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Preliminary Results 2010 Presentation oil & gas 9 November 2010 Version 3.4 Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the " Presentation ")

  1. Preliminary Results 2010 Presentation oil & gas 9 November 2010 Version 3.4

  2. 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 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. 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 Presentation – November 2010 2

  3. Opening Remarks 3

  4. 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 Presentation – November 2010 4

  5. 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 163 mmboe* (net). • Extensive 3D & 2D seismic database; expanded significantly • during 2010. Substantial prospect inventory developed across portfolio. • Extensive 2010/11 drilling & seismic campaigns. • † Etinde Permit comprises MLHP 5,6 & 7; Bowleven 75% operator, Vitol 25% (Vitol * Source: Annual Report & Accounts 2010. have option to acquire a further 10% in MLHP-7 only). Investor Presentation – November 2010 5

  6. Company Overview Two operating areas: Cameroon and Gabon Asset Strategy for 2010/2011 To move resources to reserves on Etinde Permit (appraisal • activity on IE and IF); targeting transfer of >100mmboe (gross). High impact exploration drilling on Etinde Permit (including • Miocene and Cretaceous-Turonian plays, offshore shallow water). Investor Presentation – September 2010 6

  7. 2010 Highlights Operational – Resources to Reserves • IE-3 appraisal well, offshore Cameroon, tested cumulative maximum rate of around 23,000 boepd. • Group P90 contingent resource volumes increased by 13% following initial update post IE-3 well; planned appraisal activity continues and further updates are anticipated. • Oil discovered on IE highlights additional potential of the IE field and surrounding area; optimal IE-4 appraisal well location is being identified. Operational – High Potential Exploration Activity • Extensive seismic programmes carried out to refine the exploration upside on Etinde and Bomono, Cameroon. • Sapele Highlights • Two potentially significant Miocene discoveries, offshore Cameroon. • Preliminary log evaluation indicates 25m to 35m of net pay intersected to date, with continued drilling through Deep Omicron set to recommence shortly. • Cross-cut event and the Cretaceous Epsilon Complex still to be drilled. • Preparing for immediate testing and subsequent appraisal sidetrack(s) post completion of current well. Investor Presentation – November 2010 7

  8. 2010 Highlights Corporate • Etinde farm-out transaction with Vitol E&P Limited (Vitol) completed June 2010; revised option arrangement agreed end September 2010. • Forecast group cash post Sapele drilling and EOV disposal circa $115 million. • Well placed to fund current planned work programme; significant financing flexibility. Investor Presentation – November 2010 8

  9. 2010/11 Etinde Drilling and Seismic Campaigns Programme with potential to transform company • Jack-up rig contracted for 2 firm (IE-3, Sapele-1) and up to 2 contingent wells (day rate $90k). • Drilling operations ongoing. • IE-3 well and testing operations completed August 2010, Sapele-1 operations commenced mid September 2010. 2010 2011 Q4 Q1 Q2 Q3 Q4 Sapele Well Test (cont.) Sapele Side Track(s) (cont.) Additional Etinde Sapele-1 IF-2 Drilling Drilling (Drilling) (cont.) (cont.) IE-4 (cont.) MLHP5 Well (cont.) • Reprocessing of all existing 3D data completed by Q3 2010; interpretation ongoing. • 2010 3D seismic acquisition comprising 3 surveys (including IF) completed August 2010 (total 658 km²); processing and interpretation ongoing. Investor Presentation – November 2010 9

  10. Asset Overview Cameroon – Etinde & Bomono 10

  11. Cameroon Overview Relatively underexplored - an emerging oil story Rio del Rey Basin Douala Basin • MLHP 7. • MLHP 5 & 6, OLHP 1 & 2. • Shallow offshore area. • Onshore and shallow offshore areas. • 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. • Additional infill 3D coverage acquired in 2010. Cretaceous Turonian plays accessible in onshore area and shallow waters. Investor Presentation – November 2010 11

  12. MLHP 7 Resource (Mean Unrisked Gross Volumes In Place) † † Resources to Reserves STOIIP Dry GIIP Wet GIIP* NGL ‡ (mmbbl) (bcf) (bcf) (mmbbl) Isongo Marine Field* 466 18 Isongo E Field* 80 408 95 7 Isongo D Discovery* 8 1 Isongo C Discovery* 77 5 Isongo F Discovery 225 Manyikebi 56 Total Discovered Resource † 136 959 119 232 Isongo Marine Exploration 1291 42 Isongo D Exploration 158 35 Isongo C Exploration 288 6 Isongo E Exploration 17 Isongo G Cluster 352 8 Total Exploration Resource † 17 2089 91 Total MLHP 7 153 3048 210 232 Resource † • Revision relates to the initial revised volumetrics produced following † Volumes presented as gross figures. *includes NGLs, which comprise condensate and the recent IE-3 well. LPGs. ‡NGLs include LPGs for ID & IE only. • Updates are anticipated as planned appraisal activity is completed. Investor Presentation – November 2010 12

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