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PRELIMINARY 2009 RESULTS – Bowleven Plc

Bowleven Plc · Nov 2, 2009 · 43 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. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 1
    Preliminary Results 2009 Presentation 2 November 2009 1
  2. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 2
    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…
  3. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 3
    Presentation Agenda Opening Remarks Kevin Hart, CEO Asset Overview Financial Overview Ed Willett, Exploration Director Outlook and Closing Remarks Open Questions John Brown, Finance Director Preliminary Results…
  4. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 4
    Opening Remarks 4
  5. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 5
    Company Overview Strategy - Regional Focus on West Africa Strategy focused on creating and realising value through material exploration success. Seek value adding partnerships as appropriate. Fostering strong external partnerships…
  6. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 6
    Company Overview Strategy - Regional Focus on West Africa Strategy focused on creating and realising value through material exploration success. Seek value adding partnerships as appropriate. Fostering strong external partnerships…
  7. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 7
    Exploration: Resources to Reserves Exploration Phase OLHP 1 & 2 (Bomono) Cameroon; seismic planned 2010. MLHP 6 (Etinde) Cameroon; seismic planned 2010. Epaemeno, Gabon; exploration drilling planned 2010. MLHP 5 (Etinde);…
  8. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 8
    2009 Highlights Corporate Etinde PSC signed December 2008, setting economic basis for future developments. Equity fundraising in June 2009 raised approximately 113 million. Etinde farm-out transaction entered into with Vitol E&P…
  9. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 9
    Asset Overview Cameroon 8
  10. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 10
    Cameroon Overview 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 proven Highly prospective active hydrocarbon…
  11. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 11
    Etinde PSC Overview Etinde (MLHP 5, 6, & 7) 100%* Bowleven Etinde Permit covers an area 2,316km. 3 year exploration period, expiring December 2011. Commitments 200km 3D seismic data and 1 well. Commitments will be covered in…
  12. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 12
    Asset Overview Cameroon Appraisal / Development 11
  13. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 13
    MLHP 7 Discoveries & Prospects Inventory Overview Isongo Prospects - Isongo Gas Condensate Fields - Multiple undrilled structural culminations Isongo Marine, IC, ID associated with existing and IE. IE successfully discoveries. Low…
  14. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 14
    MLHP 7 IF Field Update IF oil discovered August 2008. Bowleven assessment of hydrocarbons in place 225mmbbls STOIIP. Independent certification by TRACS supports Bowlevens assessment. A prominent gas chimney effect obscures much of…
  15. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 15
    MLHP 7 IF Field Update IF oil discovered August 2008. WSW IF-1 IF-1R ENE Bowleven assessment of hydrocarbons in place 3D Compressional Wave Data 225mmbbls STOIIP. Independent certification by TRACS supports Bowlevens…
  16. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 16
    MLHP 7 IF Field Update IF oil discovered August 2008. WSW IF-1 IF-1R ENE Bowleven assessment of hydrocarbons in place 3D Compressional Wave Data 225mmbbls STOIIP. Independent certification by TRACS supports Bowlevens…
  17. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 17
    MLHP 7 IF Field Update IF oil discovered August 2008. WSW IF-1 IF-1R ENE Bowleven assessment of hydrocarbons in place 2D Shear Wave Data 225mmbbls STOIIP. Independent certification by TRACS supports Bowlevens assessment. A…
  18. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 18
    MLHP 7 IE Field Update IE-1 drilled 1981; encountered dry gas in Biafra (mean 80bcf GIIP) and gas/condensate in Isongo (mean 463bcf WGIIP). IE-2Z appraisal drilled February 2007 (Bowleven) established high flowrates and significant…
  19. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 19
    MLHP 7 IE Field Update IE-1 drilled 1981; encountered dry gas in Biafra (mean 80bcf GIIP) and gas/condensate in Isongo (mean 463bcf WGIIP). IE-2Z appraisal drilled February 2007 (Bowleven) established Proposed well high flowrates…
  20. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 20
    MLHP 7 Resource (Mean Unrisked Volumes In Place) 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* 77 5 Isongo F…
  21. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 21
    MLHP 7 Forward Plan 2010 - Drilling Priority commercialisation of existing resource base. Up to 4 wells planned in 2010 to include appraisal of IF Oil, IE condensate and high-impact exploration well on MLHP 5. 4th well in…
