Bowleven Annual General Meeting 11th December 2019 1
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
Progress on development planning through to FID Our clear set of strategic priorities are: To secure FID during 2020 Alignment on development plans with JV partners and Government of Cameroon Ensure that cash resources are wisely…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
The proposition remains fundamentally attractive and achievable during 2020 Development plan to be designed and implemented within 3 to 9 months focused on monetising the value of Challenges around JV partnership focused the…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
Financial performance cash bridge Outlook for FY2020 cash expenditure Bowlevens base line operating costs in H2 2019 have remained at a similar level to the comparable period in FY2019 Etinde G&A costs may increase slightly over…
Financial performance FY2019 vs FY2018 Key Financial Performance metrics Year ending Year ending Variance 30 June 2019 30 June 2018 000 000 000 Bowleven controlled G&A expenditure has reduced by Profit & loss c.1 million pa.…
Financial performance valuation of Etinde Audited value of Etinde project assessed at 150 million based on the mid-point in the range of values determined by: Discounted cash flow (DCF), where a risk weighted discount rate has been…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
What the Etinde development currently offers M400 Isongo with wells drilled to date. Bold stippled outlined indicates area of known discoveries IC DISCOVERY: Depth [m] Gas Condensate discovered in 2 zones of 12 million boe per…
IM field reservoirs: 2C (P50) Contingent Resources per D&M (2019) The three IM reservoirs are well characterised and understood from the six IM wells already drilled and will form the core of the Etinde development project D&M…
IM field reservoirs: 2C (P50) contingent resources per D&M (2019) Middle Isongo structure is the largest trap with 2C (P50) resources of 126 million boe with an upside potential of up to 165 million boe (3C P10 basis). The range…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
IE reservoirs: 2C contingent resources from D&M 2019 and nearby prospects The IE area is characterised by a series IE Oil discovery of complex fault blocks, Undrilled IE 410 sand prospect 2C resource of 10 which have trapped million…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
Gas reinjection The Operators reservoir engineering team has reassessed the potential for Gas reinjection: NewAge has identified four potential opportunities to reinject gas Each opportunity could provide up to 3 years availability…
Future G&G studies and licence prospectivity The post drilling studies undertaken on the IE area following the 2018 appraisal drilling programme have highlighted: Potential for additional reservoir in thin bedded formations outside…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
Etinde Exploitation Authorisation risk for early licence termination The JV partners was awarded an Exploitation Authorisation (EA) in July 2014 which became legally operative in January 2015. The EA was awarded on the basis of a two…
Cameroon domestic gas market options Etinde had an obligation to supply 70 mmscf/d of dry Gas to the Cameroon Fertiliser project, which was never sanctioned or developed The Government has determined that 25% - 30% of Cameroons…
Export gas sales options Export gas solutions are less likely to be subject to demand fluctuations and sales receivable collection issues as well as facilitate high KEY UNCERTAINTIES production levels from the outset as export demand…
The roadmap to Etinde development gathers pace Development options considered during pre-FEED study programme If Etinde has a domestic supply obligation, then pre-FEED studies show that an onshore gas processing plant based in Limbe…
The roadmap to Etinde development gathers pace BT Consumer - EE (22% ofEconomic and Commercial FY2018 revenue) The JV partners are taking steps to finalise the 1. 2. considerations development concept The licences hydrocarbon…
Sub-surface development phases 1 IM Discoveries 2 IE Discoveries 3 Other options for the future consideration Miocene aged Upper, Intra- Second well head platform will Potential with IC Discovery to and Middle Isongo reservoirs…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
Etinde upstream JV partners The largest privately owned oil and gas company in the world by proved reserves Market capitalisation is USD 68.5B at 10 December 2019 Accounts for in excess of 2% of global output of crude oil. Listed…
Capitalisation structure and share price movement Payment of 0.15p dividend Delay in announcing annual results due to finalisation of the Etinde valuation and impairment provision Capital Structure Listing AIM Key…
Board and management team Small committed Board with Matt McDonald experience in corporate finance Chairman and M&A Eli Chahin London-based fit for purpose Chief Executive Officer team capable of analysing various monetisation…
Bowleven today Focused on development and exploration interests in Cameroon Successfully proved and probable major gas asset with c.1 tcf of wet gas in place and 244 million boe of 2C contingent resource (P50) recoverable Working…
Agenda 1. Strategic Review 2. What is the proposition for Bowleven shareholders 3. Financial Results FY2019 4. Overview of the Isongo Marine field reservoir 5. Overview of the IE field reservoir 6. Gas reinjection 7. Etinde…
Bowleven Plc Suite 1 Collegiate House 9 St. Thomas Street London SE1 9RY 00 44 (0) 20 3327 0150 www.bowleven.com 33
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