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IF OIL DISCOVERY UPDATE – Bowleven Plc

Bowleven Plc · Jun 1, 2009 · 40 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. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 1
    IF Oil Discovery Update Presentation 1st June 2009 1st June 2009 1
  2. IF OIL DISCOVERY UPDATE – 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. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 3
    Presenters Kevin Hart, CEO Kevin Hart Ed Willett, Exploration Director Ed Willett 1st June 2009 3
  4. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 4
    Executive Summary Kevin Hart, CEO 44 1st June 2009 4
  5. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 5
    Executive Summary TRACS report independently supports Bowlevens view of IF field potential. Further appraisal warranted. High likelihood of commercial development. Rig tenders issued. j Project sanction p possible by y…
  6. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 6
    Highlights of CPR IF Oil Discovery CPR completed by TRACS International Consultancy Ltd. STOIIP and Contingent Resources are assessed as: 1C 2C 3C Total STOIIP mmbbl 101.2 194.5 274.1 Oil Contingent Resources mmbbl 23.9 53.1…
  7. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 7
    MLHP-7 IF Field Bowleven Current View Structure now defined as a simple 4-way dip closure. STOIIP mmbbl P90 P50 P10 Mean Total 131 206 335 225 Contingent Resource P90 P50 P10 Mean Total 44 76 130 82 Recovery factors…
  8. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 8
    IF Oil CPR Presentation Ed Willett, Exploration Director 88 1st June 2009 8
  9. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 9
    Cameroon Acreage Position Bomono Permit 100% OLHP 1 & 2 2,328 km PSC signed 12 Dec 2007 IF Oil Discovery First term ends 11 Dec 2012 500km seismic & one well commitment Etinde Permit 100% MLHP 5,6 & 7 2,314 km Etinde PSC…
  10. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 10
    MLHP-7 IF Field CPR May 2009 Competent Persons Report: TRACS International Consultancy Ltd were commissioned by Bowleven Plc to conduct an independent third party review and audit of the IF Oil Discovery. The CPR process included…
  11. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 11
    MLHP-7 IF Field CPR May 2009 Evaluation Methodology High Case Competent Persons Report: The CPR assumes that the proven field area (IF-1r locale) is insufficient for Appraisal commercial Mid Case development p and an…
  12. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 12
    MLHP-7 IF Field CPR May 2009 Evaluation Methodology High Case Appraisal Mid Case Appraise POS 65% Successful Low Case The CPR provides an unrisked assessment of the IF Field and gives a range of high, mid and low case…
  13. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 13
    MLHP-7 IF Field CPR May 2009 GRV Derivation - Structural Interpretation IF-1R Bowleven Structure (Mar 09) (based on Green pick) Poor Data Zone Gas Chimney High Case Areal Extent High case Both Bowleven and TRACS map…
  14. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 14
    MLHP-7 IF Field CPR May 2009 GRV Derivation - Structural Interpretation IF-1R TRACS Structure Bowleven Structure Map(Mar (May 09)09) (based on Yellow pick) (based on Green pick) Poor Data Zone Gas Chimney Mid case…
  15. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 15
    MLHP-7 IF Field CPR May 2009 N:G Derivation Reservoir Zonation TRACS CPI log with Reservoir Zonation GR Res Rhobz-TNph-DT Vclay Phie Shale Ave. 3371 bopd, DST 1 Peak 4184bopd Thin Beds choke OWC 6548ftMD Core…
  16. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 16
    MLHP-7 IF Field CPR May 2009 N:G Derivation Reservoir Zonation TRACS CPI log with Reservoir Zonation GR Res Rhobz-TNph-DT Vclay Phie Shale Ave. 3371 bopd, DST 1 Peak 4184bopd choke Thin Beds OWC 6548ftmd Core…
  17. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 17
    MLHP-7 IF Field CPR May 2009 N:G Derivation Reservoir Zonation TRACS CPI log with Reservoir Zonation GR Res Rhobz-TNph-DT Vclay Phie Shale Ave. 3371 bopd, DST 1 Peak 4184bopd choke Thin Beds OWC 6548ftmd Core…
  18. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 18
    MLHP-7 IF Field CPR May 2009 STOIIP Calculation Competent Persons Report: GRV Zone N:G STOIIP mcum In each of the high, mid and low case, the following Thin Beds 365 35% 72.7 High Case parameters are constant (based on core, log,…
  19. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 19
    MLHP-7 IF Field CPR May 2009 Evaluation Methodology High Case 274.1mmbbl (Structure as Bowleven mapping) (N:G higher than in IF-1r well) STOIIP Appraisal Mid Case 194.5mmbbl Successful (Structure as TRACS mapping) (N:G as…
  20. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 20
    MLHP-7 IF Field CPR May 2009 Resource Calculation Competent Persons Report: Sweep efficiency has been assessed for the Range of Recovery Factors individual reservoir zones and combined Average Recovery Factor 23.6% 27.3% 34.4%…
  21. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 21