  22. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 22
    MLHP 7 Forward Plan 2010 - Seismic Etinde commitment of 200km 3D seismic data; covered by 2010 campaign. MLHP 7 current 3D 575km Current plan to acquire additional c.500km 3D data on MLHP 6 & 7. MLHP 6 & 7 programme to image…
  23. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 23
    MLHP 7 Conceptual Development Integrated development option for discoveries via IC Discovery FPSO with associated gas piped to shore. Existing Limb Refinery IE IE WHP Platform and Power station 9-Slot Wellhead Phase 1: IF oil…
  24. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 24
    GdF SUEZ SNH Cameroon LNG Study Bowleven / SNH Strategic partnership between GdF SUEZ and SNH formed Upstream commitment to November 2008. develop proven Other Gas reserves & continue Suppliers Objective to develop an LNG export…
  25. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 25
    Asset Overview Cameroon Exploration 20
  26. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 26
    Douala Basin Discoveries Noble (Belinda, 2005/7) Logbaba (1950s) Gas- D-1r (2007), 25mmscfd, condensate in Upp. Cret. O-1 24mmscfd, 1225bcpd 1400bcpd from 75ft gross deep-water sands. (VOG O-3 30mmscfd, 1540bcpd I-4 29mmscfd,…
  27. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 27
    Douala Basin Discoveries Active drilling & Portfolio of prospects in discoveries on across the Tertiary and neighbouring acreage. Cretaceous fairways. Oil shows in Sanaga-1X MLHP 5 allows ready and the Souellaba oil access to both…
  28. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 28
    MLHP 5 & 6 Forward Plan 2010 Prospect and lead inventory matured on existing 3D coverage. MLHP 7 current 3D High impact exploration well(s) planned for 2010. 575km 2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Etinde IE-3 MLHP 5 IF-2…
  29. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 29
    Bomono Overview Cameroon 24
  30. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 30
    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 (320Km 2D planned for Q1 2010). 1 well (to be…
  31. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 31
    Epaemeno Overview Gabon 26
  32. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 32
    Epaemeno Overview Epaemeno 50% Bowleven, 50% farm-out completed April 2007. Second exploration term expires August 2010 with third term Basement expiry August 2013. Commitments Dentale Prospects Commitment 2D seismic data…
  33. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 33
    East Orovinyare Overview Gabon 28
  34. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 34
    East Orovinyare East Orovinyare 100% Bowleven. PSC signed in February 2004. Shallow water. Block contains the EOV oil field. Commitments No further commitments. Asset Overview Exploitation licence containing an oil…
  35. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 35
    Financial Overview 30
  36. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 36
    2009 Year End Results Summary Loss of 10.2 million in year (2008: loss of 10.9 million). Loss reported after EOV impairment of 50 million, and unrealised finance income of 50 million. Net assets of 426 million at year end. 70…
  37. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 37
    2009 Year End Funds Summary Cash increase 27m Foreign exchange movement on cash balances 8m Net cash at 30 June 2009 - 130 million Preliminary Results 2009 Presentation 32
  38. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 38
    Principal 2010 Work Programme Expenditure 2009 2010 2011 Current Estimated Q4 Q1 Q2 Q3 Q4 Q1 Q2 Expenditure Etinde Repro. MLHP 5, 6 & 7 3D Seismic MLHP 7 3D Surveys 30 - 35m Etinde 125-145m 4th Etinde Etinde Drilling…
  39. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 39
    Funding Overview Net cash at 30th June 2009 130 million Current cash circa 120 million. Etinde farm-out to Vitol provides 100 million funding of gross work programme for 25% interest. Vitol have an option to acquire further…
  40. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 40
    Outlook & Closing Remarks 35
  41. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 41
    2010 Overview and Objectives Continuous exploration/appraisal programme with up to four wells on Etinde to commence H1 2010, including: IE and IF appraisal wells to confirm commercial viability. High impact MLHP 5 exploration…
  42. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 42
    2010 Work Programme 2010 Drilling Programme 2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2 MLHP 7 appraisal well on the IF oil field. MLHP 7 appraisal well on the IE gas-condensate field. Etinde Repro. MLHP 5, 6 & 7 3D MLHP 5 high impact…
  43. PRELIMINARY 2009 RESULTS – Bowleven Plc – slide 43
    Analyst Contacts Principal Contact: Kerry Crawford Tel: 0131 524 5678 kerry.crawfordbowleven.com Kevin Hart Tel: 0131 524 5678 John Brown Tel: 0131 524 5678 43 38

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