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CAPITAL MARKETS DAY – Bowleven Plc

Bowleven Plc · Jan 24, 2012 · 59 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. CAPITAL MARKETS DAY – Bowleven Plc – slide 1
    Capital Markets Day 24th January 2012
  2. CAPITAL MARKETS DAY – Bowleven Plc – slide 2
    Presentation Agenda Overview Value Realisation Development & Operations Economics & Funding Interim Q&As Asset Overview (Resources) Exploration Outlook & Conclusion Q&A 24 JANUARY 2012 CAPITAL MARKETS DAY…
  3. CAPITAL MARKETS DAY – Bowleven Plc – slide 3
    oil & gas Overview
  4. CAPITAL MARKETS DAY – Bowleven Plc – slide 4
    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;…
  5. CAPITAL MARKETS DAY – 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. CAPITAL MARKETS DAY – Bowleven Plc – slide 6
    Company Overview Bowleven Finding Resources & Securing Acreage Current team has drilled 8 wells since joining in early 2007. Busiest and most successful Operator in Cameroon. Succeeded in opening up Douala Basin and discovering…
  7. CAPITAL MARKETS DAY – Bowleven Plc – slide 7
    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…
  8. CAPITAL MARKETS DAY – Bowleven Plc – slide 8
    Key Events for 2012-2013 Mobilise for Commercialisation Etinde Target to sign MOUs for up to 80mmcf of dry gas sales by end H1 2012. Draft Etinde Exploitation Application on track for submission on 31st March 2012. Rig due to…
  9. CAPITAL MARKETS DAY – Bowleven Plc – slide 9
    Strong Management Team Kevin Hart Philip Tracy Ed Willett Chief Tabetando John Brown Peter Wilson CEO Interim Operations Exploration Director Chairman EurOil Finance Director Director/General Director Counsel Management team…
  10. CAPITAL MARKETS DAY – Bowleven Plc – slide 10
    oil & gas Value Realisation
  11. CAPITAL MARKETS DAY – Bowleven Plc – slide 11
    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…
  12. CAPITAL MARKETS DAY – Bowleven Plc – slide 12
    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…
  13. CAPITAL MARKETS DAY – Bowleven Plc – slide 13
    Third Party Gas Solutions Fertiliser Plant Fertiliser Plant Volume : 70mmscfd Dry Gas. Start up : 2015 Status : Draft MOU under negotiation (10 year supply). Location : Limbe. Ferrostaal & SNH as promoters will be…
  14. CAPITAL MARKETS DAY – Bowleven Plc – slide 14
    Third Party Gas Solutions Power Plant (GTE) Existing AES Power Plant Volume : 10mmscfd Dry Gas initially (pre-plant upgrade). Start up : ASAP Status : Draft MOU under negotiation with AES Sonel (10 year supply). Location :…
  15. CAPITAL MARKETS DAY – Bowleven Plc – slide 15
    Third Party Gas Solutions Liquefied Natural Gas GdF - Liquefied Natural Gas Volume : 85-185mmscfd Dry Gas from Etinde. Start up : Earliest 2017 Status : Term sheet signed establishing commercial framework Location : Kribi.…
  16. CAPITAL MARKETS DAY – Bowleven Plc – slide 16
    In House Gas Solutions Methanol Plant Methanol Plant Volume : 60-110mmscfd Dry Gas. Start up : TBC Status : Under Evaluation. Location : Limbe Notes : 0.6-1.3Mtpa Methanol plant. Cost screening and feasibility study…
  17. CAPITAL MARKETS DAY – Bowleven Plc – slide 17
    Third Party Gas Solutions Liquefied Natural Gas Small Scale Liquefied Natural Gas Scheme Volume : 60-110mmscfd Dry Gas. Start up : TBC Status : Under evaluation. Location : Limbe Notes : 0.35Mtpa LNG plant. Cost screening…
  18. CAPITAL MARKETS DAY – Bowleven Plc – slide 18
    In House Gas Solutions Reinjection Reinjection Volume : Reservoir dependent. Start up : TBC Location : TBD. Notes : Possible to enhance liquids yield through reservoir pressure maintenance. Ongoing reservoir studies and…
  19. CAPITAL MARKETS DAY – Bowleven Plc – slide 19
