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…
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…
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…
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…
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…
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…
Etinde 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…
Etinde 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…
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…
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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…
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…
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…
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…
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…
Investor Contacts Principal Contact: Kerry Crawford Tel: 0131 524 5678 kerry.crawfordbowleven.com Kevin Hart Tel: 0131 524 5678 John Brown Tel: 0131 524 5678 17
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