Preliminary Results 2009 Presentation 2 November 2009 1 - - PowerPoint PPT Presentation

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Preliminary Results 2009 Presentation 2 November 2009 1 - - PowerPoint PPT Presentation

Preliminary Results 2009 Presentation 2 November 2009 1 Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the " Presentation ") constitutes, nor is it intended


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SLIDE 1

1

Preliminary Results 2009 Presentation

2 November 2009

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SLIDE 2

Disclaimer

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,

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 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

  • therwise. 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.

Preliminary Results 2009 Presentation

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SLIDE 3

Presentation Agenda

  • Opening Remarks
  • Asset Overview
  • Financial Overview
  • Outlook and Closing Remarks
  • Open Questions

Preliminary Results 2009 Presentation 3

Kevin Hart, CEO Ed Willett, Exploration Director John Brown, Finance Director

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SLIDE 4

4

Opening Remarks

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SLIDE 5

Company Overview

  • Strategy focused on creating and realising value through material

exploration success.

  • Seek value adding partnerships as appropriate.
  • Fostering strong external partnerships and in-country relationships.
  • Strong technical and management teams with successful track

record.

5

Financial Strength

  • Current cash position of circa $120 million, no debt.
  • First phase of Vitol farm-out transaction provides additional

$100 million gross expenditure carry.

  • 7 Blocks (5 in Cameroon and 2 in Gabon).
  • 4 offshore shallow water, 3 onshore.
  • 6 operated, 1 non operated.
  • Overall P50 contingent resource base 217 mmboe
  • Extensive 3D & 2D seismic database.
  • Substantial prospect inventory developed across portfolio.
  • Extensive 2010 drilling & seismic work programmes planned.

Company Assets Strategy - Regional Focus on West Africa

Preliminary Results 2009 Presentation

(2008: 203 mmboe).

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SLIDE 6

Company Overview

  • Strategy focused on creating and realising value through material

exploration success.

  • Seek value adding partnerships as appropriate.
  • Fostering strong external partnerships and in-country relationships.
  • Strong technical and management teams with successful track

record.

5

Financial Strength

  • Current cash position of circa $120 million, no debt.
  • First phase of Vitol farm-out transaction provides additional

$100 million gross expenditure carry.

  • 7 Blocks (5 in Cameroon and 2 in Gabon).
  • 4 offshore shallow water, 3 onshore.
  • 6 operated, 1 non operated.
  • Overall P50 contingent resource base 217 mmboe
  • Extensive 3D & 2D seismic database.
  • Substantial prospect inventory developed across portfolio.
  • Extensive 2010 drilling & seismic work programmes planned.

Company Assets Strategy - Regional Focus on West Africa

Preliminary Results 2009 Presentation

(2008: 203 mmboe).

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SLIDE 7

Exploration: Resources to Reserves

  • OLHP 1 & 2 (Bomono) Cameroon; seismic planned 2010.
  • MLHP 6 (Etinde) Cameroon; seismic planned 2010.
  • Epaemeno, Gabon; exploration drilling planned 2010.
  • MLHP 5 (Etinde); additional seismic and exploration well

planned 2010.

  • EOV (NW Kowe), Gabon; mature prospect.

6

Appraisal/Development

  • MLHP 7 (Etinde) Cameroon; multiple existing discoveries

including IM & IE/ID gas/condensate and IF oil.

  • Initial focus on appraising/developing IE and IF fields,

appraisal well programme planned for 2010.

  • EOV field – advanced discussions ongoing on EOV.

Development/Production Exploration Phase

Preliminary Results 2009 Presentation

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SLIDE 8

2009 Highlights

Preliminary Results 2009 Presentation 7

Above: Etinde PSC signing.

  • Etinde PSC signed December 2008, setting economic basis for future

developments.

  • Equity fundraising in June 2009 raised approximately $113 million.
  • Etinde farm-out transaction entered into with Vitol E&P Limited (Vitol)

in August 2009; assignment approval anticipated by end 2009.

