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;…
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 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…
Etinde Drilling History Track Record Wells and Resources 2007 2008 2009 2010 2011 IE-2z (March 2007) Vitol Sapele-1 (Feb 2011) 100% Drilling success rate. 33-43m Net Pay Tested 8,800boepd farm-in Focus on liquids. 55m Net Pay…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
Etinde Existing Discoveries Overview of Gross Unrisked Mean Volumes In place* Deep Omicron fairway *Operators estimates. FEBRUARY 2012 CREDIT SUISSE ENERGY SUMMIT 20
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…
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.…
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…
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.…
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…
Sapele-3: Extending the Fairway FEBRUARY 2012 CREDIT SUISSE ENERGY SUMMIT 26
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…
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…
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…
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…
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…
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…
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…
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 &…
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.
oil & gas Appendices
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…
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…
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