    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…
  20. CAPITAL MARKETS DAY – Bowleven Plc – slide 20
    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…
  21. CAPITAL MARKETS DAY – Bowleven Plc – slide 21
    oil & gas Development & Operations
  22. CAPITAL MARKETS DAY – Bowleven Plc – slide 22
    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…
  23. CAPITAL MARKETS DAY – Bowleven Plc – slide 23
    EurOil Development Project Organisation Project Steering Committee Stakeholder Interface Operational HSEQ Technical Authorities Development Project Team Development Management Gas Usage Project Finance 3rd Party…
  24. CAPITAL MARKETS DAY – Bowleven Plc – slide 24
    Stage Gated Process EXPLORE APPRAISE SELECT DEFINE EXECUTE OPERATE 1 2 3 4 5 Intent to Feed Project Commg develop approval Sanction & startup Exploration drilling, seismic, formation evaluation, modelling Drilling…
  25. CAPITAL MARKETS DAY – Bowleven Plc – slide 25
    Boundary Conditions Development of gas solution drives the project. The bulk of the value is in the sales of the liquid hydrocarbons. JV working to define the technical scope of the processing plant required to maximise the value…
  26. CAPITAL MARKETS DAY – Bowleven Plc – slide 26
    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…
  27. CAPITAL MARKETS DAY – Bowleven Plc – slide 27
    Key Milestones Gantt Chart 2012 2013 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 IE-4/IF-2 IM-5 MLHP-5 Production Drilling MLHP-6 Field Mapping and Reserve Reserves Simulation Certification Draft Exploitation Exp.…
  28. CAPITAL MARKETS DAY – Bowleven Plc – slide 28
    oil & gas Economics & Funding
  29. CAPITAL MARKETS DAY – Bowleven Plc – slide 29
    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…
  30. CAPITAL MARKETS DAY – Bowleven Plc – slide 30
    Valuation Assumptions for Indicative Initial Development Economics Cash at 1.1.2012 US160million including EOV proceeds. IM plus 1 well 2012, appraisal costs US60million included in cash flows. 1.55=1. Etinde Historic Costs to end…
  31. CAPITAL MARKETS DAY – Bowleven Plc – slide 31
    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…
  32. CAPITAL MARKETS DAY – Bowleven Plc – slide 32
    Illustrative Productivity 90mmcfd Wet Gas Economics are based on constant liquids over the 250bbls/mmcf plateau period. Reality In reality, fields will exhibit 400bbls/mmcf = 36 mbpd higher initial flush production followed…
  33. CAPITAL MARKETS DAY – Bowleven Plc – slide 33
    Illustrative Initial Development Valuation Bowleven Initial Development Valuation /share at 1st Jan 2012: Etinde Hub & Spoke 90 Brent; Average Liquids Rates. Liquids Yield bbls/mmscf (Includes NGLs) Cash 90 mmcf wet gas Etinde…
  34. CAPITAL MARKETS DAY – Bowleven Plc – slide 34
    Bowleven Net Share of Initial Development Cashflow US million Annual Bowleven's Net Share of Initial Development Cash Flow US million Cumulative 90mmcfd; 250 bbls/mmcf; US90/bbl; Gas price TBC. 800 4,000 Cost oil 700 3,500 Profit…
  35. CAPITAL MARKETS DAY – Bowleven Plc – slide 35
    Project Funding Forecast net cash balance at 1Q 2012 160 million, no debt. Forecast total 2012 Group expenditure 110 million (assuming 2 wells on Etinde with coring, testing, development studies, plus one Bomono well). Estimated…
  36. CAPITAL MARKETS DAY – Bowleven Plc – slide 36
    Summary of Key Milestones for 2012 Milestone Date Status Gas Sales MOUs by end H1 2012 Negotiations ongoing Draft Exploitation Application by end Q1 2012 Preparation underway Drilling (2-4 wells) Commence mid 2012 Rig due for release…
  37. CAPITAL MARKETS DAY – Bowleven Plc – slide 37
    oil & gas Interim Q&As
  38. CAPITAL MARKETS DAY – Bowleven Plc – slide 38
    oil & gas Asset Overview (Resources)
