Bank of America Merrill Lynch Oil & Gas Investor Forum 15 - 17 - - PowerPoint PPT Presentation

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Bank of America Merrill Lynch Oil & Gas Investor Forum

15 - 17 April 2013

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Disclaimer

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,

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. In light of those risks, uncertainties and assumptions, the events described in the forward-looking statements in the Presentation may not

• ccur. 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.

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Vision & Strategy

• Strategy focused on creating and realising value through

material exploration success and development.

• Seek value adding partnerships and niche acquisitions as

appropriate.

• Fostering strong external partnerships and in-country

relationships.

• Targeted approach to technical, commercial and political risk.
• Resources to Reserves.

Vision Strategy – Focus on Africa “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 exploration led

• rganic growth and niche acquisitions.”

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Company Overview

• 5 blocks in Cameroon covering 4,644km².
• 3 offshore shallow water, 2 onshore; all operated.
• Multiple hydrocarbon discoveries.
• P50 contingent resource base 203 mmboe* (net).
• Phased Hub & Spoke development planned.
• Continued exploration.

Cameroon

• Block 11B onshore Kenya covering ~14,000km².
• Early stage exploration; Airborne geophysical survey and 2D

seismic acquisition.

• Operated by Adamantine Energy, technical support provided by

Bowleven under a TSA.

* Source: Annual Report 2012. Operator’s volumetrics. Pending update from results and testing of IM-5 well.

Kenya

Kenya Ethiopia

State back-in rights: Etinde 20%, Bomono 10% (at grant of exploitation licence).

Acreage: 2,316km2 Shallow Offshore Equity Interest: 75% (Vitol 25%) Operator: Bowleven Group Etinde Permit Acreage: 2,328km2 Onshore Equity Interest: 100% Operator: Bowleven Group Bomono Permit

Nigeria Cameroon

Acreage: ~14,000km2 Onshore Equity Interest: 50% (Adamantine 50%) Operator: Adamantine Block 11B

South Sudan

Corporate

• Cash end February 2013 ~ $65 million, no debt.
• Petrofac: up to $500 million for Stage I development with $60

million IM-5 costs reimbursed at FID.

• High equity positions provide farm-out flexibility.

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†

Resources to Reserves: The Path to FID*

• Etinde: Ongoing evaluation of material prospectivity; IM-5 Intra

Isongo discovery highlights extensive exploration/appraisal play.

• Bomono: 2 wells planned prior to end of 2014.
• Kenya: Work programme commencing.

Exploration Strategy

* FID: Final Investment Decision

IM-5: successful appraisal/development well - liquids rich and fertiliser gas requirements underpinned. Submission of Etinde Exploitation Authorisation Application (EEAA); integration of IM-5 results underway. Fertiliser gas sales term sheet including pricing agreed; signing ceremony pending. Access to potential development financing - Petrofac Strategic Alliance. FID targeted for H2 2013 subject to:

• EEAA - approval anticipated imminently post IM-5 update.
• Gas Sales - moving to GSA.
• Finance - enhanced project economics post IM-5.
• Fertiliser FID - feasibility study completed moving to FEED.

   

 †

FID

EEAA

Fertiliser FID (Ferrostaal, SNH, Proman, Helm)

Finance Gas Sales Group Objectives

Excellent Progress

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IM-5 Well Update

Douala Basin

• MLHP-5 & 6, OLHP 1 & 2.
• Onshore and shallow
• ffshore areas.
• Highly prospective

acreage.

• Number of onshore oil

seeps.

• Tertiary and Cretaceous

leads.

• Onshore early exploration

phase on 2D dataset.

• Offshore mature

prospects portfolio on 3D dataset.

Rio del Rey Basin

• MLHP-7.
• Shallow offshore area.
• Highly prospective

acreage within a proven active hydrocarbon system.

• Tertiary oil and gas-

condensate discoveries.

• Established portfolio of

additional Tertiary prospects.

• Intra Isongo discovery at

IM-5; Material exploration/appraisal upside.

Cretaceous Turonian plays accessible in onshore area and shallow waters.