  • Current group cash balance approximately $120 million.
  • Vitol initial carry ($100 million gross) provides additional flexibility.
  • Funding in place for planned 2010 work programme.
  • Advanced discussions ongoing in relation to EOV.
  • P50 contingent resources for the Group increased to 217 mmboe

(2008: 203 mmboe).

  • Completed GdF/SNH feasibility study adds momentum to the

development of Cameroon gas resources. Corporate Operational

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SLIDE 9

8

Cameroon

Asset Overview

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SLIDE 10

Cameroon Overview

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.

  • Maturing exploration with

transition into an appraisal/development phase.

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.

9 Preliminary Results 2009 Presentation

Douala

Cretaceous Turonian plays accessible in onshore area and shallow waters.

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SLIDE 11

Etinde PSC Overview

Preliminary Results 2009 Presentation 10

Commitments Asset Strategy Etinde (MLHP 5, 6, & 7)

  • 100%* Bowleven
  • Etinde Permit covers an area 2,316km².
  • 3 year exploration period, expiring December 2011.
  • 200km² 3D seismic data and 1 well.
  • Commitments will be covered in 2010 programme.
  • Existing IM & IE/ID gas/condensate and IF oil discoveries.
  • IE and IF appraisal drilling planned.

Discovered Resources (MLHP 7)

  • Further seismic coverage planned to identify additional

prospectivity.

  • High impact exploration drilling planned.
  • Significant and established prospect inventory.

Exploration Resources

  • To move resources to reserves.
  • Secure appraisal area over MLHP 7 existing discoveries
  • Aggressive exploration plan over MLHP 5 & 6.

* pending assignment approval for Vitol transaction.

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SLIDE 12

11

Cameroon Appraisal / Development

Asset Overview

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SLIDE 13

Isongo Oil Discovery - IF – Bowleven 2008. Tertiary sourced 35°API

  • il transforms

prospectivity and value

  • f acreage.

Isongo Prospects - Multiple undrilled structural culminations associated with existing

  • discoveries. Low risk

and high potential. Biafra Prospects - Shallow dry gas accumulations at Manyikebi and IE plus additional prospectivity. Oil shows in IM-1.

MLHP 7 Discoveries & Prospects Inventory Overview

Preliminary Results 2009 Presentation 12

Isongo Gas Condensate Fields - Isongo Marine, IC, ID and IE. IE successfully appraised by Bowleven in 2007. Characterised by rich condensate yield – CGR of 70-140 bbl/mmscf.

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SLIDE 14
  • IF oil discovered August 2008.
  • Bowleven assessment of hydrocarbons in place

225mmbbls STOIIP.

  • Independent certification by TRACS supports Bowleven’s

assessment.

  • A prominent gas chimney effect obscures much of the

seismic reflectivity of the oil charged reservoir interval.

  • Sea bed survey undertaken highlights presence of gas

chimney.

  • 4 component OBC 2D seismic data acquired.
  • High resolution 3D seismic to be acquired over IF field

ahead of appraisal drilling 2010.

MLHP 7 IF Field Update

1000m Seabed expression of IF Gas Chimney Poor data zone IF-1 IF-1R

13 Preliminary Results 2009 Presentation

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SLIDE 15

3D Compressional Wave Data

WSW ENE

TWT

  • IF oil discovered August 2008.
  • Bowleven assessment of hydrocarbons in place

225mmbbls STOIIP.

  • Independent certification by TRACS supports Bowleven’s

assessment.

  • A prominent gas chimney effect obscures much of the

seismic reflectivity of the oil charged reservoir interval.

  • Sea bed survey undertaken highlights presence of gas

chimney.

  • 4 component OBC 2D seismic data acquired.
  • High resolution 3D seismic to be acquired over IF field

ahead of appraisal drilling 2010.