  39. CAPITAL MARKETS DAY – Bowleven Plc – slide 39
    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…
  40. CAPITAL MARKETS DAY – Bowleven Plc – slide 40
    Etinde Existing Discoveries Overview of Gross Unrisked Mean Volumes In place* Deep Omicron fairway *Operators estimates. 24 JANUARY 2012 CAPITAL MARKETS DAY PRESENTATION 41
  41. CAPITAL MARKETS DAY – Bowleven Plc – slide 41
    oil & gas MLHP-7 IM, IE, IF and Biafra Discoveries
  42. CAPITAL MARKETS DAY – Bowleven Plc – slide 42
    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…
  43. CAPITAL MARKETS DAY – Bowleven Plc – slide 43
    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.…
  44. CAPITAL MARKETS DAY – Bowleven Plc – slide 44
    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…
  45. CAPITAL MARKETS DAY – Bowleven Plc – slide 45
    Etinde Existing Discoveries Etinde MLHP-7 Biafra Gas Fields Historical Timeslice Optical Stack Biafra Interval Shallow play prolific in the Niger Delta and Rio del Rey Basin recognised across the MLHP-7 part of the Etinde PSC area.…
  46. CAPITAL MARKETS DAY – Bowleven Plc – slide 46
    oil & gas MLHP-5 Sapele Lower & Deep Omicron discoveries, D-1R Discovery Palaeocene & Cretaceous discoveries
  47. CAPITAL MARKETS DAY – Bowleven Plc – slide 47
    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…
  48. CAPITAL MARKETS DAY – Bowleven Plc – slide 48
    Sapele-3: Extending the Fairway 24 JANUARY 2012 CAPITAL MARKETS DAY PRESENTATION 49
  49. CAPITAL MARKETS DAY – Bowleven Plc – slide 49
    Etinde Existing Discoveries Sapele Lower Omicron Gas-Condensate Fairway Historical Discovered by Bowleven in 2011 with the Sapele-1 well. 4 wells drilled by Bowleven penetrating the stratigraphically trapped gas-condensate…
  50. CAPITAL MARKETS DAY – Bowleven Plc – slide 50
    Sapele Wells Lessons Learnt The Sapele wells are drilled in a geologically/operationally challenging environment. Interbedded reservoir facies with shale source rocks. Lower and Deep Omicron sandstone reservoirs are laterally…
  51. CAPITAL MARKETS DAY – Bowleven Plc – slide 51
    Etinde Existing Discoveries D-1R Gas-Condensate Field Historical Far Angle Stack Discovered by Bowleven in 2007 with the D-1R well. Single well penetration of the stratigraphically trapped accumulation. Good quality reservoir…
  52. CAPITAL MARKETS DAY – Bowleven Plc – slide 52
    Etinde Existing Discoveries Sapele Palaeocene Alpha-Epsilon System Historical E-W trending Palaeocene depositional systems have long been recognised in the Douala Basin. MLHP-6 Numerous oil shows and discoveries within this…
  53. CAPITAL MARKETS DAY – Bowleven Plc – slide 53
    Etinde Existing Discoveries Sapele Cretaceous Discovery Historical Sapele-1 Discovered by Bowleven in 2011 with the Sapele-1 well. Cretaceous Amplitude Map (kick interval). Medium quality interbedded reservoir sandstones of the…
  54. CAPITAL MARKETS DAY – Bowleven Plc – slide 54
    oil & gas Exploration
  55. CAPITAL MARKETS DAY – Bowleven Plc – slide 55
    Bomono 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 defined in area. 285km 2D…
  56. CAPITAL MARKETS DAY – Bowleven Plc – slide 56
    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…
  57. CAPITAL MARKETS DAY – Bowleven Plc – slide 57
    oil & gas Outlook & Conclusions
  58. CAPITAL MARKETS DAY – Bowleven Plc – slide 58
    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. End Q1 2012 Draft Exploitation Application &…
  59. CAPITAL MARKETS DAY – Bowleven Plc – slide 59
    Contact: John Brown Tel: +44 131 524 5678 oil & gas Kevin Hart Tel: +44 131 524 5678 infobowleven.com www.bowleven.com Bowleven Plc. 1 North St Andrew Lane, Edinburgh, EH2 1HX, United Kingdom.

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