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IM-5 Well - Pre-drill targets and results to date

Etinde Appraisal/Development Drilling

IM-3

Middle Isongo Intra Isongo Upper Isongo

IM-3 (Gas Condensate Discovery) Middle Isongo Net Pay 37m

Upper Isongo (Sands below GWC). 32m (net) encountered and found wet as prognosed. Intra Isongo Log evaluated net pay of approximately 70m. Samples obtained during logging confirm presence of liquids-rich hydrocarbons. DST result pending. Middle Isongo DST Tested >7,000 boepd (23mmscfd & 3,155 bcpd); CGR inferred 136bbls/mmscf

IM-5

• Primary: determine reservoir, fluid

properties and gas composition of Middle Isongo.

• Secondary: explore potential of

Intra Isongo.

• Upper Isongo expected to be

water bearing.

• Designed to be suspended as a

development well.

Objectives

• Testing programme underway
• n Intra Isongo interval.

Forward Plan

Middle Isongo DST

Results to date

Middle Isongo Log evaluated net pay of approximately 25m. Samples obtained during logging confirm presence of liquids-rich hydrocarbons.

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Upper Isongo Intra Isongo Middle Isongo

Seismic Correlation Panel Tying IM Wells

IM-3 IM-5 IM-2 IM-4

Log evaluated net pay approx. 70m. Areally extensive Intra Isongo amplitude response implies gross reservoir thickness greater than 35m.

Upper Isongo Intra Isongo Middle Isongo

3m net

• pay. Below

seismic resolution = no amplitude response

1 Km

Log evaluated net pay approx. 25m.

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• Validation of more than sufficient gas volumes on a P90

basis to meet fertiliser plant requirements.

• Intra Isongo discovery represents material volume addition.
• Liquids rich wet-gas:
• Middle Isongo 80-200bbl/mmscf (min-max).
• Intra Isongo 100-285bbl/mmscf (min-max).
• Combined Mean WGIIP and CIIP increased by 162% and

868% to 1,222 bcf and 184 mmbbls respectively. Material Volume Addition

IM Field

Volumetric Update Upper Isongo

1 Km

*Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

WGIIP (bcf)* P90 P50 P10 Mean Upper Isongo 81 122 187 129 Middle Isongo 175 389 863 467 Intra Isongo 275 539 1,094 626 Total WGIIP (bcf) 531 1,050 2,144 1,222 CIIP (mmbbls)* P90 P50 P10 Mean Upper Isongo 5 8 13 9 Middle Isongo 25 56 127 68 Intra Isongo 44 91 193 107 Total CIIP (mmbbls) 74 155 333 184

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Middle Isongo

IM Field

Volumetric Update

Material Volume Addition

*Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

• Validation of more than sufficient gas volumes on a P90

basis to meet fertiliser plant requirements.

• Intra Isongo discovery represents material volume addition.
• Liquids rich wet-gas:
• Middle Isongo 80-200bbl/mmscf (min-max).
• Intra Isongo 100-285bbl/mmscf (min-max).
• Combined Mean WGIIP and CIIP increased by 162% and

868% to 1,222 bcf and 184 mmbbls respectively. Material Volume Addition

WGIIP (bcf)* P90 P50 P10 Mean Upper Isongo 81 122 187 129 Middle Isongo 175 389 863 467 Intra Isongo 275 539 1,094 626 Total WGIIP (bcf) 531 1,050 2,144 1,222 CIIP (mmbbls)* P90 P50 P10 Mean Upper Isongo 5 8 13 9 Middle Isongo 25 56 127 68 Intra Isongo 44 91 193 107 Total CIIP (mmbbls) 74 155 333 184

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MIDDLE

P90 IM-5 P10

Middle Isongo

IM Field

Volumetric Update

Material Volume Addition

• Validation of more than sufficient gas volumes on a P90

basis to meet fertiliser plant requirements.

• Intra Isongo discovery represents material volume addition.
• Liquids rich wet-gas:
• Middle Isongo 80-200bbl/mmscf (min-max).
• Intra Isongo 100-285bbl/mmscf (min-max).
• Combined Mean WGIIP and CIIP increased by 162% and

868% to 1,222 bcf and 184 mmbbls respectively. Material Volume Addition

1 Km

*Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

WGIIP (bcf)* P90 P50 P10 Mean Upper Isongo 81 122 187 129 Middle Isongo 175 389 863 467 Intra Isongo 275 539 1,094 626 Total WGIIP (bcf) 531 1,050 2,144 1,222 CIIP (mmbbls)* P90 P50 P10 Mean Upper Isongo 5 8 13 9 Middle Isongo 25 56 127 68 Intra Isongo 44 91 193 107 Total CIIP (mmbbls) 74 155 333 184

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Intra Isongo

IM Field

Volumetric Update

Material Volume Addition

• Validation of more than sufficient gas volumes on a P90

basis to meet fertiliser plant requirements.