MLHP 7 IF Field Update

1000m Seabed expression of IF Gas Chimney Poor data zone IF-1 IF-1R

13 Preliminary Results 2009 Presentation

IF-1 IF-1R

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SLIDE 16

3D Compressional Wave Data

WSW ENE

TWT

  • IF oil discovered August 2008.
  • Bowleven assessment of hydrocarbons in place

225mmbbls STOIIP.

  • Independent certification by TRACS supports Bowleven’s

assessment.

  • A prominent gas chimney effect obscures much of the

seismic reflectivity of the oil charged reservoir interval.

  • Sea bed survey undertaken highlights presence of gas

chimney.

  • 4 component OBC 2D seismic data acquired.
  • High resolution 3D seismic to be acquired over IF field

ahead of appraisal drilling 2010.

MLHP 7 IF Field Update

1000m Seabed expression of IF Gas Chimney Poor data zone IF-1 IF-1R

13 Preliminary Results 2009 Presentation

IF-1 IF-1R

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SLIDE 17

2D Shear Wave Data

WSW ENE

TWT

  • IF oil discovered August 2008.
  • Bowleven assessment of hydrocarbons in place

225mmbbls STOIIP.

  • Independent certification by TRACS supports Bowleven’s

assessment.

  • A prominent gas chimney effect obscures much of the

seismic reflectivity of the oil charged reservoir interval.

  • Sea bed survey undertaken highlights presence of gas

chimney.

  • 4 component OBC 2D seismic data acquired.
  • High resolution 3D seismic to be acquired over IF field

ahead of appraisal drilling 2010.

MLHP 7 IF Field Update

1000m Seabed expression of IF Gas Chimney Poor data zone IF-1 IF-1R

13 Preliminary Results 2009 Presentation

IF-1 IF-1R

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SLIDE 18

MLHP 7 IE Field Update

  • IE-1 drilled 1981; encountered dry gas in Biafra (mean 80bcf

GIIP) and gas/condensate in Isongo (mean 463bcf WGIIP).

  • IE-2Z appraisal drilled February 2007 (Bowleven) established

high flowrates and significant condensate potential.

  • IE-3 appraisal well location identified; ready to drill.
  • IE-3 well stacked objectives:

– To appraise Isongo Sand 1 updip of IE-1 and IE-2z wells – To prove additional volumes in Isongo Sand 2 & 3. – To penetrate the Biafra shallow gas accumulation.

  • First well in 2010 drilling campaign.

14 Preliminary Results 2009 Presentation

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SLIDE 19

ETM-1 IE-1 IE-2z ID-1 2.5km IE-3 (Proposed)

Proposed well location

MLHP 7 IE Field Update

  • IE-1 drilled 1981; encountered dry gas in Biafra (mean 80bcf

GIIP) and gas/condensate in Isongo (mean 463bcf WGIIP).

  • IE-2Z appraisal drilled February 2007 (Bowleven) established

high flowrates and significant condensate potential.

  • IE-3 appraisal well location identified; ready to drill.
  • IE-3 well stacked objectives:

– To appraise Isongo Sand 1 updip of IE-1 and IE-2z wells – To prove additional volumes in Isongo Sand 2 & 3. – To penetrate the Biafra shallow gas accumulation.

  • First well in 2010 drilling campaign.

14 Preliminary Results 2009 Presentation

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SLIDE 20

MLHP 7 Resource (Mean Unrisked Volumes In Place)

Preliminary Results 2009 Presentation 15

*includes NGLs, which comprise condensate and LPGs. †NGLs include LPGs for ID & IE only.

Dry GIIP (bcf) Wet GIIP* (bcf) NGL† (mmbbl) STOIIP (mmbbl) Isongo Marine Field* 466 18 Isongo E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C Discovery* 77 5 Isongo F Discovery 225 Manyikebi 56 Total Discovered Resource† 136 1014 129 225 Isongo Marine Exploration 1291 42 Isongo D Exploration 158 35 Isongo C Exploration 288 6 Isongo E Exploration 16 64 5 Isongo G Cluster 349 8 Total Exploration Resource† 16 2150 96

Total MLHP 7 Resource† 152 3164 225 225

†Volumes presented as gross figures.

