Interim Results Presentation (six months ended 31 December 2009) 29 March 2010
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…
Presentation Agenda Opening Remarks Kevin Hart, CEO Asset Overview Financial Overview Outlook and Closing Remarks Ed Willett, Exploration Director Open Questions John Brown, Finance Director Investor/Analyst Interim…
Opening Remarks 4
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 Two key operating areas: Cameroon and Gabon Company Assets 7 Blocks (5 in Cameroon and 2 in Gabon). 4 offshore shallow water, 3 onshore. 6 operated, 1 non operated. JDZ Overall P50 contingent resource base 217…
Company Overview Two key operating areas: Cameroon and Gabon Asset Strategy for 2010 To move resources to reserves on Etinde Permit (IE and IF appraisal wells); targeting transfer of 100mmboe (gross). JDZ High impact…
2010 Corporate Highlights Corporate Etinde farm-out transaction with Vitol E&P Limited (Vitol) approved by SNH and Ministry. Presidential decree awaited. Group cash balance at 31 December 2009 approximately 110 million, no…
Operational Highlights Resource Base P50 contingent resources for the Group 217 mmboe (gross). IE/IF appraisal drilling on Etinde targeting transfer of 100 mmboe (gross) from resources to reserves. Etinde Exploration and…
2010 Etinde Drilling and Seismic Campaign Programme with potential to transform company Jack-up rig secured on 2 firm and up to 2 contingent wells (day rate 90k). MLHP 7 current 3D Rig currently warm-stacked in Limb. 575km…
Asset Overview Cameroon 11
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…
MLHP 7 Resource (Mean Unrisked Volumes In Place) Resources to Reserves Dry GIIP Wet GIIP* NGL STOIIP (bcf) (bcf) (mmbbl) (mmbbl) Isongo Marine Field* 466 18 Isongo E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C Discovery*…
MLHP 7 IE Field Update Resources to Reserves Proposed well IE-1 drilled 1981; encountered dry gas in Biafra and location gas/condensate in Isongo Formation. IE-2Z appraisal drilled February 2007 (Bowleven) established ETM-1…
MLHP 7 IF Field Update Resources to Reserves IF oil discovered August 2008. Average oil flow 3371 bopd, peak spot rate of 4184bopd on choke, 36 degrees API. Bowleven assessment of hydrocarbons in place 225mmbbls ID-1 IE-1 IE-2z…
Concept: IE Gas Recycling FPSO Development 463 bcf WGIIP; WHP, FPSO Processing and Gas Reinjection IM IE Single subsea well FPSO Spread Moored Dynamic Flexible Production Riser and Shuttle Umbilical Tanker Limb Flexible…
Concept: IF FPSO Oil Development 225 mmbbls STOIIP; Well Head Jacket, FPSO Processing and Gas Export Shuttle Tanker Limb IF Gas Dehydration and Compression Gas Export Pipeline Dynamic Flexible Production Riser and…
Concept: Combined IE & IF FPSO Synergised Development WHP interfaced to IF Minimum Facility Platform with combined re-injection IM IE Single subsea well FPSO Spread Moored Dynamic Flexible Production Riser and…
Cameroon Exploration Three Phases of Exploration Bomono 1950s Oil and gas shows in Phase 1 1950s Paleocene siltstones. Focussed onshore, field mapping and basic Logbaba 1950s technology. Oil and Gas Condensate in Gas-condensate…
Regional Geology and Play Types D-1r (2007), 25mmscfd, MLHP-5 well (2010) Onshore and offshore Cretaceous rocks outcrop 1400bcpd from 75ft gross Miocene rich G-C and mixed Tertiary and at surface within the Miocene deep-water sands…
MLHP-5 Exploration Well High impact exploration well targeting stacked objectives MLHP-5 Exploration Well 1 alternative volumetric MLHP5 phase cases: NW Exploration SE Well 1 Unrisked Gas Case Volumetrics: GIIP bcf Prospect P90…
Bomono Overview Bomono 100% Bowleven. Composed of two blocks covering an area of 2328km. 5 year first term, expiring December 2012. Existing 2D Commitments 500km 2D seismic data (c.300Km 2D planned Q1 2010 dry season). 1 well…
Asset Overview Gabon - Epaemeno 23
Epaemeno Overview Epaemeno 50% Bowleven, 50% farm-out completed April 2007. Second exploration term expires August 2010 with third term expiry Basement August 2013. Commitments Dentale Prospects Commitment 2D seismic data…
Financial Overview 25
Principal 2010 Work Programme Expenditure 2010 2011 . Current Estimated Q2 Q3 Q4 Q1 Q2 Q3 Expenditure Marine MLHP 5 Etinde Seismic Streamer 3D TZ 30 - 35m 3Ds Survey Etinde 125-145m Preparation Etinde Etinde Drilling…
2010 Interim Results Summary Profit of 1.0 million in period (comparative period: 82.7 million). Profit includes finance income of 8.1 million (comparative period: 88.2 million); principally unrealised foreign exchange…
Funding Overview Fully funded for 2010 work programme Net cash at 31 December 2009 110 million. Current cash circa 100 million. Etinde farm-out to Vitol provides 100 million funding of gross work programme for 25% interest.…
Outlook & Closing Remarks 29
2010 Objectives and Overview Busiest year in Bowlevens history to date Objectives Move discovered hydrocarbons from resources to reserves. Further test exploration potential of Cameroon acreage. 2010 Overview An appraisal well…
Corporate Valuation (Unrisked) Resources to Reserves Significant value potential Bowleven Corporate Valuation 6.28/share Vitol Deal Stage 1 59m 5.17/share 567m No value included for 142m exploration potential IE/IF potential…
We have the opportunity for significant value creation. The 2010 Cameroon drilling programme has the potential to transform the company. Investor/Analyst Interim Results Presentation 29 March 2010 32
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 Kevin Hart Tel: +44 131 524 5678 John Brown Tel: +44 131 524 5678 kerry.crawfordbowleven.com www.bowleven.com Bowleven Plc. 1 North St Andrew Lane, Edinburgh, EH2 1HX,…
Appendix 34
Bowleven Corporate Valuation Assumptions Cash 110 million; Vitol Stage 1 net carry 75 million. Bowleven shares 193 million; US1.50/. Vitol option not exercised; State back-in 20% on development sanction 1.1.2011; Bowleven…
IE and IF Valuation Assumptions IE and IF Valuation Assumptions IE IF Total Liquids Recovery, mmbbls 55 82 137 Development Wells 4P 3I 4P 3I 8P 6I 1st Oil 2014 2014 2014 Liquids Production, mbpd 18 29 47 Etinde Historic…
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