Interim Results Analyst Presentation – March 2009
2009 Interim Results Presentation
23rd March 2009
2
2009 Interim Results Presentation 23 rd March 2009 2 Interim - - PowerPoint PPT Presentation
2009 Interim Results Presentation 23 rd March 2009 2 Interim Results Analyst Presentation March 2009 Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the "
Interim Results Analyst Presentation – March 2009
2
Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the "Presentation") constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in any investment activity, whether in the United Kingdom or in any other jurisdiction; (ii) any recommendation or advice in respect of the ordinary shares (the "Shares") in Bowleven plc (the "Company"); or (iii) any offer for the sale, purchase or subscription of any Shares. The Shares are not registered under the US Securities Act of 1933 (as amended) (the "Securities Act") and may not be offered, sold or transferred except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any other applicable state securities laws. The Presentation may include statements that are, or may be deemed to be "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions These forward-looking statements include all matters that are not historical facts They include statements regarding the Company's intentions
Interim Results Analyst Presentation – March 2009
beliefs or current expectations concerning, amongst other things, the results of operations, financial conditions, liquidity, prospects, growth and strategies of the Company and its direct and indirect subsidiaries (the ‘Group’) and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Group’s actual results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, may differ materially from those suggested by the forward-looking statements contained in the Presentation. In addition, even if the Group’s results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, are consistent with the forward-looking statements contained in the Presentation, those results or developments may not be indicative of results or developments in subsequent periods. Recipients of the Presentation are advised to read the admission document dated 1 December 2004 issued by the Group (as supplemented by subsequent prospectuses issued by the Company and subsequent announcements by the Company to Regulatory Information Services) for a more complete discussion of the factors that could affect future performance and the industry in which the Group operates. In light of those risks, uncertainties and assumptions, the events described in the forward-looking statements in the Presentation may not occur. Other than in accordance with the Company's obligations under the AIM Rules for Companies, the Company undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in the Presentation.
3
Kevin Hart CEO
Ed Willett & Development Exploration Director
Kevin Hart
Interim Results Analyst Presentation – March 2009
& Development Exploration Director
Peter Wilson Commercial Director
Kevin Hart
4
Ed Willett Peter Wilson
Group highlights are as follows:
Company of 150p per ordinary share
P it l t d
Interim Results Analyst Presentation – March 2009
Permit completed
fields in Block MLHP-7
substantial low risk exploration portfolio in addition to discovered resource
Cameroon gas reserves, including appointment of Gaz de France Suez to undertake feasibility study
5
Interim Results Analyst Presentation – March 2009
6 6
6
Bomono Permit 100%
commitment
Interim Results Analyst Presentation – March 2009
commitment Etinde Permit 100%
2008
three years from date of signing
commitment
7
Interim Results Analyst Presentation – March 2009
subsurface review of Block 5 & 6
Cretaceous lower slope turbidite deposits
8
Wet GIIP (bcf)* CIIP (mmbbl)† STOIIP (mmbbl) Delta‡ 175 10 Kappa 75 Lambda 12 1 Qof 595 33 Phi-chi 451 25 Psi 158 9 Pi 44 2 B t W
(Unrisked Mean In Place volumes)
Interim Results Analyst Presentation – March 2009
Beta W 88 Beta E 117 Beta S 417 e-Epsilon 17 1 e-Alpha 30 sub-Epsilon 1793 99 supra Zeta 350 19 Zayin 113 6 Zeta 295 16 Tau 296 16 Sigma 248 14
TOTALS 4547 251 727
*includes NGLs, which comprise condensate and LPGs .
† Condensate estimated at 55bbl/mmscf ref D-1r. ‡D1r Discovery is 40bcf mean in place resources additional to Delta prospect volumes.
Well location Source: IHS Energy Noble Energy O5 ‘Carmen’ Oil Discovery .