IF-1r DST Flare

  • Remapping of MLHP 7 in 2009 has resulted in the following

key updates since the last presentation of volumetrics:

  • Middle Isongo IM discovered gas-condensate up from

348 to 466bcf WGIIP and exploration resource up from 823 to 1291bcf WGIIP.

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SLIDE 21

MLHP 7 Forward Plan 2010 - Drilling

  • Priority commercialisation of existing resource base.
  • Up to 4 wells planned in 2010 to include appraisal of IF Oil, IE

condensate and high-impact exploration well on MLHP 5.

  • 4th well in programme to be confirmed following initial drilling

and seismic results.

  • IE-3 location selected; ready to drill.
  • IF-2 initial location selected; 3D seismic to confirm.
  • Jack-up rigs available in region for 2010 drilling.
  • Tender process planned for Q4 2009.
  • Rig rates significantly lower than 2008 peak.

16 Preliminary Results 2009 Presentation

2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Etinde Drilling

Preparation IE-3 MLHP 5 IF-2 Etinde Well

  • Appr. Expl.
  • Appr. TBC
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SLIDE 22

MLHP 7 Forward Plan 2010 - Seismic

  • Etinde commitment of 200km² 3D seismic data; covered by

2010 campaign.

  • Current plan to acquire additional c.500km² 3D data on MLHP 6

& 7.

  • MLHP 6 & 7 programme to image updip additional prospectivity

from IE and IF.

  • High resolution 3D planned over IF pre-appraisal drilling.
  • Tendering for seismic crews in preparation phase.
  • Reprocessing existing 3D seismic to improve subsurface

imaging pre appraisal/development activities; contract awarded.

MLHP 7 current 3D 575km² MLHP 5 & 6 current 3D 812km² MLHP 6 & 7 Proposed 3D 500km² 17 Preliminary Results 2009 Presentation

2009 2010 Q4 Q1 Q2 Q3

Etinde Seismic

Reprocessing MLHP 7 3D MLHP 6 & 7 3D Acquisition, Processing & interpretation

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SLIDE 23

MLHP 7 Conceptual Development

18

IE

Gas Reinjection Pipeline

IF WHP Platform 6-Slot Wellhead and subsea wells Multiphase pipelines from fields to FPSO for fluid separation, gas compression, living quarters and storage.

Limbé

Existing Limbé Refinery and Power station

Potential Gas Export Pipeline

Field Oil/NGLs Mbbl/d Gas Fuel/ Export MMscf/d Gas Recycling / Production MMscf/d Development Wells

  • Prod. Inj.

IF 30 (oil) 36

  • 4

3 ID-IE 15-25 (NGL)

  • 130-150

3-5 2-3 TOTAL 45-55 (liquids) 36 130-150 7-9 5-6 IF

IE WHP Platform 9-Slot Wellhead

Preliminary Results 2009 Presentation

  • Integrated development
  • ption for discoveries via

FPSO with associated gas piped to shore.

  • Phase 1: IF oil development

via FPSO.

  • Phase 2: IE/ID gas-

condensate recycling.

  • Gas reinjection to maintain

reservoir pressure.

  • Condensate production to

FPSO.

  • Phase 3: Potential tie-in of IM

if opportunity for gas off-take arises.

Manyikebi Discovery IC Discovery ID Discovery

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SLIDE 24

GdF SUEZ – SNH Cameroon LNG Study

19 Preliminary Results 2009 Presentation

  • Strategic partnership between GdF SUEZ and SNH formed

November 2008.

  • Objective to develop an LNG export plant in Cameroon.
  • GdF/SNH Phase 1 feasibility study concluded.
  • Sufficient in-country gas resources for LNG facility.
  • Onshore plant at Kribi preferred option.
  • Potentially provides a market and monetises Etinde gas fields

including IM.

