Investor/Analyst Results Presentation 28th March 2008
Agenda Introduction - Kevin Hart, CEO Exploration - Ed Willett, Exploration Director Development - John Morrow, Chief Operating Officer Financials - John Brown, Finance Director Conclusions and Q&A - Kevin Hart, CEO 2 Interim Results Presentation, March 2008
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 Company's results of operations, financial conditions, liquidity, prospects, growth, strategies and the industry in which the Company 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 Company's actual results of operations, financial conditions and liquidity, and the development of the industry in which the Company operates, may differ materially from those suggested by the forward-looking statements contained in the Presentation. In addition, even if the Company's results of operations, financial conditions and liquidity, and the development of the industry in which the Company 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 Company (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 Company 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, 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. The Presentation should be read in conjunction with the Company's interim financial results for the six month period ended 31 December 2007, copies of which are available on the Company's website (www.bowleven.com). 3 Interim Results Presentation, March 2008
Placing Proposed placing of approximately 12 million shares announced today • Funding flexibility provided for: • Potential appraisal activity on block 7 Cameroon post IF-1r • Further exploration and appraisal activity on our portfolio • General working capital requirements • 4 Interim Results Presentation, March 2008
Vision & Objective Vision: “It is our vision to build an African focussed, exploration and production company which becomes renowned for its ability to consistently create and realise material shareholder value through exploration led organic growth and niche acquisitions.” Objective: Provide material capital growth over a 3-5 year period through high impact exploration and niche acquisitions and to realise value as appropriate 5 Interim Results Presentation, March 2008
Strategy • Focus on Africa (with particular emphasis on Gulf of Guinea) • Maintain significant exploration positions (including Operatorship) • Leverage technical and commercial expertise Cameroon • Seek value adding partnerships Gabon • Seek to monetise existing resource base as and when appropriate • Be prepared to return value to shareholders to maintain significant equity gearing 6 Interim Results Presentation, March 2008
Executive Summary Six 100% owned blocks • 3 offshore Cameroon (Etinde Permit; MLHP • 5,6,7) 2 onshore Cameroon (Bomono permit; OLHP • 1,2) 1 offshore Gabon (EOV Permit) • One non operated block (50%) • Onshore Gabon (Epaemeno Permit) • Extensive 3D & 2D seismic database • over all blocks Substantial prospect inventory already • developed across portfolio Progress made on monetisation of • resource base in Cameroon Strong technical and management • teams with successful track record 7 Interim Results Presentation, March 2008
Highlights Successful three well drilling campaign completed • on Cameroon acreage in 2007. Obtained an 18 month exploration extension to • September 2009 for the Etinde Permit, Cameroon. Following success of recent drilling, preparation of • an exploitation application for Block MLHP-7 now underway. Secured the Trident IV drilling rig for the IF-1r well; • drilling expected to commence April/May 2008. Progress on development plan for EOV field in • Gabon (including further subsurface evaluation) with sanction possible Q2/Q3 2008 Signed the new Bomono PSC area in Cameroon • covering approximately 2,328 km² . Developing a substantial high quality prospect • inventory across the Company’s portfolio. 8 Interim Results Presentation, March 2008
9 CAMEROON Interim Results Presentation, March 2008
Cameroon Overview Bomono Permit 100% OLHP 1 & 2 • 2,328 km² • PSC signed 12 Dec 2007 • First term ends 11 Dec • Rio del Rey Basin 2012 500km seismic & one • well commitment Etinde Permit 100% MLHP 5,6 & 7 • 2,314 km² • Douala Basin Exploration period • extended to Sept 2009 10 10 Interim Results Presentation, March 2008
MLHP-7 Overview Isongo Marine Field Discovered by Mobil in 1967 • Isongo E Field IE-2/2Z – tested 30mmscf/d + Isongo C • Isongo Marine 3800bcpd Isongo E Manyikebi IF-1 Isongo D drilled to 6355ft – kick on IE-2Z • gas gradient – possible 1200 ft column Isongo F IF-1r April/May 2008 spud • Exploitation application in preparation 11 11 Interim Results Presentation, March 2008
Block 7 – IE/IF ID IE IF FORMATION PRESSURE Pressure(psia) 5000 51 00 5200 5300 5400 5500 6000 61 00 Gas kick in IF-1 6275 ft tvdss 6200 (6355 ft M D). Projected pressure 51 80 psi 6300 6400 6500 Depth(ft TVDSS) 6600 Sand 1 gas 6700 Sand 1 water 6800 Sand 2 6900 Sand 3 7000 IF-1 drilled to 6355ft – gas kick on IE-2Z gas gradient – • Linear (Sand 71 00 1 gas) suggests same GWC and indicates full to spill structure Linear (Sand 7200 1 water) Linear (Sand Well abandoned prior to objective 7300 • GWC 7504 ft tvdss 7400 (recorded as FWL from Pressure indicates potential connectivity between IF, IE • 7500 IE-2z M DT and ID discoveries 7600 IF-1r location selected – clear of any visible faulting – • spud expected April/May 2008 12 12 Interim Results Presentation, March 2008
IF-1r Well Location IF-1r location selected • 300m NE from IF-1 Subsurface location • chosen to Avoid extensional • faulting in volcaniclastic interval Have well defined • base volcaniclastic interval Maintain structural • elevation at mapped top reservoir 13 Interim Results Presentation, March 2008
Block MLHP-7 Isongo Gas Resource GIIP (bcf) CIP (mmbbl) Isongo Marine Field 363 18.0 Isongo E Field 337 47.2 Isongo C Discovery 154 10.5 Isongo D Discovery 20 2.8 Total Discovered Resource 874 78.5 IF structure (exploration)* 435 60.9 Isongo Marine (exploration) 153 10.7 Total Exploration Resource (unrisked) 588 71.6 Total MLHP 7 Resource (at March 2008) 1462 150.1 Mean In Place volumes *P10 – P90 range for IF structure is gas 224-686 (GIIP) and 32-96 condensate Interim Results Presentation, March 2008
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