9
Isongo Gas Condensate Fields - Isongo Marine, IC, ID and IE. IE successfully appraised by Bowleven in 2007. Characterised by Isongo Prospects - Multiple undrilled structural culminations associated with existing discoveries. Low risk and high potential.
Interim Results Analyst Presentation – March 2009
Characterised by rich condensate yield – CGR of 70 to ~140. Isongo Oil Discovery - IF – Bowleven 2008. Tertiary sourced 35°API oil transforms prospectivity and value of acreage. Biafra - Shallow dry gas accumulations at Manyikebi and IE plus additional prospectivity. Oil shows in IM-1. Isongo Leads - Significant additional emergent prospectivity.
10
IE Field
Hydrocarbons encountered over a large part of the well – 800 feet from top Volcanics to OWC at 6548 feet MD. A A’ A
IF-1R Discovery Mean 137mmbbl STOIIP
UpsideVolume IF-1r Discovery
IF-Appraisal
(proposed) IE-2z IF-1 IF-1R
IF Field
Interim Results Analyst Presentation – March 2009
Cartoon section for illustration – scale approximate
~200 feet oil column confirmed by pressure data
Proposed location allows multiple target selection depending on vertical well results.
IF South Prospect 142mmbbl STOIIP
A’
11
A A A’ IE-2z MDT confirms column height of
defines two 2m sand bodies ~30m above the main Isongo Sand 1 are
IE Field
IE-2z IF-1 IF-1R
IF Field
Interim Results Analyst Presentation – March 2009
Condensate in the Isongo section
A’
Cartoon section for illustration – scale approximate
IE Field *includes NGLs †Natural Gas Liquids (NGL) include condensate & LPGs
Sa d a e condensate bearing and in pressure communication with the main reservoir. IE-2z core across GWC.
12
Middle Isongo Depth Map A’ A A A’ IM-3 is the only well in the field to test the
IC-1 IM-1 Manyu-1 ETM-1 IM-C
(Proposed)
Interim Results Analyst Presentation – March 2009
condensate, with Biafra oil shows
appraising GC in the Upper and Middle Isongo
A in the field to test the Mid-Isongo reservoir encountering Gas- Condensate. Majority of the exploration upside for IM is associated with the Middle Isongo Formation IC-1 DST 3 confirms hydrocarbons in Middle Isongo. Test results 57°API at separator, 39°API at 10/64” choke.
13
*includes NGLs †Natural Gas Liquids (NGL) include condensate & LPGs
(Mean Volumes Initially In Place)
Dry GIIP (bcf) Wet GIIP* (bcf) NGL† (mmbbl) STOIIP (mmbbl) Isongo Marine Field* 348 18 Isongo E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C Discovery* 77 5 Isongo F Discovery 137 Manyikebi* 56 Total Discovered 136 896 129 137
Interim Results Analyst Presentation – March 2009
Resource 136 896 129 137
*includes NGLs, which comprise condensate and LPGs. †NGLs include LPGs for ID & IE only
Isongo F South 142 Isongo Marine Exploration 823 35 Isongo D Exploration 158 35 Isongo C Exploration 274 6 Isongo E Exploration 16 23 5 Isongo G Cluster 349 8 Total Exploration Resource 16 1627 89 142
Total MLHP 7 Resource
152 2523 218 279
14
IF-1r DST Flare
Bomono Permit 100%
commitment C t ti iti
Interim Results Analyst Presentation – March 2009
gravity/magnetics survey
seismic acquisition late 2009/2010
15
ascertain access routes into interior
Environment 29th Jan 2009
Interim Results Analyst Presentation – March 2009
acquisition program initiated
16
Interim Results Analyst Presentation – March 2009
17
MLHP 7
IM IE IC Manyikebi ID
Interim Results Analyst Presentation – March 2009
MLHP 7 MLHP 6 MLHP 5
IF