• Intra Isongo discovery represents material volume addition.
• Liquids rich wet-gas:
• Middle Isongo 80-200bbl/mmscf (min-max).
• Intra Isongo 100-285bbl/mmscf (min-max).
• Combined Mean WGIIP and CIIP increased by 162% and

868% to 1,222 bcf and 184 mmbbls respectively. Material Volume Addition

*Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

WGIIP (bcf)* P90 P50 P10 Mean Upper Isongo 81 122 187 129 Middle Isongo 175 389 863 467 Intra Isongo 275 539 1,094 626 Total WGIIP (bcf) 531 1,050 2,144 1,222 CIIP (mmbbls)* P90 P50 P10 Mean Upper Isongo 5 8 13 9 Middle Isongo 25 56 127 68 Intra Isongo 44 91 193 107 Total CIIP (mmbbls) 74 155 333 184

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13 P99 polygon ~4.5km2 P01 polygon ~30km2

Intra Isongo

IM Field

Volumetric Update

Material Volume Addition

• Validation of more than sufficient gas volumes on a P90

basis to meet fertiliser plant requirements.

• Intra Isongo discovery represents material volume addition.
• Liquids rich wet-gas:
• Middle Isongo 80-200bbl/mmscf (min-max).
• Intra Isongo 100-285bbl/mmscf (min-max).
• Combined Mean WGIIP and CIIP increased by 162% and

868% to 1,222 bcf and 184 mmbbls respectively. Material Volume Addition

*Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

WGIIP (bcf)* P90 P50 P10 Mean Upper Isongo 81 122 187 129 Middle Isongo 175 389 863 467 Intra Isongo 275 539 1,094 626 Total WGIIP (bcf) 531 1,050 2,144 1,222 CIIP (mmbbls)* P90 P50 P10 Mean Upper Isongo 5 8 13 9 Middle Isongo 25 56 127 68 Intra Isongo 44 91 193 107 Total CIIP (mmbbls) 74 155 333 184

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Intra Isongo Exploration/Appraisal Upside

1 Km

IM-5

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Intra Isongo Exploration/Appraisal

Upside at discovery horizon and greater interval

Material Exploration/Appraisal Upside

• IM-5 well has considerably de-risked the Isongo play:
• Seismic response correlates with thick, reservoir

quality sands.

• Liquids rich wet-gas: Middle Isongo (min-max) 80-

200bbl/mmscf, Intra Isongo 100-285bbl/mmscf.

• A significant number of additional prospects recognised.
• A number of amplitude based prospects are defined at the

same horizon as the Intra Isongo discovery.

• Further prospects also defined in the intervals immediately

above and below Intra Isongo horizon - “greater interval”.

Intra Isongo Prospects

Unrisked In-Place Prospect Volumes* WGIIP (bcf) P90 P50 P10 Mean Intra Isongo discovery horizon 303 678 1,530 822 CIIP (mmbbl) P90 P50 P10 Mean Intra Isongo discovery horizon 48 114 269 141

*Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

IE-3

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Intra Isongo Exploration/Appraisal

Upside at discovery horizon and greater interval

Greater Interval Sand Greater Interval Sand Intra Isongo Horizon

IM-5

Material Exploration/Appraisal Upside

• IM-5 well has considerably de-risked the Isongo play:
• Seismic response correlates with thick, reservoir

quality sands.

• Liquids rich wet-gas: Middle Isongo (min-max) 80-

200bbl/mmscf, Intra Isongo 100-285bbl/mmscf.

• A significant number of additional prospects recognised.
• A number of amplitude based prospects are defined at the

same horizon as the Intra Isongo discovery.

• Further prospects also defined in the intervals immediately

above and below Intra Isongo horizon - “greater interval”.