Bowleven / SNH

Gas Collection Liquefaction facility

Domestic Market LNG Purchaser

Gas, LPGs LNG Other Gas Suppliers

Upstream commitment to develop proven reserves & continue exploration for additions. Gas gathering, processing connecting all required suppliers Construction &

  • peration with

committed long term gas supply and LNG

  • fftake.

Buyer commitment to long term LNG purchase

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SLIDE 25

20

Cameroon – Exploration

Asset Overview

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SLIDE 26

Douala Basin Discoveries

Preliminary Results 2009 Presentation 21

Logbaba (1950’s) Gas- condensate in Upp. Cret. deep-water sands. (VOG currently drilling well 105). Souellaba (1950’s) Oil-gas in Miocene- Eocene deep-water sands SANAGA-1x (1970) 1885ft shows (C7+) in Eocene, Paleocene & Cretaceous sands

  • N. Matanda (1980/81)

Gas-condensate in Upp.

  • Cret. Deep-water sands

D-1r (2007), 25mmscfd, 1400bcpd from 75ft gross Miocene deep-water sands

Coco Marine (2002/5) 3000bopd 34° API oil, & 1.8mmscfd from Paleogene deep-water sands Noble (Belinda, 2005/7) O-1 24mmscfd, 1225bcpd O-3 30mmscfd, 1540bcpd I-4 29mmscfd, 1634bcpd Miocene deepwater sands Noble (Yolande + YoYo, 2007) YoYo-1 31mmscfd, 330bcpd I-3 36mmscfd, 371bcpd Noble (Carmen, 2008/9) O-5 26 feet of net oil pay, 13 feet of net gas pay TD at 11,150ft Lower Miocence Noble (Diega, 2008) I-6 37ft net oil pay, 2700bopd (separate from gas-condensate zone) Noble (Benita, 2007/8) I-1 34mmscfd, 1038bcpd I-2 115ft net oil pay 32°API I-5 42ft net oil pay, 6250bopd

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SLIDE 27

Douala Basin Discoveries

Preliminary Results 2009 Presentation 22

  • Active drilling &

discoveries on neighbouring acreage.

  • Oil shows in Sanaga-1X

and the Souellaba oil field on the block boundary.

  • Unique opportunity to

access the prolific West African Tertiary and Cretaceous fairways from shallow water &

  • nshore locations.

Mean unrisked in- place volumes ** >4.5 WGIIP* (tcf) >250 mmbbls CIIP >700 mmbbls STOIIP

  • Portfolio of prospects in

across the Tertiary and Cretaceous fairways.

  • MLHP 5 allows ready

access to both Tertiary and Cretaceous fairways from a shallow water location.

  • Potential exploration

prospectivity on MLHP 6; previously discounted, no existing seismic coverage.

  • Further seismic acquisition

planned over MLHP 5 & 6.

  • Exploration well planned

2010.

** As per 2009 interim presentation

D-1r mean discovered resource 72bcf WGIIP* 4mmbbls NGL

*includes NGLs, which comprise condensate and LPGs.

A well in MLHP 5 could materially transform the acreage.

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SLIDE 28

MLHP 5 & 6 Forward Plan 2010

  • Prospect and lead inventory matured on existing 3D coverage.
  • High impact exploration well(s) planned for 2010.
  • Acquire additional c.450km² 3D seismic data on MLHP 5 in

2010 to infill gaps within the existing data.

  • MLHP 6 & 7 c.500km² 3D seismic planned for 2010 to enable

full assessment of Etinde prospectivity.

  • Tendering process for seismic crews underway.

MLHP 7 current 3D 575km² MLHP 5 & 6 current 3D 812km² MLHP 5 Proposed 3D 150km² 23 Preliminary Results 2009 Presentation

2009 2010 Q4 Q1 Q2 Q3

Etinde Seismic

Reprocessing MLHP 7 3D

MLHP 6 & 7 3D MLHP 5 3D program

MLHP 5 Proposed 3D OBC 300km²

2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Etinde Drilling

Preparation IE-3 MLHP 5 IF-2 Etinde Well

  • Appr. Expl.
  • Appr. TBC
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SLIDE 29

24

Cameroon

Bomono Overview

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SLIDE 30

Bomono Overview

Preliminary Results 2009 Presentation 30

Commitments Asset Overview Bomono

  • 100% Bowleven.
  • Composed of two blocks covering an area of 2328km².
  • 5 year first term, expiring December 2012.
  • 500km 2D seismic data (320Km 2D planned for Q1 2010).
  • 1 well (to be drilled 2011/2012).
  • Highly prospective acreage within a proven active hydrocarbon

system.