*LPGs included, not separately assessed
18
MLHP 7
IM IE IC Manyikebi ID
Isongo Marine Isongo E & Isongo D
Gas Recycling Development
tieback to IE/ID
Interim Results Analyst Presentation – March 2009
MLHP 7 MLHP 6 MLHP 5
IF
Isongo F
Oil Development
sidetrack
with potential to be as early as 2011
19
IF Standalone
MLHP 7
IM IE IC Manyikebi ID
Limbé
Gas Pipeline
New oil processing & export facilities Limbé Refinery and Power station
Interim Results Analyst Presentation – March 2009
MLHP 7 Field Oil mbbl/d Gas Export mmscf/d Development wells IF 15-20 16-22 3-4 IF WHP Platform 6-Slot Wellhead
IF
20 Oil Export
recoverable reserves
including side track
IF Oil with IM-ID-IE Gas Condensate Development – Possible Synergies
MLHP 7
IE ID IM IC Manyikebi
Gas Injection Pipeline
Potential tie-in of Isongo-Marine gas-condensate IE WHP Platform
Limbé
New oil processing & export facilities Limbé Refinery and Power station
Interim Results Analyst Presentation – March 2009
MLHP 7 IF WHP Platform 6-Slot Wellhead
IF
IE WHP Platform 9-Slot Wellhead Field Oil/NGLs Mbbl/d Gas Export MMscf/d Gas Production MMscf/d Development Wells
Producers Injectors
IF 15-20 (oil) 16-22
ID-IE 15-25 (NGL)
3-5 2-3 TOTAL 30-45 (liquids) 16-22 130-150 6-9 2-3 21 Multiphase pipelines from fields to FPSO for fluid separation, gas compression and living quarters MLHP 5
GdF Suez Feasibility Study / Bioko Island Train
undertake a feasibility study to advance their principal objectives of:
market
maximise value to Cameroon and ensure LPG and NGL recovery
Interim Results Analyst Presentation – March 2009
Scoping Q3 2008/Q1 2009 pre-FEED Q2 2009 to Q4 2009 FEED Q4 2009 to Q4 2010 FID by end 2010
Suez have held initial meetings with upstream operators and are scheduled to report back on initial scoping after Q1 2009
project, Bioko Island, Equatorial Guinea
View of Mt Cameroon from Etinde Permit IF-1r well DST Flare
Interim Results Analyst Presentation – March 2009
23
Epaemeno Permit 50%
(50% relinquishment)
conducting G&G work through to
Interim Results Analyst Presentation – March 2009
well locations under TSA
(net) development carry East Orovinyare Permit 100%
24
Omko-1 (20MMbbl)
A A’
Interim Results Analyst Presentation – March 2009
Tsiengui (145MMbbl) Obangue (55MMbbl) Koula (75MMbbl) Avocette (265MMbbl) Onal (180MMbbl)
2P STOIIP source: IHS Energy
Riviere Perdue-1
A A’
Rembo Kotto (60MMbbl) Assewe (18MMbbl)
25
Seismic Survey
improvement of existing data
Interim Results Analyst Presentation – March 2009
1.5 Sec TWT
Airborne Survey
season 2008
completed end Q2 2009 New Epaemeno 2D seismic line (first pass processing) Pre-Salt structure readily identifiable.
26
central template
80% complete. Both in Louisiana.
Interim Results Analyst Presentation – March 2009
30km 10km
27 p
Taggart” for a fee of $2.5 mln
development and current oil market conditions.
resources
A A A’ Azile Depth Map
Interim Results Analyst Presentation – March 2009
Cap Lopez turbidite sands of the Upper Cretaceous
A’
28
Interim Results Analyst Presentation – March 2009
29
for the 6 months ending 31 December 2008
intra-group funding under IFRS)
Interim Results Analyst Presentation – March 2009
Trident IV on IF-1r well summer 2008
30 $49 million cash invested in fixed assets
Interim Results Analyst Presentation – March 2009
31
2009 OBJECTIVES
Interim Results Analyst Presentation – March 2009
32
Interim Results Analyst Presentation – March 2009