1 Km

Unrisked In-Place Prospect Volumes* WGIIP (bcf) P90 P50 P10 Mean Greater interval 296 630 1,413 769 CIIP (mmbbl) P90 P50 P10 Mean Greater interval 47 107 248 132

*Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

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Intra Isongo Exploration/Appraisal

Upside at discovery horizon and greater interval Greater Interval Prospects

Unrisked In-Place Prospect Volumes* WGIIP (bcf) P90 P50 P10 Mean Intra Isongo discovery horizon 303 678 1,530 822 Greater interval 296 630 1,413 769 TOTAL (bcf) 599 1,308 2,943 1,591 CIIP (mmbbl) P90 P50 P10 Mean Intra Isongo discovery horizon 48 114 269 141 Greater interval 47 107 248 132 TOTAL (mmbbl) 95 221 517 273

Material Exploration/Appraisal Upside

• IM-5 well has considerably de-risked the Isongo play:
• Seismic response correlates with thick, reservoir

quality sands.

• Liquids rich wet-gas: Middle Isongo (min-max) 80-

200bbl/mmscf, Intra Isongo 100-285bbl/mmscf.

• A significant number of additional prospects recognised.
• A number of amplitude based prospects are defined at the

same horizon as the Intra Isongo discovery.

• Further prospects also defined in the intervals immediately

above and below Intra Isongo horizon - “greater interval”. IM-5

Intra Isongo Discovery Horizon *Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

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IM Field

Discovered Volumes and Upside Potential (Unrisked)

Intra Isongo Unrisked Prospect Volumes* P90 P50 P10 Mean Total WGIIP (bcf) 599 1,308 2,943 1,591 Total CIIP (mmbbl) 95 221 517 273

Middle Isongo Hydrocarbon Column

Discovered Volumes* IM Field P90 P50 P10 Mean Total WGIIP (bcf) 531 1,050 2,144 1,222 Total CIIP (mmbbl) 74 155 333 184

Discovered Volumes prior to IM-5* P90 P50 P10 Mean Total WGIIP (bcf) 128 319 975 466 Total CIIP (mmbbl) 7 12 30 19 *Operator’s estimates. Volumes are presented as gross figures.. The WGIIP figures include NGLs, which comprise condensate and LPGs Volumes have been derived on a probabilistic basis but totals have been arithmetically summed. Totalling anything other than mean is statistically incorrect and is provided for illustrative purposes only.

Overview of Volumes

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Etinde Existing Discoveries

Overview of Gross Unrisked Mean Volumes In place*

Deep Omicron fairway *Operator’s estimates. IC IF IE IM

Manyikebi

Sapele-3 Sapele-2 Sapele-1/ST SNA-1X D-Discovery

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Hub and Spoke Development

Flexibility for future expansion

• All processing onshore; unmanned offshore platforms.
• Stage I - fields on MLHP-7.
• Stage II - discoveries on MLHP-5 (Sapele).
• Significant flexibility for future expansion.
• Hub location to be optimised to maximise synergies with

fertiliser plant.

• First production anticipated 2016; integrated with fertiliser

timetable

• Offshore (wells and other infrastructure): ~$600 million.
• Onshore (processing & NGLs plant): ~$300 million.
• Development costs subject to phasing and cost
• ptimisation. To be further refined during FEED.
• Intra Isongo – potential for reduced platform and well

requirements, with associated reduction in costs. Stage I Development Cost Target (Gross): ~$900 million Phased Approach

• Oil, condensate and wet gas to hub.
• Liquids stripping and NGL extraction onshore.
• Stage I: 70mmscfd dry gas to fertiliser plant.
• Initially IM/IE? fields; level of IF contribution under

evaluation.

• Initial liquids production ~ 15k-20k boepd* (including LPG’s);

to be updated post completion of IM-5 well.

• Supplemental gas offtake solutions also being considered.
• Intra Isongo – possible reinjection candidate; evaluation

required. Liquids Focused – Gas Enabled

* Operator projections, currently excludes IF.

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• Alliance with Petrofac to deliver first production

from Etinde.

• High level basis of development design agreed.
• Provides up to $500 million for Stage I

development with $60 million IM-5 costs reimbursed at FID.

• Provides access to expertise, purchasing power

and personnel (including engineering, design, project management, procurement and training).

• Utilising Petrofac’s extensive expertise.

