BANK OF AMERICA MERRILL LYNCH E&P AND OIL SERVICES CONFERENCE 22 November 2012 22 NOVEMBER 2012 BoA Merrill Lynch E&P Conference 1
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 Cameroon Nigeria 5 blocks in Cameroon covering 4,644km. 3 offshore shallow water, 2 onshore; all operated. Multiple hydrocarbon discoveries. Bomono Permit 2 Acreage: 2,328km P50 contingent resource base 203…
Etinde Existing Discoveries Overview of Gross Unrisked Mean Volumes In place* IC IM Manyikebi IE IF Deep Omicron fairway Sapele-3 SNA-1X Sapele-1/ST D-Discovery Sapele-2 *Operators estimates. 22…
Hub and Spoke Development Flexibility for future expansion Phased Approach All processing onshore; unmanned offshore platforms. Stage I - fields on MLHP-7. Stage II - discoveries on MLHP-5 (Sapele). Significant flexibility for…
Etinde Development Key FID Requirements Etinde Exploitation Authorisation Application Draft EEAA submitted to Cameroon authorities; 3 workshops held. EEAA covers a substantial part of Etinde Permit. EEAA Final EEAA submission due…
Petrofac Strategic Alliance Highlights Extensive development experience. Provides access to expertise, purchasing power and personnel (including engineering, design, project management, procurement and training). Provides up to…
Drilling Update Etinde Appraisal/Development Drilling IM-3 IM-5 IM-5 drilling operations ongoing. (Currently drilling) Primary objective: determine reservoir, fluid properties and gas composition of Middle Isongo. Secondary…
Hub and Spoke Development Stage II (MLHP-5) Sapele & D-1R Hydrocarbons discovered at multiple stratigraphic levels. Significant in-place volumes discovered across MLHP-5 by the Sapele and D-1R wells. Extensive stratigraphically…
Stage II (MLHP-5) Sapele Deep Omicron Oil Fairway Independent Volume Assessment Third party assessment carried out by Sproule. Methodology: Bowleven - fairway slab model. Sproule - discrete geobodies. Advanced 3D interpretation…
Cameroon Overview Further Prospectivity 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…
Etinde - Further Prospectivity MLHP-5 EEAA envisages additional exploration in exploitation area. Extensive deeper prospectivity at Paleocene and Cretaceous levels. Hydrocarbons encountered with Sapele-1 and Sapele-3. Palaeocene…
Bomono Overview 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 Vintage 2D defined in…
Bomono Exploration Well Operations Zingana-1 (Proposed Well) Exploration well location selected, planning for immediate follow-up appraisal wells. Zingana-1 Prospect - site preparation/civils nearing completion. Drilling (up to 2…
Kenya Block 11B Significant acreage 14,000km2. Bowleven farm-in Sept 2012 50% equity interest. Initial 2 year exploration period work programme. Operated by Adamantine Energy, technical support provided by Bowleven under a…
Kenya Block 11B Existing vintage seismic and gravity data confirm presence of multiple basins and structural features closely analogous to successful discoveries to the south. 22 NOVEMBER 2012 BoA Merrill Lynch E&P Conference…
Funding Overview Cash end October 2012 120 million, no debt. Petrofac provides up to 500 million for Stage I development; initial capital investment at FID. High equity interest in Etinde & Bomono provides opportunity to…
Outlook Resources to Reserves: The Path to Development Progressing development activities for hub and spoke development, including pre FEED/FEED work. Etinde FID targeted for H2 2013 ensuring: EEAA approval. Gas Sales…
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 oil & gas Kevin Hart Tel: +44 131 524 5678 infobowleven.com www.bowleven.com Bowleven Plc. The Cube 45 Leith Street Edinburgh EH1 3AT United Kingdom
oil & gas Appendix
Progress Report Resources to Reserves: The Path to FID* Submission of draft Etinde Exploitation Authorisation Application (EEAA). Agreement of Fertiliser MOU. Gas sales term sheet nearing finalisation - pending pricing…
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…
Maximising Liquids Value Delivery Point Gas Options IM MLHP-7 Power (AES) Up to 10mmscfd IE 3rd Party Led Fertiliser (Ferrostaal) IF Up to 70mmscfd Oil, Condensate Liquids Stripping & up to Up to 80mmscfd…
Integrated Development Gantt Chart Stage I 22 NOVEMBER 2012 BoA Merrill Lynch E&P Conference 25
Petrofac Commercial Structure Commercial Structure Structure provides potential for 300 million or 500 million of capital. 300 / 500 Petrofac to be remunerated from Euroils share of the Etinde million project cashflows. Onshore…
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