Bank of America Merrill Lynch 10th Annual Oil & Gas Investor Forum 4-6 April p 2011
Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the Presentation) constitutes, nor is it intended to constit te (i) an in constitute: invitation itation or…
oil & gas Opening Remarks
Vision & Strategy Vision It is our vision to build an African focused exploration and production company which in time becomes renowned for its ability y to consistently y create and realise material shareholder value through…
Company Overview Two 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. Overall P50 contingent g resource base 213…
Company Overview Extensive multi-well drilling programme underway in Cameroon Asset Strategy Exploring the Douala Basin in Cameroon. Including Tertiary and Cretaceous-Turonian plays, offshore shallo shallow water. ater To…
2011 Etinde Forward Plan Sapele Forward Plan Appraisal of Sapele-1 discoveries. Sapele Sapele-1ST 1ST and Sapele Sapele-2 2 currently drilling (appraisal of Omicron fairways). Preparing for testing at Sapele-1ST. Etinde…
oil & gas Cameroon Overview
Cameroon Overview Relatively underexplored - an emerging oil story Rio del Rey Basin Douala Basin MLHP 7 7. MLHP 5 & 6 6, OLHP 1 & 2 2. Shallow offshore area. Onshore and shallow offshore areas. Highly prospective acreage…
Recent Douala Basin E&P Activity Seismic Bomono 2D Acq. Bowleven acquired 500km 2D in OLHP-2 (Bomono) during 2010/11 2010/11. Matanda Bowleven 658km 3D acquired in Etinde (Glencore) (MLHP-5, 6, and 7) during 2010. seismic…
Regional Geology and Play Fairways Onshore and offshore Cretaceous rocks outcrop D-1r (2007), 25mmscfd, Sapele-1 (2010), multiple mixed Tertiary and at surface within the 1400bcpd from 75ft gross hydrocarbon columns of Cretaceous…
Tertiary Omicron Play Calibration of Sapele-1 seismic highlights fairway potential NW Sapele-1ST SE Sapele-1 The Omicron Fairway (as defined by Sapele-1) Lower Omicron Shales Upper Omicron Omicron Deep Shales The…
Omicron Play Fairway Mapping MLHP-6 Upper Omicron Gas Condensate MLHP-5 MLHP 5 Souellaba Lower Omicron Gas Condensate Sapele-1ST MLHP-5 = c.778km. Area of 3D = 577km (74% of block). Omicron Deep p Oil Sapele-2…
Sapele-1 & Sapele-1ST Appraisal of Sapele-1 Tertiary Omicron discoveries Sapele-1 Update 2 potentially significant discoveries made (Lower and Deep Sapele-2 Sapele-1 Omicron). Log Log, MDT and sample data confirm hydrocarbon…
Cretaceous Play Sapele-1 confirms presence of oil, condensate & gas in the Cretaceous NW SE Sapele-1 The Cretaceous Play (as defined by Sapele-1) Cretaceous Amplitude Map (kick interval). Sapele-1 N Epsilon…
Cretaceous Play Fairway Sapele-1 (2010), multiple hydrocarbon columns reservoired in the Cretaceous stratigraphy. NKapa-1 p Gas-condensate, oil and dry gas. (1958) Regional Cretaceous Discoveries to date Logbaba Field…
MLHP-6 Initial potential on MLHP-6 revealed Onshore and offshore mixed Tertiary and Cretaceous sourced IF-1R IF 1R (2008), oil discovery. oil seeps seeps. Sapele-1 (2010), multiple IM-1 (Total, 1970). hydrocarbon columns of…
Bomono Overview Bomono Bomono Geochemical Anomaly Mapping 100% Bowleven. Comprising two blocks covering an area of 2 2,328km. 328km 5 year first term, expiring December 2012. Existing 2D 285km 2D acquired in Q1 2010 dry season.…
oil & gas Resources to Reserves Cameroon Etinde
Etinde Resource (Mean Unrisked Gross Volumes In Place) Resources to Reserves MHLP-7 Mean Unrisked Resource (IE & IF Only) Dry GIIP Wet GIIP GIIP* NGL STOIIP MLHP 7 (bcf) (bcf) (mmbbl) (mmbbl) Isongo E Field* 80 408 95 7 Isongo…
MLHP 7 Appraisal Plan Update Resources to Reserves IE Activity Initial Post IE-3 Reservoir Modelling IE-3 appraisal drilled mid July 2010 encountered 7 hydrocarbon bearing zones; tested (5 zones) August 2010 with a cumulative IE-3…
Concept: Combined Phased IE & IF FPSO Synergised Development IE Minimum Facilities Platform FPSO Spread S d Moored M d Dynamic Flexible Production Riser and Limbe Umbilical Flexible Multiphase Riser Base Production…
oil & gas Asset Overview Gabon - Epaemeno
Epaemeno Overview Licence Summary Dentale Basin 50% Bowleven, 50% Addax (operator). Dentale Prospects Second exploration term expiry February 2012 2012. 1 well with 50% relinquishment at the end of the second term. Optional…
oil & gas Financial Overview
Funding Overview Cash 189 million at 31 December 2010. Vitol option over MLHP-7, for 50 million carry (gross). Farm-out opportunities when appropriate. Moving from resources to reserves; access to debt finance. Proceeds pending…
Principal 2011 Work Programme Expenditure Cash Resources Cash resources of approx 175m following Sapele-1. Pending proceeds from EOV circa 35m. Total cash resources of 210m. 2011 indicative Etinde drilling costs* Tertiary…
oil & gas Closing Remarks
Closing Remarks Objectives Further test exploration potential of Douala Basin, Cameroon. Move discovered hydrocarbons from resources to reserves. 2011 Outlook Completion of Sapele-1ST and Sapele-2 wells. Further…
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 oil & gas Kevin Hart Tel: +44 131 524 5678 John Brown Tel: +44 131 524 5678 kerry.crawfordbowleven.com y www.bowleven.com Bowleven Plc. 1 North St Andrew…
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