 well. 3 additional wells drilled from 1971-1981 discovering and appraising Gas-Condensate in the Upper and Middle…
Etinde Existing Discoveries IE Gas Condensate/Oil Field Historical Discovered by TEPCAM in 1980 with the IE-1 well. 2 Appraisal wells (IE-2z, IE-3) drilled by Bowleven. High quality reservoir sands with excellent deliverability.…
Etinde Existing Discoveries IF Oil Field Historical 4C OBC Data IF-1R Discovered by Bowleven in 2008 with the IF-1R well. 1 well drilled on structure to date. High quality interbedded reservoir sands with excellent Biafra Gas…
Combined Hub and Spoke Development MLHP-5 Limbe Hub and IM Power Plant MLHP-7 IE IF MLHP-6 Potential to accelerate MLHP-5 development/production. Facilitates phased approach. Sapele All processing onshore; unmanned…
Etinde Existing Discoveries Sapele Deep Omicron Oil Fairway Historical Discovered by Bowleven in 2011 with the Sapele-1 well. 4 wells drilled by Bowleven penetrating the stratigraphically trapped accumulation. High quality…
Sapele-3: Extending the Fairway Post Sapele-3 Pre Sapele-3 APRIL 2012 BoAML Annual Oil & Gas Forum 25
MLHP-5&6 - Deep Omicron Volumetrics Post-Sapele-3 Update Post Sapele-3 Fairway Volumetrics P01 Area Input Volumetric consistent with Press Released methodology: P90 P50 P10 Mean Log-Probit Chart STOIIP mmbbls 216.5 615.2 1726.8…
The Importance of Scale - Horizontal As stratigraphic traps result from a change in lithology, they can form at a variety of scales. Continuous-type plays and unconfined play types are known globally e.g. Bakken oil play in Northern…
The Importance of Scale Vertical (Salisbury Crags vs Deep Omicron) Drilling deviated and horizontal wells to enhance productivity and define production sweet spots. Recoverable reserves are ultimately a function of the number and type…
MLHP-5 Palaeocene (Epsilon) & Cretaceous Deeper Prospectivity Extensive deeper prospectivity in Etinde MLHP-5 at Paleocene and Cretaceous levels. Hydrocarbons encountered with Sapele-1 and Sapele-3. Exploration work ongoing.…
Combined Hub and Spoke Development Bomono Limbe Hub and Power Plant Bomono IM,IE & IF Sapele Potential to accelerate development/production. Facilitates phased approach. All processing onshore; unmanned offshore…
Bomono Overview Historical 6 deep wells and c.10 shallow wells drilled in the 1950s. Existing 2D Wells and onshore oil seeps proved active hydrocarbon system. Seeps Tertiary and Cretaceous structural and stratigraphic traps…
Bomono Proposed Well Present Exploration well location selected, planning for immediate follow-up appraisal wells. Farm-out discussions ongoing. Prospect Associated Gas Condensate Unrisked Mean Oil mmbbls Gas bcf bcf mmbbls…
MLHP-6 Historical Sparse 2D data and spec-surveys acquired across the MLHP-6 area. Recognition of onshore seeps immediately adjacent to Mt Cameroon, with shows in peripheral wells (Pungo-1X, 1970). No wells on block. Present…
oil & gas Financial Overview
Funding Overview Net cash balance at start Q2 2012 approx. 160 million. Estimated total 2012 Group expenditure 110 million (assuming 2 wells on Etinde with coring, testing, development studies plus one Bomono well). Moving from…
oil & gas Summary
Summary Exploration success has extended Etinde resources into liquids and across the acreage. Energy/Momentum/Means to deliver Etinde to first production. Key milestones 2012-2013. Q2 2012 Draft exploitation application &…
Contact: Kevin Hart - Tel: +44 131 524 5678 oil & gas Ed Willett - Tel: +44 131 524 5678 infobowleven.com www.bowleven.com Bowleven Plc. 1 North St Andrew Lane, Edinburgh, EH2 1HX, United Kingdom.
oil & gas Appendix Hub and Spoke Indicative Cost Estimates
Indicative Cost Estimates and Phasing (Class 5 50%) Subsequent Real 2011 Capex Phase 1 Processing Total Phases First production Date 2015 2015 2017 - Development wells Number 5 wells 5 wells 10 wells Development wells USmillion 135…
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