Investor / Analyst Presentation February 2010
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 "); (iii) any offer for the sale, purchase or subscription of any Shares; or (iv) any directed selling effort in respect of any Shares. Cautionary note for US investors 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 United States Securities and Exchange Commission (" SEC ") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or formation tests to be economically and legally producible under existing economic and operating conditions. The Company is not required to make filings with the SEC and this presentation includes information on "volumes initially in place", "STOIIP", "resources" and other similar terms. Such terms do not refer to and are not reserves and US investors are cautioned accordingly. Forward-looking statements 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 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. Investor/Analyst Presentation – February 2010 2
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 – 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. Investor/Analyst Presentation – February 2010 3
Company Overview 2 key 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 217 mmboe.* • Extensive 3D & 2D seismic database. • Substantial prospect inventory developed across portfolio. • Extensive 2010 drilling & seismic work programmes planned. • Asset Strategy for 2010 To move resources to reserves on Etinde Permit (IE and IF • appraisal wells). High impact exploration drilling on Etinde Permit • (Cretaceous Turonian play, offshore shallow water). Exploration activity on Bomono & Epaemeno. • * Source: Annual Report & Accounts 2009 (pre Vitol assignment) † Etinde Permit comprises MLHP 5,6 & 7; 100% owned pending approval of assignment of 25% to Vitol Investor/Analyst Presentation – February 2010 4
Bowleven Timeline Establishing A Strong Track Record 1995 Company Formed. Listed on UK AIM December 2004. 2006 New management and technical team established. 2007 Successful appraisal (IE) and exploration (D-1, IF) wells on Etinde Permit. 2008 IF-1r oil discovery (Etinde). New Etinde PSC for offshore Cameroon awarded. 2009 Equity placing raises $114 million. Farm-out 25% Etinde to Vitol ($100million gross carry). 2010 Extensive drilling and seismic programme planned. 100% exploration/appraisal drilling success rate with new team Investor/Analyst Presentation – February 2010 5
Etinde Permit MLHP 7 Resources to Reserves Isongo Gas Isongo Prospects - Condensate Fields - Multiple undrilled Isongo Marine, IC, ID structural culminations and IE. IE successfully associated with existing appraised by Bowleven discoveries. Low risk in 2007. Characterised and high potential. by rich condensate yield – CGR of 70-140 bbl/mmscf. IE-2/2z tested Biafra Prospects - 31mmscfd & 3730bcpd Shallow dry gas (CGR 140bbl/mmscf). accumulations at Manyikebi and IE plus additional prospectivity. Isongo Oil Discovery - Oil shows in IM-1. IF – Bowleven 2008. Tertiary sourced 35°API oil transforms prospectivity and value of acreage. IF-1r tested an average of 3371bopd on ½” NGL † (mmbbl) Dry GIIP (bcf) Wet GIIP* (bcf) STOIIP (mmbbl) choke with 2.65mmscfd associated gas. Isongo E Field 80 463 105 Isongo F Discovery 225 *includes NGLs, which comprise Total Resource 80 463 105 225 condensate and LPGs. †NGLs include LPGs Investor/Analyst Presentation – February 2010 6
Cameroon Exploration Emergent Douala Basin Play Logbaba (1950’s) Gas- Noble (Belinda, 2005/7) D-1r (2007), 25mmscfd, condensate in Upp. Cret. O-1 24mmscfd, 1225bcpd 1400bcpd from 75ft gross deep-water sands. (VOG O-3 30mmscfd, 1540bcpd Miocene deep-water sands currently drilling well 105). I-4 29mmscfd, 1634bcpd Miocene deepwater sands Noble (Carmen, 2008/9) O-5 26 feet of net oil N. Matanda (1980/81) pay, 13 feet of net gas Gas-condensate in Upp. pay TD at 11,150ft Lower Cret. Deep-water sands Miocence Souellaba (1950’s) Noble (Diega, 2008) Oil-gas in Miocene- I-6 37ft net oil pay, Eocene deep-water sands 2700bopd (separate from gas-condensate zone) SANAGA-1x (1970) Noble (Benita, 2007/8) 1885ft shows (C7+) in I-1 34mmscfd, 1038bcpd Eocene, Paleocene & I-2 115ft net oil pay Cretaceous sands 32°API I-5 42ft net oil pay, 6250bopd Coco Marine (2002/5) 3000bopd 34° API oil, & 1.8mmscfd from Noble (Yolande + YoYo, Paleogene deep-water 2007) sands YoYo-1 31mmscfd, 330bcpd I-3 36mmscfd, 371bcpd Investor/Analyst Presentation – February 2010 7
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