2008 Year End Results Presentation 4th November 2008
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…
Agenda Introduction - Kevin Hart, CEO Exploration - Ed Willett, Exploration Director Development - John Morrow, Chief Operating Officer Financials - John Brown, Finance Director Outlook and Q&A - Kevin Hart, CEO 4…
Highlights First oil discovery on Etinde Permit; IF-1r well tested an average of 3,371 bopd from upper Isongo section Mean oil in place for IF discovery estimated to be 137 mmbbls Upgraded IE/ID field resource base; project…
Highlights Agreement reached on Etinde PSC terms including further exploration phase, with signing anticipated before end 2008 PSC will provide excellent framework to establish commercial viability of IE/ID and IF discoveries…
CAMEROON 7 Year End Analyst Presentation November 2008
Cameroon Update Bomono Permit 100% OLHP 1 & 2 2,328 km PSC signed 12 Dec 2007 First term ends 11 Dec 2012 Rio del Rey Basin 500km seismic & one well commitment Etinde Permit 100% MLHP 5,6 & 7 2,314 km Etinde PSC terms…
Cameroon Update - Initial Perceptions Initial Perception OIL potential restricted to delta top sequences of Rio del Rey Basin Niger delta and northern Rio Del Rey basin Southern Rio Del Rey and Douala basins viewed as GAS…
Cameroon Update - Emerging View The ETINDE Permit lies in Parts of the Rio Del Rey and Douala basins that are both OIL and GAS prone Numerous onshore oil seeps Rio del Rey Basin indicating at least three source intervals IF…
MLHP-7 Isongo and Biafra Isongo Isongo Prospects - Gas Condensate Multiple undrilled Fields - structural Isongo Marine, IC, culminations ID and IE. associated with IE succesfully existing discoveries. appraised by Low risk and high…
Block MLHP-7 IF Discovery Volumetric Potential A IF Combined Potential 280mmbbl IE-2z IE-1 I-E Field I-F Field A A Hydrocarbons IF-1 Discovery Mean 137mmbbl encountered over a STOIIP large part of the well 800 feet from top…
Block MLHP-7 Oil/Gas Resource (Mean Volumes) Dry GIIP Wet GIIP* NGL** STOIIP (bcf) (bcf) (mmbbl) (mmbbl) Isongo Marine Field* 348 18 Isongo E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C Discovery* 77 5 Isongo F Discovery…
MLHP-7 Contingent Resources Five gas/condensate fields and one oil discovery Isongo C Isongo Marine Mean Contingent Resources 628 bcf gas* Isongo E Isongo D Manyikebi 62 MMbbls condensate 41 MMbbls oil Total 208 mmboe…
MLHP-7 Current Development Potential Isongo Marine Potential future Isongo E & Isongo D tieback to IE/ID Gas Recycling Development One appraisal well Isongo C Isongo Marine Sanction anticipated early 2010 1st production targeted…
IF Oil and IE/ID Gas Development I-E PUQ Platform LPG Oil Processing Bridge-linked to WHP Recovery and Export Fluid Separation; Facilities Gas Compression; Power Living Quarters Station I-E WHP Platform 9-Slot Wellhead; Limbe…
IF Oil and IE/ID Gas Development Example of Potential Synergies Power Station Limbe Refinery I-E WHP Platform 9-Slot Wellhead; Gas Injection Pipeline I-F WHP Platform 6-Slot Wellhead Possible gas export Multiphase…
Blocks MLHP-5&6 Prospect and Lead Inventory Prospect Inventory significantly enhanced following conclusion of detailed subsurface analysis and integration of well data 18 Year End Analyst Presentation November 2008
Blocks MLHP-5&6 Prospect and Lead Inventory (Unrisked Mean In-place volumes) Wet GIIP (bcf) CIIP (mmbbl) STOIIP (mmbbl) Delta* 175 10 Kappa* 75 Lambda 12 1 Qof 595 33 Phi-chi 451 25 Psi 158 9 Pi 44 2 Beta W 88 Beta E 117…
GABON 20 Year End Analyst Presentation November 2008
Gabon Overview Epaemeno Permit Block G4-211, 1340 sq km Second term ends August 2010 (50% relinquishment) Third period expires Aug 2013 Addax (Operator); Bowleven conducting G&G work through to well locations under TSA 10m…
Gabon EOV Field PSC signed for EOV Permit Area in February 2004 Field located 6 miles offshore in 65ft of water Four development wells already drilled though a central template The jacket is complete. The Topsides are approx…
EOV Field Development Layout Capital cost estimate: 120 million, includes 10 million FPSO mob FPSO Lease rate: 50,250/day and 2/bbl tariff If sanction by end 2008, then first oil expected by early Q2 2010 23 Year End Analyst…
Gabon EOV Development Complete platform Topsides in the USA Undertake FPSO modifications and Class certification in Dubai Transport platform from USA to Gabon and install at the field Drill and complete two new wells Complete…
Gabon EOV Permit - NW Kowe STOIIP (mmbo) P90 P50 P10 Mean All Reservoirs (Numerical sum) 56 166 509 234 NW SE Azile depth map NW KOWE EOV Field 25 Year End Analyst Presentation November 2008
Gabon - Epaemeno Phase 1 307km 2D seismic programme (9 million net covered by carry) Operations commenced mid July. Recording commenced 20 August 260 km recorded to date Focus on northern Terrace margin play and central Davo…
FINANCE 27 Year End Analyst Presentation November 2008
2008 Year End Results Summary First annual report under IFRS and US presentational currency (conversion document issued in November 2007) Loss of 10.9 million in year (2007: 20.1 million) Net assets of 377 million at period…
2008 Year End Results Funds Summary 4m 77m Cash usage 2m (73m) (10m) Net cash at 30 June 2008 - 103 million 29 Year End Analyst Presentation November 2008
Financial Overview Current cash circa 45 million, minimal commitments, no debt Farm-out opportunities across portfolio progressing well Debt discussions ongoing in difficult market Shareholder circular seeking approval for…
NEXT STEPS & OUTLOOK 31 Year End Analyst Presentation November 2008
Outlook 2009 OBJECTIVES Drill further appraisal wells on IE and IF structures Progress IE/ID, IF & EOV development projects towards sanction Build on our new technical work with further high impact exploration drilling in both…
Work programme - next 12 to 18 months MLHP-7 MLHP-5&6 EOV EPAEMENO BOMONO IF 2 & 3 wells 200 km 3D Further 2 Phase 2 Airborne seismic development seismic Survey wells IE 2 well 1-2 Other EOV 2+ Surface field exploration…
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