Bank of America Merrill Lynch 10 th Annual Oil & Gas Investor Forum 4-6 April 2011 p
Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the " Presentation ") constitutes, nor is it intended to constit te (i) an in itation or ind cement to engage in an in estment acti it constitute: (i) an invitation or inducement to engage in any investment activity, whether in the United Kingdom or in any other jurisdiction; (ii) any hether in the United Kingdom or in an other j risdiction (ii) an 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 y g gy, g , , p , p j , p , , y , , "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 involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking 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. 4-6 April 2011 BOA MERRILL LYNCH O&G INVESTOR FORUM 2
oil & gas Opening Remarks
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 y y material shareholder value through exploration led organic growth and niche acquisitions.” Strategy – Regional Focus on West Africa 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. 4-6 April 2011 BOA MERRILL LYNCH O&G INVESTOR FORUM 4
Company Overview Two operating areas: Cameroon and Gabon Company Assets 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 213 mmboe* (net). g ( ) • Extensive 3D & 2D seismic database; expanded significantly • during 2010 (Bomono & Etinde). Substantial prospect inventory being developed across • portfolio portfolio. Extensive multi-well drilling campaign ongoing on Etinde. • Corporate • Group cash balance $189m at 31 December 2010; additional $35m pending on EOV disposal. † (25% Vitol*). • Bowleven (operator) 75% Etinde Permit • W ll Well placed to fund 2011 work programme; significant financing l d t f d 2011 k i ifi t fi i flexibility. * Source: Interim Report – Six months to 31 December 2010. † Etinde Permit comprises MLHP 5,6 & 7. *Vitol option (10% of MLHP-7 only) 4-6 April 2011 BOA MERRILL LYNCH O&G INVESTOR FORUM 5
Company Overview Extensive multi-well drilling programme underway in Cameroon Asset Strategy Asset Strategy • Exploring the Douala Basin in Cameroon. Including Tertiary and Cretaceous-Turonian plays, • offshore shallow water. offshore shallo ater • To move resources to reserves on Etinde Permit. Appraisal activity on IE and IF; targeting transfer of • >100mmboe (gross). (g ) Forward Plan Exploration/Appraisal drilling of Tertiary fairways on MLHP-5*. p pp g y y • High impact exploration drilling targeting the Douala Basin • Cretaceous prospectivity. Exploration drilling on Bomono and MLHP-6*. • Appraisal activity, including drilling, on MLHP-7*. • *Etinde Permit comprises MLHP-5, MLHP-6 and MLHP-7. 4-6 April 2011 BOA MERRILL LYNCH O&G INVESTOR FORUM 6
2011 Etinde Forward Plan Sapele Forward Plan • Appraisal of Sapele-1 discoveries. • • Sapele 1ST and Sapele 2 currently drilling (appraisal of Omicron Sapele-1ST and Sapele-2 currently drilling (appraisal of Omicron fairways). • Preparing for testing at Sapele-1ST. Etinde Indicative 2011 Work Programme • Extensive drilling programme planned on Etinde; additional rig contracted*. 2011 2011 Q1 Q2 Q3 Q4 Sapele-1 well , Sapele-1ST Drilling / Testing Drilling / Testing (Noble Tommy Craighead rig) MLHP-5 Tertiary wells (2) Sapele-2 MLHP-5 Cretaceous well Drilling g (Sapphire Driller rig) MLHP-7 Appraisal well *Sapphire Driller contracted on a 2+1+1 basis. Noble Tommy Craighead rig contract has 2 slots available post recertification (completion expected Q3 2011). 4-6 April 2011 BOA MERRILL LYNCH O&G INVESTOR FORUM 7
oil & gas Cameroon Overview Cameroon Overview
Cameroon Overview Relatively underexplored - an emerging oil story Rio del Rey Basin Douala Basin • MLHP 7 MLHP 7. • MLHP 5 & 6 OLHP 1 & 2 MLHP 5 & 6, OLHP 1 & 2. • Shallow offshore area. • Onshore and shallow offshore areas. • Highly prospective acreage within a proven • 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. • Maturing exploration with • Offshore mature transition into an prospects portfolio on 3D appraisal/development dataset. phase. • Multi well drilling Multi-well drilling campaign underway - successful Sapele-1 exploration well. Cretaceous Turonian plays accessible in onshore area and shallow waters. 4-6 April 2011 BOA MERRILL LYNCH O&G INVESTOR FORUM 9
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