Bank of America Merrill Lynch Oil & Gas Investor Forum 15 - 17 April 2013 1 APRIL 2013 BAML O&G Investor Forum
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 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. 2 APRIL 2013 BAML O&G Investor Forum
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 exploration led organic growth and niche acquisitions.” Strategy – Focus on Africa 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. • 3 APRIL 2013 BAML O&G Investor Forum
Company Overview Cameroon Nigeria 5 blocks in Cameroon covering 4,644km². • 3 offshore shallow water, 2 onshore; all operated. • Multiple hydrocarbon discoveries. • Bomono Permit Acreage: 2,328km 2 P50 contingent resource base 203 mmboe* (net). • Onshore Equity Interest: 100% Phased Hub & Spoke development planned. • Operator: Etinde Permit Bowleven Group Acreage: 2,316km 2 Continued exploration. • Shallow Offshore Equity Interest: Cameroon 75% (Vitol 25%) Operator: Kenya Bowleven Group Block 11B onshore Kenya covering ~14,000km². State back-in rights: Etinde 20%, Bomono 10% (at grant of exploitation licence). • Early stage exploration; Airborne geophysical survey and 2D • seismic acquisition. Ethiopia Operated by Adamantine Energy, technical support provided by South Sudan • Bowleven under a TSA. Corporate Cash end February 2013 ~ $65 million, no debt. • Kenya Block 11B Petrofac: up to $500 million for Stage I development with $60 Acreage: ~14,000km 2 • Onshore million IM-5 costs reimbursed at FID. Equity Interest: 50% (Adamantine 50%) Operator: High equity positions provide farm-out flexibility. • Adamantine * Source: Annual Report 2012. Operator’s volumetrics. Pending update from results and testing of IM-5 well. 4 APRIL 2013 BAML O&G Investor Forum
Group Objectives Excellent Progress Resources to Reserves: The Path to FID * IM-5: successful appraisal/development well - liquids rich and fertiliser gas requirements underpinned. EEAA 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. † † Fertiliser FID FID FID targeted for H2 2013 subject to: Gas (Ferrostaal, EEAA - approval anticipated imminently post IM-5 update. Sales SNH, • Gas Sales - moving to GSA. Proman, Helm) • Finance - enhanced project economics post IM-5. • Fertiliser FID - feasibility study completed moving to FEED. • Exploration Strategy Etinde: Ongoing evaluation of material prospectivity; IM-5 Intra Finance • Isongo discovery highlights extensive exploration/appraisal play. Bomono: 2 wells planned prior to end of 2014. • Kenya: Work programme commencing. • * FID: Final Investment Decision 5 APRIL 2013 BAML O&G Investor Forum
IM-5 Well Update Rio del Rey Basin Douala Basin • MLHP-7. • MLHP-5 & 6, OLHP 1 & 2. • Shallow offshore area. • Onshore and shallow offshore areas. • Highly prospective acreage within a proven • Highly prospective active hydrocarbon acreage. system. • Number of onshore oil • Tertiary oil and gas- seeps. condensate discoveries. • Tertiary and Cretaceous • Established portfolio of leads. additional Tertiary • Onshore early exploration prospects. phase on 2D dataset. • Intra Isongo discovery at • Offshore mature IM-5; Material prospects portfolio on 3D exploration/appraisal dataset. upside. Cretaceous Turonian plays accessible in onshore area and shallow waters. 6 APRIL 2013 BAML O&G Investor Forum
IM-5 Well - Pre-drill targets and results to date Etinde Appraisal/Development Drilling Objectives IM-5 IM-3 • Primary: determine reservoir, fluid properties and gas composition of Results to date Middle Isongo. • Secondary: explore potential of Intra Isongo. Upper Isongo (Sands below GWC). • Upper Isongo expected to be 32m (net) encountered and Upper Isongo water bearing. found wet as prognosed. • Designed to be suspended as a development well. Intra Isongo Log evaluated net pay of approximately 70m. Samples obtained during logging confirm presence of Intra Isongo liquids-rich hydrocarbons. DST result pending. Middle Isongo Log evaluated net pay of approximately 25m. Samples obtained during Middle Isongo logging confirm presence of Middle Isongo DST IM-3 (Gas liquids-rich hydrocarbons. Condensate Discovery) Forward Plan Middle Isongo Middle Isongo DST Net Pay 37m Tested >7,000 boepd • Testing programme underway (23mmscfd & 3,155 bcpd); on Intra Isongo interval. CGR inferred 136bbls/mmscf 7 APRIL 2013 BAML O&G Investor Forum
Seismic Correlation Panel Tying IM Wells IM-2 IM-3 IM-5 IM-4 Upper Isongo Upper Isongo Intra Isongo Intra Isongo Log evaluated 3m net net pay approx. 70m. pay. Below seismic Areally extensive Intra resolution Isongo amplitude response = no Middle Isongo implies gross reservoir Middle Isongo amplitude thickness greater than 35m. response Log evaluated net pay approx. 25m. 1 Km 8 APRIL 2013 BAML O&G Investor Forum
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