b wleven oil & gas Interim results presentation For the six months ended 31 December 2015
Overview Strategy Africa and Other Strategic Fits Build a sustainable E&P company with a production base and infrastructure-led exploration focus Convert current portfolio resources to reserves Create and realise value through…
Near-term focus oil price downturn creates opportunities Etinde Appraisal locations agreed with well planning underway and tendering activity expected this year Aim to capitalise on low cost environment and Benin Nigeria high…
Etinde: Convert resources to reserves Etinde exploitation JV focused on achieving earliest monetisation Appraisal well locations agreed. Well scheme design and planning being progressed and tendering will take place in 2016 to Early…
Etinde: additional resource through appraisal drilling Intra Isongo potential IM-5 well opened the Intra- Isongo play Seismic Amplitude Intra Isongo Seismic amplitude response reveals the sandstone IM-5 Well-1 Well-2 distribution…
Bomono Operational update Identification of gas sales opportunities Moambe and Zingana exploration wells Ideally located adjacent to Douala City and completed and tested local industry Prospect inventory work in progress to identify…
Bomono: exploration targets extended well testing completed Results/forward plan programme Extended well testing programme completed (focus on shallower reservoirs) Results support initial supply of around 5 to 6 mmscfd for power…
Interim results challenging conditions for industry Challenging macro-environment with a prolonged period of lower global oil prices impacting entire industry Impairment review conducted of intangible assets; long-term oil price…
Interim results strong financial foundation Strong balance sheet with cash, no debt and no outstanding work programme commitments Circa 100m cash*, no debt as at 29 March 2016 Under Etinde farm-out transaction: o Further 15 million…
Conclusion Challenging macro-environment of prolonged lower oil prices impacting industry Strong balance sheet following completion of Etinde farm-out; access to 40 million appraisal well carry and further cash receipts Economic…
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