    MLHP-7 IF Field CPR May 2009 TRACS Conceptual Development IM IC Gas to Power New oil & gas IE station processing facilities Manyikebi IF associated gas used as fuel ID gas, remaining to onshore Limb MLHP 7 IF IF WHP…
  22. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 22
    MLHP-7 IF Field CPR May 2009 TRACS Conceptual Development IM IC Cost (MM US Cost Item RT 2009) Gas to Power New oil & gas IE Topsides station processing facilities 68 Manyikebi IF associated gas used as fuel ID gas,…
  23. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 23
    MLHP-7 IF Field CPR May 2009 Production Profiles Competent Persons Report: Production start-up date Jan 2013. Uptime factor of 90% assumed. High Case: 27kbopd plateau until Q2 2020. Mid Case: 27kbopd plateau until Q3 2017.…
  24. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 24
    MLHP-7 IF Field CPR May 2009 Economic Evaluation of Resources NPV (10%) assumes consistent development scenario for high, mid and low cases. 1C 2C 3C POS All values are referenced to 1st July 2009. Oil Contingent Resources 23.9…
  25. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 25
    Bowleven Current View 2525 1st June 2009 25
  26. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 26
    MLHP-7 IF Bowleven Interpretation Update Bowleven In-house volumes P90 P50 P10 Mean Bowleven Structure (Mar 09) STOIIP MMbbl MMbbl MMbbl MMbbl (based on Green pick) Thin Bed zone 21 52 125 65 Massive Bed 79 142 244 153 zone…
  27. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 27
    MLHP-7 Current Development Potential IF Oil Anticipated Ultimate Development Scenario Phase 1 Oil Process: 30,000 bopd Gas Flared Water Overboard IM IC Phase 2 Liquids: 60,000 bpd Water Injection: 60,000bpd Phase 2: Gas…
  28. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 28
    MLHP-7 Current Development Potential IF Oil Anticipated Ultimate Development Scenario Phase 1 Oil Process: 30,000 bopd Gas Flared Water Overboard IM IC Phase 2 Liquids: 60,000 bpd Phase 1 Phase 2 Water Injection: 60,000bpd…
  29. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 29
    Estimated capex/opex for each case Cost estimates from Genesis: Case Total Estimated Total Estimated Capex Annual Opex Initial well count: (USD millions) (USD millions, 4 producers excluding drilling and 3 injectors well…
  30. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 30
    Economic Evaluation 1800 IF Stand Alone Oil Development: Bowleven NPV 1656 1600 225 mmbbls Mean STOIIP; CPR Costs; 30 mbpd 1420 009 USmillion 1400 1200 1179 1000 945 NPV10 at 1.7.20 800 600 400 200 0 50 60 70…
  31. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 31
    Remaining Assets Ed Willett, Exploration Director 3131 1st June 2009 31
  32. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 32
    MLHP-7 Isongo and Biafra Inventory Isongo Isongo Prospects - Gas Condensate Multiple undrilled Fields - structural Isongo Marine, IC, culminations ID and IE. associated with IE successfully existing discoveries. appraised by Low…
  33. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 33
    Block MLHP-7 Oil/Gas Resource (Mean Volumes Initially In Place) Dry GIIP Wet GIIP* NGL STOIIP (bcf) (bcf) (mmbbl) (mmbbl) Isongo Marine Field* 348 18 Isongo E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C Discovery* 77…
  34. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 34
    MLHP-7 Current Development Potential IF Oil with IM-ID-IE Gas Condensate Development Possible Synergies IM IC Potential tie-in of Isongo-Marine IE Limb Refinery New oil gas-condensate and Power station processing & export…
  35. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 35
    MLHP-5 & 6 Prospect and Lead Inventory Sanaga-1X Prospect inventory significantly enhanced with detailed 18 Prospects & Leads identified across the two blocks subsurface review of Block 5 & 6 Miocene predominately gas-condensate…
  36. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 36
    MLHP-5 & 6 Prospect and Lead Inventory (Unrisked Mean In Place volumes) Wet GIIP (bcf)* CIIP (mmbbl) STOIIP (mmbbl) Delta 175 10 Kappa 75 Lambda 12 1 Qof 595 33 Phi-chi 451 25 Psi 158 9 Pi 44 2 B t W Beta 88 Beta E 117…
  37. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 37
    Gabon Overview Epaemeno Permit 50% Block G4-211, 1340 km Second term ends August 2010 (50% relinquishment) Third period expires Aug 2013 Addax (Operator); Bowleven conducting G&G work through to well locations under TSA 10m…
  38. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 38
    Gabon - Epaemeno A A Omko-1 (20MMbbl) A A Rembo Kotto (60MMbbl) Onal (180MMbbl) Assewe (18MMbbl) Riviere Perdue-1 Tsiengui (145MMbbl) Multiple potential reservoir targets: Koula (75MMbbl) Gamba/Dentale Sandstones…
  39. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 39
    Gabon EOV Permit NW Kowe A Azile Depth Map A 10km 30km A A Simple tilted fault block structure. Closure areas ranges from 2km2 to 15km2+. Multiple stacked reservoir targets with robust closures. Largest undrilled…
  40. IF OIL DISCOVERY UPDATE – Bowleven Plc – slide 40
    1st June 2009

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