  • Readily accessible local gas market (Douala City in OLHP 2).
  • Unique situation to access the prolific West African Turonian play
  • nshore in a combination of structural and stratigraphic traps.
  • Initial technical evaluation highlights multiple prospects with

individual sizes ranging from 10 to 250mmbbls Mean STOIIP.

  • Q1 2010 acquisition 320km 2D seismic.
  • Tender process completed; contract awarded.

2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Bomono Seismic Preparation 2D Seismic Acquisition, Processing & Interpretation (Additional 2D or Drilling) Planned 2D acquisition Existing 2D

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SLIDE 31

26

Gabon

Epaemeno Overview

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SLIDE 32

Basement Basement

Epaemeno Overview

Commitments Asset Overview Epaemeno

  • 50% Bowleven, 50% farm-out completed April 2007.
  • Second exploration term expires August 2010 with third term

expiry August 2013.

  • Commitment 2D seismic data acquired in Q1/Q2 2009.
  • 1 well with 50% relinquishment at the end of the second term.

27 Preliminary Results 2009 Presentation

2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Epaemeno Drilling Technical preparation ahead of 2010 dry season. Site Preparation EPA Well 50% Block Relinquishment End August 2010

Dentale Prospects

Tsiengui (145MMbbl) Koula (75MMbbl) Avocette (265MMbbl) Obangue (55MMbbl) Onal (180MMbbl) Omko-1 (20MMbbl)

2P STOIIP source: IHS Energy

Rembo Kotto (60MMbbl) Assewe (18MMbbl)

Dentale Basin Topo Graben

  • Bowleven has been acting as technical operator under a TSA.
  • Sub-salt fields and discoveries to the east and south of the block.
  • 2010 to focus drilling on significant prospect inventory

established following interpretation of 2D seismic.

  • Prospect volumetric range 10 to 350mmbbls Mean STOIIP

consistent with field sizes in the region.

  • Technical evaluation and prospect inventory complete and

highlights a number of significant prospects on the margins of the Dentale Sub-basin.

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SLIDE 33

28

Gabon

East Orovinyare Overview

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SLIDE 34

East Orovinyare

Commitments Asset Overview East Orovinyare

  • 100% Bowleven.
  • PSC signed in February 2004.
  • Shallow water.
  • Block contains the EOV oil field.
  • No further commitments.
  • Exploitation licence containing an oil field (EOV).
  • Production facilities principally complete in Louisiana; awaiting

relocation to platform site.

  • EOV development project sanction deferred pending further

drilling to enhance resource base on block.

  • Additional exploration upside remains untested within the block

including the North West Kowe prospect.

  • Advanced discussions ongoing on EOV.

29 Preliminary Results 2009 Presentation

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SLIDE 35

30

Financial Overview

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SLIDE 36

2009 Year End Results Summary

  • Loss of $10.2 million in year (2008: loss of $10.9 million).
  • Loss reported after EOV impairment of $50 million, and

unrealised finance income of $50 million.

  • Net assets of $426 million at year end.
  • $70 million invested in fixed assets.
  • Net cash resources of $130 million at 30 June 2009.
  • Access to substantial additional finance post year end with Vitol

farm-out.

