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INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc

Bowleven Plc · Mar 31, 2014 · 39 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 1
    Interim Results Presentation Preliminary Results Presentation For six months ended 31 December 2013 For the year ended 30 June 2013
  2. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 2
    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…
  3. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 3
    Presentation Agenda Overview Etinde Development Exploration Finance Outlook & Conclusion Q &A Appendix 31 March 2014 Interim Results Presentation 3
  4. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 4
    oil & gas Overview
  5. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 5
    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…
  6. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 6
    Asset Overview Cameroon Kenya Zambia Nigeria South Sudan Ethiopia Cameroon Kenya 2 permits covering 4,644km. Block 11B onshore Kenya covering Blocks 25, 28 & 29 covering P50 contingent resource base 263 14,200km.…
  7. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 7
    Group Update Etinde - continued progress Stage I - Fertiliser Etinde Exploitation Authorisation Application (EEAA) submitted to Cameroon authorities award anticipated shortly. Gas sales agreement (GSA) with fertiliser plant well…
  8. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 8
    Group Update Exploration & Financing Flexibility Exploration programme advancing: Bomono two well programme planned H2 2014. Kenya FTG highlights various basin potential. 2D seismic tender at advanced stage. Awarded 3 blocks…
  9. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 9
    oil & gas Etinde Development
  10. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 10
    Etinde Resource Base Significant Hydrocarbon Volumes Oil, condensate and wet gas. P50 contingent resources increased 30%* in 2013. EEAA submitted to Cameroon authorities; award anticipated shortly. Phased development approach.…
  11. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 11
    Field Development Plan Flexibility for future expansion Liquids focused - gas enabled Hub and Spoke wells facilities system. Unmanned offshore platforms, processing onshore. Oil, condensate and wet gas to onshore hub. Liquids…
  12. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 12
    Hub and Spoke Development Stage I Illustrative Timeline Integrated offshore and onshore facilities development illustrative timeline FID to first production. 6mths 12mths 18mths 24mths 30mths First Production FID Detailed…
  13. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 13
    Full Field Development Beyond Fertiliser Intra Isongo Reservoir Model EEAA includes full field development concepts - LNG. Intra Isongo reservoir interval encountered at IM-5 highlighted significant upside potential. Drilling…
  14. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 14
    Full Field Development Cameroon LNG (CLNG) Project Countrywide gas aggregation scheme, led by GDF Suez and SNH. Planned onshore facility at Kribi, with gas pipeline through Rio del Rey and Douala basins. First LNG train planned…
  15. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 15
    Intra Isongo Potential Material Upside IM-5 IM-5 well has considerably de-risked the Isongo play. Indicative appraisal Seismic response correlates with thick, reservoir quality 150m down-dip sands. A number of amplitude based…
  16. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 16
    Intra Isongo Potential Intra Isongo Amplitude response indicates sandstone distribution. Depositional systems revealed, wide extent. Relationship with IE / ID field discoveries being examined. Hydrocarbon fluid samples at…
  17. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 17
    oil & gas Exploration
  18. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 18
    Bomono Overview Historical 6 deep wells and c.10 shallow wells drilled in the 1950s. Wells and onshore oil seeps prove active, Upper Cretaceous sourced hydrocarbon system. Vintage 2D Total 500km 2D seismic acquired and legacy 2D…
  19. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 19
    Bomono Exploration Zingana-1 Moambe-1 Zingana Moambe Prospect Associated Condensate Prospect Associated Condensate Oil mmbbls Gas bcf Oil mmbbls Gas bcf Unrisked Mean Gas bcf mmbbls Unrisked Mean Gas bcf mmbbls HIIP* HIIP* Tertiary…
  20. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 20
    Bomono Operational Status Civil Engineering Zingana pad complete. Access routes complete. Moambe pad construction preparation commencing. Drilling camp construction underway. Rig Update Rig negotiations advanced; two well…
  21. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 21
    Kenya Overview New hydrocarbon province. Multiple oil discoveries to the south (Lokichar Basin). High level of industry activity multi-well drilling campaigns Ethiopia ongoing and infrastructure planning underway (including…
  22. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 22
    Kenya Overview South Sudan 500 km 2D seismic New hydrocarbon province. Adamantine Energy/ Ethiopia Bowleven Multiple oil discoveries to the south (Lokichar Basin). (2014) 2 wells planned High level of industry activity…
  23. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 23
    Kenya Block 11B FTG Results FTG reveals five basins. NE gravity low possible sub-basin to the South Omo Basin. 2014 field work and interpreted FTG results has greatly increased the geological understanding of the area.…
  24. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 24
    Kenya Block 11B FTG Results FTG reveals five basins. NE gravity low possible sub-basin to the South Omo Basin. 2014 field work and interpreted FTG results has greatly increased the geological understanding of the area.…
  25. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 25
    Kenya Block 11B FTG Results FTG reveals five basins. NE gravity low possible sub-basin to the South Omo Basin. 2014 field work and interpreted FTG results has greatly increased the geological understanding of the area. FTG…
  26. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 26
    Kenya Block 11B Geological Fieldwork 31 March 2014 Interim Results Presentation 26
  27. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 27
    Zambia Overview Karoo basins extensive, large and underexplored. Perceived as gas prone but have generated a lot of oil (20 billion bbl). Opportunity to acquire significant position while industry focus on Tertiary rift…
  28. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 28
    Zambia Overview Luangwa Valley Karoo basin total area 42,000 km. Five blocks applied for: Three blocks awarded (25, 28 and 29) 16,250km and applications for two blocks pending (26 and 27). Previous exploration 1980s (Placid)…
  29. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 29
    oil & gas Finance
  30. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 30
    Interim Results Summary six months to 31 December 2013 Loss of 6.6 million in period (H1 2012: 9.4 million). 7.7 million cash invested in oil and gas activities, primarily on pre-development activity on Etinde. Net assets of…
  31. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 31
    Funding Overview Cash at end Feb 2014 34 million*, no debt. Significant Financing Flexibility G&A spend approx. 1.5m - 1.7 million (gross) per month. At FID 60m reimbursement for IM-5 well costs (Petrofac Advanced negotiations…
  32. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 32
    oil & gas Outlook & Conclusion
  33. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 33
    Outlook & Conclusion Growing confidence levels around the delivery of the combined fertiliser and upstream projects. Cameroon LNG scheme building momentum. Resources to Reserves Exploration activities continuing. Multiple…
  34. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 34
    oil & gas Q&A
  35. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 35
    oil & gas Appendix
  36. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 36
    Ferrostaal Fertiliser Project Structure Etinde Gas Source: Ferrostaal 31 March 2014 Interim Results Presentation 36
  37. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 37
    Ferrostaal Fertiliser Partners Source: Ferrostaal 31 March 2014 Interim Results Presentation 37
  38. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 38
    Stage I Etinde Development Indicative project revenue, Bowleven NPV10split and production profile Total Project Revenue* Simplified 20 year Production Profile Gas 15 100 18% Total Wet Gas 683 bcf 80 Liquids - kboepd Wet Gas…
  39. INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 – Bowleven Plc – slide 39
    Principal Contact: Kerry Crawford Tel: +44 131 524 5678 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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