Strategic Alliance

Hub and Spoke Development

Stage I Development Gantt Chart

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• Hydrocarbons discovered at multiple stratigraphic levels.
• Significant in-place volumes discovered across MLHP-5 by

the Sapele and D-1R wells.

• Extensive stratigraphically trapped accumulations.
• Deep Omicron test yields 313-329bbls/mmscf.
• Sapele recoverable reserves ultimately determined by

number of wells, completion type and reservoir connectivity.

• Stage II development anticipates unmanned offshore

platforms integrated with onshore hub facility constructed in Stage I.

• Utilisation of Stage I hub facilitates sanction of future tie-ins.
• Third party assessment carried out by Sproule in H2 2012

(previously announced) validate Bowleven’s Deep Omicron in-place fairway volumes. Sapele & D-1R

Hub and Spoke Development

Stage II (MLHP-5)

Independent Volume Assessment In-Place Volumes Mean Bowleven‡ Sproule* Total mmboe 1,197 1,208

Independent Volume Assessment

‡ Operator’s volumetrics.

*Aggregated discovered and undiscovered volumes.

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Cameroon Overview

Further Prospectivity

Douala Basin

• MLHP-5 & 6, OLHP 1 & 2.
• Onshore and shallow
• ffshore areas.
• Highly prospective

acreage.

• Number of onshore oil

seeps.

• Tertiary and Cretaceous

leads.

• Onshore early exploration

phase on 2D dataset.

• Offshore mature

prospects portfolio on 3D dataset.

Rio del Rey Basin

• MLHP-7.
• Shallow offshore area.
• Highly prospective

acreage within a proven active hydrocarbon system.

• Tertiary oil and gas-

condensate discoveries.

• Established portfolio of

additional Tertiary prospects.

• Intra Isongo discovery at

IM-5; Material exploration/appraisal upside.

Cretaceous Turonian plays accessible in onshore area and shallow waters.

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Etinde - Further Prospectivity

MLHP-6 MLHP-5

• EEAA envisages additional exploration in exploitation area.
• Extensive deeper prospectivity at Paleocene and Cretaceous
• levels. Hydrocarbons encountered with Sapele-1 and Sapele-3.
• Palaeocene Alpha-Epsilon system Mean GIIP 1819bcf*.
• Cretaceous Mean Dry GIIP 1029bcf*.
• Evaluation of prospectivity ongoing.
• Highly prospective acreage given its position between proven

active hydrocarbon systems.

• Variety of exploration play types, Bowleven has 3D seismic

dataset.

*Operator’s volumetrics.

MLHP-7

• A significant number of additional prospects recognised at

Intra Isongo and greater interval.

MLHP-5 MLHP-6

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• 6 deep wells and c.10 shallow wells drilled in the 1950’s.
• Wells and onshore oil seeps prove active hydrocarbon

system.

• Tertiary and Cretaceous structural and stratigraphic traps

defined in area.

• Total 500km 2D seismic acquired by Bowleven.
• New 2D data integrated into existing vintage dataset along

with airborne magnetic/gravity survey and geochemical datasets which now define a series of structural prospects.

Bomono Overview

Bowleven 2D Acquisition Vintage 2D

VOG: Gas and condensate production commenced Dec 2011.

Douala 10km Seeps

Historical

NE SW

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Bomono Exploration

Well Operations Future

• Exploration well location selected (Zingana-1), planning for

immediate follow-up with second independent exploration well.

• Zingana-1 Prospect - site prepared; drill ready location.
• 2 wells planned prior to end 2014.
• Etinde hub facilities provide additional flexibility in event of

further discoveries.

Prospect Unrisked Mean HIIP Oil mmbbls Associated Gas bcf Gas bcf Condensate mmbbls Tertiary D & E Sands.

302 224

Tertiary B & C Sands.

196 7

Permit Status

• Government approval has been given to move into second

two year exploration phase (to December 2014).

• Farm-out completion delayed; discussions continuing. Also

considering alternative farm-out partners in parallel.

Zingana-1 (Proposed Well) B & C Sands D & E Sands

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Kenya

Upcoming Work Programme

• Block-wide high density airborne gravity gradient survey.
• Acquisition of 500km 2D seismic.
• Drilling anticipated 2014.

Geology

• Intersection of N-S trending Tertiary, and NE-SW trending

Cretaceous rift systems.