Preliminary Results 2009 Presentation 31

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SLIDE 37

2009 Year End – Funds Summary Cash increase $27m

  • Net cash at 30 June 2009 - $130 million

Foreign exchange movement

  • n cash

balances $8m

32 Preliminary Results 2009 Presentation

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SLIDE 38

Current Estimated Expenditure $30 - $35m¹ $95 - $110m¹² $14 - $16m $6 - $9m*

Principal 2010 Work Programme Expenditure

Preliminary Results 2009 Presentation 33

*Net to Bowleven. ¹Includes work programme for Etinde proposed by Bowleven and Vitol after government approval for transaction is received. ²Budget for 3 well programme including testing, 4th Etinde well budget not included as location and target tbc. ³Vitol will fund an initial $100 million gross exploration/appraisal work programme on Etinde in return for a 25% stake in the permit.

Total $145 - $170m .

2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Epaemeno Drilling

Preparation Site Preparation EPA Well

50% Block Relinquishment End August 2010 Bomono Seismic

Preparation 2D Seismic Acquisition Additional 2D or Drilling

Etinde Drilling

Preparation 3 Well Programme 4th Etinde well (tbc)

Etinde Seismic

Repro. MLHP 7 3D MLHP 5, 6 & 7 3D Surveys

Bowleven Net (After Carry)³ ~$40 - $60m .

  • Initial estimates, to be updated post-

tender process.

  • Excludes internal corporate costs etc.

Etinde $125-$145m Other $20-$25m

Included in estimate. Excluded from estimate

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SLIDE 39

Funding Overview

  • Net cash at 30th June 2009 $130 million
  • Current cash circa $120 million.
  • Etinde farm-out to Vitol provides $100 million funding of

gross work programme for 25% interest.

  • Vitol have an option to acquire further 25% for further

$100m work programme and $25m cash to be invested in Etinde.

  • EOV field – advanced discussions ongoing on EOV.
  • Moving from resources to reserves.
  • Significant financing flexibility.

Preliminary Results 2009 Presentation 34

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SLIDE 40

35

Outlook & Closing Remarks

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SLIDE 41

2010 Overview and Objectives

Preliminary Results 2009 Presentation 36

  • Continuous exploration/appraisal programme with up to four wells
  • n Etinde to commence H1 2010, including:
  • IE and IF appraisal wells to confirm commercial viability.
  • High impact MLHP 5 exploration well to pursue Cretaceous
  • il play.
  • Fourth well, target to be confirmed during 2010 work

programme.

  • Extensive 3D seismic acquisition and reprocessing on Etinde.
  • Progress IE and IF development projects to sanction; aim to

upgrade resources to reserves.

  • Drilling on Epaemeno planned with operator, Addax, in H2 2010.
  • Commence Bomono 2D seismic in Q4 2009.
  • Continue to review farm-out opportunities to optimise exploitation of

acreage.

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SLIDE 42

2010 Work Programme

  • MLHP 7 appraisal well on the IF oil field.
  • MLHP 7 appraisal well on the IE gas-condensate field.
  • MLHP 5 high impact exploration well.
  • Epaemeno onshore exploration well.

Preliminary Results 2009 Presentation 37

2010 Seismic Programme 2010 Drilling Programme

  • MLHP 7 3D seismic re-processing.
  • 3D streamer survey over MLHP 6 and MLHP 7 (including IF).
  • MLHP 5 3D shallow water seismic survey.
  • 2D survey over Bomono.

2010 Other Events

  • 50% relinquishment of Epaemeno.
  • Vitol option exercise date (25% Etinde) 30th Sept 2010.

2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Epaemeno Drilling

Preparation Site Preparation EPA Well

50% Block Relinquishment End August 2010 Bomono Seismic

Preparation 2D Seismic Acquisition (Additional 2D or Drilling)

Etinde Drilling

Preparation IE-3 MLHP 5 IF-2 Etinde Well

Etinde Seismic

Repro. MLHP 7 3D MLHP 5, 6 & 7 3D Surveys

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Analyst Contacts Principal Contact: Kerry Crawford Tel: 0131 524 5678 kerry.crawford@bowleven.com Kevin Hart – Tel: 0131 524 5678 John Brown – Tel: 0131 524 5678

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