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 " 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, 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 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 Interim Results Analyst Presentation – March 2009
Agenda • Introduction Kevin Hart CEO Kevin Hart • Exploration Ed Willett & Development & Development Exploration Director Exploration Director • Financials Peter Wilson Ed Willett Commercial Director • Outlook and Q&A Kevin Hart Peter Wilson 4 Interim Results Analyst Presentation – March 2009
Highlights Group highlights are as follows: • Receipt from third party of possible cash offer for Company of 150p per ordinary share • Farm-out discussions ongoing • PSC for Etinde Permit signed on 22 December 2008 • Acquisition of 2D seismic data over Epaemeno P Permit completed it l t d • Appraisal drilling locations identified on IE, IF and IM fields in Block MLHP-7 • Etinde block-wide technical evaluation demonstrates substantial low risk exploration portfolio in addition to discovered resource • Significant progress towards monetisation of Cameroon gas reserves, including appointment of Gaz de France Suez to undertake feasibility study 5 Interim Results Analyst Presentation – March 2009
Exploration Update Ed Willett, Exploration Director 6 6 6 Interim Results Analyst Presentation – March 2009
Cameroon Update Bomono Permit 100% • OLHP 1 & 2 • 2,328 km² • PSC signed 12 Dec 2007 • First term ends 11 Dec 2012 • 500km seismic & one well commitment commitment Etinde Permit 100% • MLHP 5,6 & 7 • 2,314 km² • Etinde PSC signed on 22 Dec 2008 • Exploration period extended by three years from date of signing • 200km² 3D seismic and one well commitment 7 Interim Results Analyst Presentation – March 2009
MLHP-5 & 6 Prospect and Lead Inventory • Prospect inventory significantly enhanced with detailed • 18 Prospects & Leads identified across the two blocks subsurface review of Block 5 & 6 • Miocene predominately gas-condensate play (D1-r) • Exploration focus on Miocene channelised turbidites and • Cretaceous oil play Cretaceous lower slope turbidite deposits 8 Interim Results Analyst Presentation – March 2009
MLHP-5 & 6 Prospect and Lead Inventory (Unrisked Mean In Place volumes) CIIP (mmbbl) † STOIIP (mmbbl) Wet GIIP (bcf)* Delta ‡ 175 10 Kappa 75 Lambda 12 1 Qof 595 33 Phi-chi 451 25 Psi 158 9 Pi 44 2 B t Beta W W 88 Beta E 117 Beta S 417 e-Epsilon 17 1 e-Alpha 30 sub-Epsilon 1793 99 Noble Energy O5 supra Zeta 350 19 ‘Carmen’ Oil Discovery Zayin 113 6 Zeta 295 16 Well location Source: IHS Energy 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. 9 Interim Results Analyst Presentation – March 2009
MLHP-7 Isongo and Biafra Inventory Isongo Isongo Prospects - Multiple undrilled Gas Condensate structural Fields - Isongo Marine, IC, culminations ID and IE. associated with existing discoveries. IE successfully Low risk and high appraised by potential. Bowleven in 2007. Characterised by Characterised by rich condensate Isongo Leads - yield – CGR of 70 to Significant ~140. additional emergent prospectivity. Isongo Oil Discovery - Biafra - IF – Bowleven 2008. Shallow dry gas Tertiary sourced accumulations at 35°API oil Manyikebi and IE transforms plus additional prospectivity and prospectivity. value of acreage. Oil shows in IM-1. 10 Interim Results Analyst Presentation – March 2009
MLHP-7 IF Discovery & Appraisal IF Field IE Field A IF-Appraisal IE-2z IF-1 IF-1R A A’ (proposed) IF-1R Discovery Mean 0 137mmbbl STOIIP Hydrocarbons encountered over a large part of the well – 800 feet from top Volcanics to OWC at IF-1r Discovery UpsideVolume 6548 feet MD. ~200 feet oil column confirmed by pressure data Proposed location allows multiple target selection depending on vertical well results. Approx. 1km IF South Prospect 142mmbbl STOIIP Cartoon section for illustration – scale approximate A’ • IF structure is a SE continuation of the IE structural trend • IF-1r DST 3371bopd 35°API oil, 1.6mmscf assoc. gas • IF-1 discovered gas with oil shows in Aug 2007 • IF discovered Mean STOIIP 137mmbbl • IF-1r cored and tested the Isongo Formation in May 2008 • IF South Exploration upside STOIIP 142mmbbl 11 Interim Results Analyst Presentation – March 2009
MLHP-7 IE Field IF Field IE Field IE-2z IF-1 IF-1R A A’ 0 IE-2z MDT confirms A column height of 113m. Pressure data defines two 2m sand bodies ~30m above the main Isongo Sand 1 are Sa d a e condensate bearing and in pressure communication with the main reservoir. IE-2z core across GWC. IE Field Approx. 1km Cartoon section for illustration – scale approximate A’ • Gas-Condensate contact 2289m TVDSS • IE-1 drilled in 1981 encountered dry gas in the Biafra and Gas- • Test 31mmscfd gas, 3730bbld condensate (CGR 140bbl/mmscf) Condensate in the Isongo section • Discovered Mean WGIIP* 463bcf, 105mmbbl NGL † • IE-2z appraisal drilled in Feb 2007 encountered 41m net pay *includes NGLs †Natural Gas Liquids (NGL) include condensate & LPGs 12 Interim Results Analyst Presentation – March 2009
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