BMO Capital Markets Energy Summit Preliminary Results Presentation London, 7 May 2014 For the year ended 30 June 2013
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…
Asset Overview Cameroon Kenya Zambia Nigeria South Sudan Ethiopia Cameroon Kenya 2 permits covering 4,644km. Block 11B onshore Kenya covering Blocks 25, 28 & 29 covering P50 contingent resource base 263 14,200km.…
Group Update Etinde - continued progress Stage I - Fertiliser Etinde Exploitation Authorisation Application (EEAA) submitted to Cameroon authorities award anticipated shortly. Gas sales agreement (GSA) with fertiliser plant well…
Group Update Exploration & Financing Flexibility Exploration programme advancing: Bomono two well programme planned H2 2014. Kenya FTG highlights various basin potential. 2D seismic tender at advanced stage. Awarded 3 blocks…
Etinde Resource Base Significant Hydrocarbon Volumes Oil, condensate and wet gas. P50 contingent resources increased 30%* in 2013. EEAA submitted to Cameroon authorities; award anticipated shortly. Phased development approach.…
Field Development Plan Flexibility for future expansion Liquids focused - gas enabled Hub and Spoke wells facilities system. Unmanned offshore platforms, processing onshore. Oil, condensate and wet gas to onshore hub. Liquids…
Hub and Spoke Development Stage I Illustrative Timeline Integrated offshore and onshore facilities development illustrative timeline FID to first production. 6mths 12mths 18mths 24mths 30mths First Production FID Detailed…
Full Field Development Beyond Fertiliser Intra Isongo Reservoir Model EEAA includes full field development concepts - LNG. Intra Isongo reservoir interval encountered at IM-5 highlighted significant upside potential. Drilling…
Full Field Development Cameroon LNG (CLNG) Project Countrywide gas aggregation scheme, led by GDF Suez and SNH. Planned onshore facility at Kribi, with gas pipeline through Rio del Rey and Douala basins. First LNG train planned…
Intra Isongo Potential Material Upside IM-5 IM-5 well has considerably de-risked the Isongo play. Indicative appraisal Seismic response correlates with thick, reservoir quality 150m down-dip sands. A number of amplitude based…
Intra Isongo Potential Intra Isongo Amplitude response indicates sandstone distribution. Depositional systems revealed, wide extent. Relationship with IE / ID field discoveries being examined. Hydrocarbon fluid samples at…
Bomono Overview Historical 6 deep wells and c.10 shallow wells drilled in the 1950s. Wells and onshore oil seeps prove active, Upper Cretaceous sourced hydrocarbon system. Vintage 2D Total 500km 2D seismic acquired and legacy 2D…
Bomono Exploration Zingana-1 Moambe-1 Zingana Moambe Prospect Associated Condensate Prospect Associated Condensate Oil mmbbls Gas bcf Oil mmbbls Gas bcf Unrisked Mean Gas bcf mmbbls Unrisked Mean Gas bcf mmbbls HIIP* HIIP* Tertiary…
Bomono Operational Status Civil Engineering Zingana pad complete. Access routes complete. Moambe pad construction preparation commencing. Drilling camp construction underway. Rig Update Rig negotiations advanced; two well…
Kenya Overview New hydrocarbon province. Multiple oil discoveries to the south (Lokichar Basin). High level of industry activity multi-well drilling campaigns Ethiopia ongoing and infrastructure planning underway (including…
Kenya Overview South Sudan 500 km 2D seismic New hydrocarbon province. Adamantine Energy/ Ethiopia Bowleven Multiple oil discoveries to the south (Lokichar Basin). (2014) 2 wells planned High level of industry activity…
Kenya Block 11B FTG Results FTG reveals five basins. NE gravity low possible sub-basin to the South Omo Basin. 2014 field work and interpreted FTG results has greatly increased the geological understanding of the area.…
Kenya Block 11B Geological Fieldwork 7 May 2014 BMO Capital Markets Energy Summit 20
Zambia Overview Karoo basins extensive, large and underexplored. Perceived as gas prone but have generated a lot of oil (20 billion bbl). Opportunity to acquire significant position while industry focus on Tertiary rift…
Zambia Overview Luangwa Valley Karoo basin total area 42,000 km. Five blocks applied for: Three blocks awarded (25, 28 and 29) 16,250km and applications for two blocks pending (26 and 27). Previous exploration 1980s (Placid)…
Funding Overview Cash at end Feb 2014 34 million*, no debt. Significant Financing Flexibility G&A spend approx. 1.5m - 1.7 million (gross) per month. At FID 60m reimbursement for IM-5 well costs (Petrofac Advanced negotiations…
Conclusion Growing confidence levels around the delivery of the combined fertiliser and upstream projects. Cameroon LNG scheme building momentum. Resources to Reserves Exploration activities continuing. Multiple funding…
oil & gas Appendix
Ferrostaal Fertiliser Project Structure Etinde Gas Source: Ferrostaal 7 May 2014 BMO Capital Markets Energy Summit 26
Ferrostaal Fertiliser Partners Source: Ferrostaal 7 May 2014 BMO Capital Markets Energy Summit 27
Stage I Etinde Development Indicative project revenue, Bowleven NPV10split and production profile Total Project Revenue* Simplified 20 year Production Profile Gas 15 100 18% Total Wet Gas 683 bcf 80 Liquids - kboepd Wet Gas…
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 Kevin Hart Tel: +44 131 524 5678 infobowleven.com www.bowleven.com Bowleven Plc. The Cube 45 Leith Street Edinburgh EH1 3AT United Kingdom
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