Shareholders Regional Meeting Preliminary Results Presentation 27 February 2014 For the year ended 30 June 2013
oil & gas Opening Remarks
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 2 permits covering 4,644km. 1 offshore shallow water, 1 onshore; both operated. P50 contingent resource base increased 30% to 263 mmboe* Bomono Permit (net). Acreage: 2,328km 2 Onshore Equity…
Drilling History/Strategy Etinde Permit, Cameroon 2007 2008 2010 2011 2012/13 The current technical/management team has Feb: Sapele-1 drilled 9 wells and made multiple discoveries on 33-43m Net Pay IM-5 Etinde since joining in…
oil & gas Etinde Development
Etinde Resource Base Significant Hydrocarbon Volumes Oil, condensate and wet gas. P50 contingent resources increased 30%* this year. EEAA submitted to Cameroon authorities; grant pending. Phased development approach. Initial gas…
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…
Progressing towards FID Etinde Exploitation Authorisation Application (EEAA) jointly approved and submitted to Cameroon authorities award pending. Ministry of Mines has confirmed receipt and advised SNH technical opinion…
Ferrostaal Fertiliser Project Structure Etinde Gas Source: Ferrostaal 27 February 2014 Shareholders Regional Meeting 11
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 Cameroon LNG 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 3.5 mtpa…
oil & gas Appraisal & Exploration
IM-5 Well: Pre-drill targets and results Etinde Appraisal/Development Drilling Objectives Results* IM-3 IM-5 Primary: determine reservoir, fluid Condensate-rich gas flowed properties and gas composition of on test. Middle…
Seismic Correlation Panel Tying IM Wells IM-4 IM-2 IM-3 IM-5 Upper Isongo Upper Isongo Intra Isongo Intra Isongo Log evaluated 3m net net pay approx. 70m. pay. Below seismic resolution Areally extensive Intra Isongo…
Intra Isongo Exploration/Appraisal Material Exploration/Appraisal Upside IM-5 well has considerably de-risked the Isongo play. Seismic response correlates with thick, reservoir quality sands. A number of amplitude based prospects…
Intra Isongo Exploration/Appraisal Material Exploration/Appraisal Upside IM-5 IM-5 well has considerably de-risked the Isongo play. Seismic response correlates with thick, reservoir quality sands. A number of amplitude based…
Intra Isongo Exploration/Appraisal Amplitude response indicates sandstone distribution above Intra Isongo discovery horizon. Greater Interval Sand (M510) 27 February 2014 Shareholders Regional Meeting 20
Intra Isongo Exploration/Appraisal Amplitude response indicates sandstone distribution at Intra Isongo discovery horizon. Intra Isongo (M410) 27 February 2014 Shareholders Regional Meeting 21
Intra Isongo Exploration/Appraisal Amplitude response indicates sandstone distribution below Intra Isongo discovery horizon. Greater Interval Sand (M310) 27 February 2014 Shareholders Regional Meeting 22
Etinde Significant Upside Potential MLHP-5 & MLHP-6 Significant in-place volumes discovered across MLHP-5 by the Sapele and D-1R wells. Deep Omicron discovery Mean HIIP 1,197 mmboe*. Deep Omicron test yields 313-329 bbls/mmscf*.…
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 Well Operations Zingana-1 2 wells planned for 2014 Zingana-1 & Moambe-1. Timing of drilling campaign influenced by farm-out discussions. B & C sands Zingana-1 Drill ready prospect site prepared. D & E…
Bomono Potential Commercialisation Routes Gas to power: gas to power stations currently engineered for expensive fuel oil. Gas to new build combined cycle power station On-site gas to electricity (GTE) conversion facility.…
Kenya Overview New hydrocarbon province. Recent oil discoveries to the south (Lokichar Basin). High level of industry activity multi-well drilling campaigns Ethiopia underway e.g. Tullow Oil, Africa Oil. South Sudan Sabisa…
Kenya Overview South Sudan New hydrocarbon province. Ethiopia Recent oil discoveries to the south (Lokichar Basin). High level of industry activity multi-well drilling campaigns Block 11B underway e.g. Tullow Oil, Africa Oil.…
Block 11B Pre FTG Interim Gravity Product Gravity Gradient Data Source: Bowleven Airborne survey (FTG) results very encouraging. Tendering underway for 2D seismic acquisition. 27 February 2014 Shareholders Regional Meeting 30
oil & gas Finance & Economics
Funding Overview Significant Financing Flexibility Cash at end Dec 2013 38 million*, no debt. At FID G&A spend approx. 1.5 - 1.7 million (gross) per month. 60m reimbursement for IM-5 well costs (Petrofac Equity placing Nov 2013…
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…
oil & gas Closing Remarks
Outlook Etinde development progressing. Extensive additional low risk resource potential. Resources to Reserves Attractive exploration portfolio. Always retaining financial flexibility. African Exploration 27…
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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