Preliminary Results 2010 Presentation oil & gas 9 November 2010 Version 3.4
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…
Opening Remarks 3
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 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 resource base 163…
Company Overview Two operating areas: Cameroon and Gabon Asset Strategy for 2010/2011 To move resources to reserves on Etinde Permit (appraisal activity on IE and IF); targeting transfer of 100mmboe (gross). High impact…
2010 Highlights Operational Resources to Reserves IE-3 appraisal well, offshore Cameroon, tested cumulative maximum rate of around 23,000 boepd. Group P90 contingent resource volumes increased by 13% following initial update post…
2010 Highlights Corporate Etinde farm-out transaction with Vitol E&P Limited (Vitol) completed June 2010; revised option arrangement agreed end September 2010. Forecast group cash post Sapele drilling and EOV disposal circa 115…
2010/11 Etinde Drilling and Seismic Campaigns Programme with potential to transform company Jack-up rig contracted for 2 firm (IE-3, Sapele-1) and up to 2 contingent wells (day rate 90k). Drilling operations ongoing. IE-3 well…
Asset Overview Cameroon Etinde & Bomono 10
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 IF Field Update Resources to Reserves IF oil discovered August 2008. Average oil flow 3371 bopd, peak spot rate of 4184bopd on choke, 36 API. Bowleven assessment of hydrocarbons in place 225mmbbls STOIIP. Independent…
MLHP 7 IE Field Update Resources to Reserves History Initial Post IE-3 Mapping IE-1 drilled 1981 (Total); encountered dry gas in Biafra and gas/condensate in Isongo Formation. IE-2Z appraisal drilled February 2007 (Bowleven)…
IE Resource (Unrisked Gross Volumes In Place) Resources to Reserves Volumetrics P90 P50 P10 Mean September 2009 Isongo E Field* WGIIP bcf 213 422 770 463 CIIP 29 61 109 66 mmbbls LPGs IIP 18 35 64 39 mmbbls STOIIP - -…
MLHP7 IE field update Implications for commercial sanction Initial view of overall in place P50 numbers broadly similar to previous (higher liquids to gas ratio). Moved more resource into P90 category. Potential recycling in…
Concept: Combined Phased IE & IF FPSO Synergised Development IE Minimum Facilities Platform FPSO Spread Moored Dynamic Flexible Production Riser and Umbilical Limbe Flexible Multiphase Riser Base Production Flowlines IF…
Cameroon Exploration Recent Douala Basin E&P Activity Seismic Bomono 2D Acq. Bowleven acquired 285Km 2D in OLHP-2 (Bomono) during 2010. Preparation for further 150Km underway. Matanda (Glencore) Glencore acquired 2D in Matanda.…
Regional Geology and Play Types Douala Basin: An emerging hydrocarbon province D-1r (2007), 25mmscfd, Sapele-1 well (2010) Onshore and offshore Cretaceous rocks outcrop 1400bcpd from 75ft gross Miocene rich G-C and mixed Tertiary…
MLHP-5 Exploration Well Sapele-1 (Pre Drill) Targeting Miocene and deeper Cretaceous fairways MLHP-5 exploration well Sapele-1 alternative volumetric phase Sapele-1 cases: NW Exploration SE Well Pre-Drill Unrisked WGIIP bcf…
MLHP-5 Exploration Well Sapele-1 High potential exploration well targeting stacked objectives NW Sapele-1 SE Upper Omicron Lower Omicron Tertiary Current TD Deep Omicron Cross-Cut Event Epsilon Complex…
MLHP-5 Exploration Well Sapele-1 Miocene fairway delivers exciting discoveries Cretaceous awaits Overview Lower Omicron Two potentially significant hydrocarbon discoveries in Miocene reservoirs based on the results of drilling…
MLHP-5 Exploration Well Sapele-1 Miocene fairway delivers exciting discoveries Cretaceous awaits Deep Omicron Initial In-Place Estimates Lower Omicron: STOIIP P90 40 to P10 290 mmbbls with a mean 140 mmbbls, alternative WGIIP…
Bomono Overview Bomono 100% Bowleven. Comprising two blocks covering an area of 2,328 km. 5 year first term, expiring December 2012. Existing 2D 280 km 2D acquired in Q1 2010 dry season. Commitments Line acquisition 500 km…
Asset Overview Gabon - Epaemeno 25
Epaemeno Overview Epaemeno Dentale Basin 50% Bowleven, 50% farm-out completed April 2007. Dentale Prospects Second exploration term expiry February 2012 following an 18 month extension. Optional third exploration term of three…
Financial Overview 27
2010 Year End Results Summary Profit of 20 million in year (2009: loss of 10 million including intangible asset impairment charge). Profit includes finance income of 32 million (2009: 50 million); principally unrealised foreign…
Funding Overview Forecast 80 million of cash and no debt on completion of Sapele-1 exploration well (excluding testing). Proceeds anticipated from EOV disposal (35m). Vitol have an option to acquire additional 10% in Etinde…
Outlook & Closing Remarks 30
Objectives and Overview Busiest period in Bowlevens history to date Objectives Convert resources to reserves; progress IE and IF development projects towards sanction. Further test exploration potential of Cameroon acreage.…
Pre-IE-3/Pre-Sapele Corporate Valuation (Unrisked) Significant value potential Investor Presentation November 2010 32
Momentum is building on our operations in Cameroon. 2010/11 promises to be an exciting year for the company as appraisal activity continues on MLHP 7 and the significant exploration potential of the Douala Basin is tested. 33
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 35
Cameroon Exploration Three Phases of Douala Basin Exploration Bomono 1950s Oil and gas shows in Paleocene Phase 1 1950s siltstones. Focused onshore, field mapping and basic Logbaba 1950s Gas-condensate in technology. Oil and Gas…
Etinde Overview Etinde PSC covers an area of 2,316 km. 3 year exploration period, expiring December 2011. Investor Presentation September 2010 37
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