• 5 basins identified in or fringing the block.
• Existing data suggests basins similar form to Lockichar Basin

(Ngamia-1).

• Significant acreage ~14,000km2.
• Bowleven 50% equity interest.
• Initial 2 year exploration period work programme.
• Operated by Adamantine Energy, technical support provided

by Bowleven under a TSA. Block 11B

Block 11B

Ngamia-1 Ngamia-1 Twiga South-1 Twiga South-1 Paipai-1 Paipai-1

■Cretaceous ■Tertiary

Sabisa Sabisa

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Kenya Block 11B

• Existing vintage seismic and gravity data confirm presence of multiple basins

and structural features closely analogous to successful discoveries to the south.

• Preliminary scouting trip confirms ideal terrain across the Gatome basin for

Vibroseis seismic acquisition.

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Funding Overview

• Cash at end February 2013 approx. $65 million, no debt.
• Petrofac provides up to $500 million for Stage I development;

initial capital investment at FID.

• Potential for up to $60 million of Bowleven’s IM-5 costs at FID.
• High equity interests in Etinde, Bomono and Kenya provide
• pportunity to introduce additional farm-in partners if appropriate.
• Investigating new ventures financing for early entry exploration
• pportunities.
• Strategic alliance agreement with Petrofac allows further Etinde

farm-down (up to 1/3).

Significant financing flexibility.

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Outlook

• Ongoing evaluation of material Etinde prospectivity.
• Bomono drilling (2 wells planned prior to end of 2014).
• Exploration activities over Kenya acreage (FTG/2D seismic);

drilling anticipated 2014. Exploration

• Etinde development sanction – the path to FID includes:
• Approval of the EEAA; updated to integrate IM-5 results.
• Finalisation of a Gas Sales Agreement.
• Triggering access to Petrofac funding.
• Progressing phased development activities including pre-

FEED/FEED work. Resources to Reserves: The Path to Development

Resources to Reserves

Cameroon Exploration New Frontiers (Kenya)

• il & gas

Appendix

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Petrofac Commercial Structure

• 80% of Euroil’s entitlement to cost oil until 130% of amount

invested has been repaid.

• X% of Euroil’s entitlement to profit oil (set at FID) to provide a

money multiple of 2.125 of amount invested, subject to not less than 20% IRR.

• On Petrofac achieving money multiple of 2.125 and IRR 20%:

X% set at 10% ($500 million case) or 6% ($300 million case).

• On Petrofac achieving money multiple of 2.3 and IRR 20%:

X% set at 5% ($500 million case) or 3% ($300 million case).

• Petrofac’s remuneration ultimately capped at maximum of 50% of

Euroil’s project NPV.

Basis of Petrofac’s Remuneration Commercial Structure

• Structure provides potential for $300 million or $500 million of

capital.

• Petrofac to be remunerated from Euroil’s share of the Etinde

project cashflows.

Onshore Hub Offshore Infrastructure

$300 / $500 million Share of cost & profit oil

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Cond.

MLHP-7 MLHP-5

Further Disc.

Maximising Liquids Value

• All liquid offtake is marketable internationally i.e. free marketing rights for oil.
• Strong local and pan-African market for Propane & Butane (Cameroon

currently imports from Equatorial Guinea).

• Current concept is phased development.
• Flexibility in gas disposal options maintained.

IM IE IF

Omicron Deep & Lower

Epsilon

D-Discovery (D-1R) Other existing & Future Discoveries Oil, Condensate & up to 90mmscfd of wet gas Liquids Stripping (Primary Processing) NGL Plant Up to 80mmscfd Dry Gas Power (AES) Up to 10mmscfd Fertiliser (Ferrostaal) Up to 70mmscfd LNG Up to 80mmscfd Delivery Point Gas Options

C4’s

Butane

C3’s

Propane

Methanol c.60-70mmscfd Small Scale LNG c.60-70mmscfd Reinjection

Total Liquids Production 10-15% Shrinkage 3rd Party Led Alternative In-House Solutions

• il & gas

Principal Contact: Kerry Crawford Tel: +44 131 524 5678 Kevin Hart Tel: +44 131 524 5678 www.bowleven.com Bowleven Plc. The Cube 45 Leith Street Edinburgh EH1 3AT United Kingdom info@bowleven.com