Credit Suisse Energy Summit February 2013 FEBRUARY 2013 Credit Suisse Energy Summit 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…
Progress Report Resources to Reserves: The Path to FID* Submission of Etinde Exploitation Authorisation Application (EEAA). Agreement of Fertiliser MOU. Gas sales term sheet nearing finalisation pricing discussions advancing.…
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.…
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…
Etinde Development Key FID Requirements Etinde Exploitation Authorisation Application Formal EEAA submitted late November 2012. EEAA covers a substantial part of Etinde Permit. EEAA Gas Sales Agreements Ferrostaal Fertiliser…
Petrofac Strategic Alliance Highlights Extensive development experience. Provides access to expertise, purchasing power and personnel (including engineering, design, project management, procurement and training). Provides up to…
IM-5 Well - Pre-drill targets and results to date Etinde Appraisal/Development Drilling IM-3 IM-5 Objectives Results (to date) (Currently Primary: determine drilling) reservoir, fluid properties Isongo volcanics and gas…
Seismic Correlation Panel Tying IM Wells IM-4 IM-2 IM-3 IM-5 Upper Isongo Upper Isongo Intra Isongo Intra Isongo Provisional estimated net 3m net pay 52-56m Areally extensive Intra pay. Below Isongo amplitude response…
Top Intra Isongo Depth Contours Overlaid on Intra Isongo Amplitude Response Orientation of Fig.2 Green to Orange: Intra Isongo reservoir present above seismic resolution (i.e. implies gross reservoir thickness greater than…
Etinde - Further Prospectivity MLHP-7 Middle Intra Isongo & Middle Isongo prospects and leads. Isongo Geobody extraction. Intra IM-5 Isongo IM-5 IM-5 FEBRUARY 2013 Credit Suisse Energy Summit 13
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…
Stage II (MLHP-5) Sapele Deep Omicron Oil Fairway Independent Volume Assessment Third party assessment carried out by Sproule. Methodology: Bowleven - fairway slab model. Sproule - discrete geobodies. Advanced 3D interpretation…
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 / MLHP-6 MLHP-5 EEAA envisages additional exploration in exploitation area. Extensive deeper prospectivity at Paleocene and Cretaceous levels. Hydrocarbons encountered with Sapele-1 and…
Bomono Overview Historical 6 deep wells and c.10 shallow wells drilled in the 1950s. Wells and onshore oil seeps proved 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, planning for immediate follow-up appraisal wells. Zingana-1 Prospect - site preparation/civils nearing completion. Drilling (up to 2…
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. Sabisa 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. FEBRUARY 2013 Credit Suisse Energy Summit 21
Funding Overview Cash end December 2012 90 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 FID. High…
Outlook Resources to Reserves: The Path to Development Progressing development activities for hub and spoke development, including pre FEED/FEED work. Etinde FID targeted for H2 2013 ensuring: EEAA approval. Gas Sales…
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
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…
Integrated Development Gantt Chart Stage I FEBRUARY 2013 Credit Suisse Energy Summit 28
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…
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