Preliminary Results 2009 Presentation 2 November 2009 1
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. 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. Preliminary Results 2009 Presentation 2
Presentation Agenda • Opening Remarks • Asset Overview Kevin Hart, CEO • Financial Overview • Outlook and Closing Remarks Ed Willett, Exploration Director • Open Questions John Brown, Finance Director Preliminary Results 2009 Presentation 3
Opening Remarks 4
Company Overview 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. 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 (2008: 203 mmboe). • Extensive 3D & 2D seismic database. • Substantial prospect inventory developed across portfolio. • Extensive 2010 drilling & seismic work programmes planned. • Financial Strength Current cash position of circa $120 million, no debt. • First phase of Vitol farm-out transaction provides additional • $100 million gross expenditure carry. Preliminary Results 2009 Presentation 5
Company Overview 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. 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 (2008: 203 mmboe). • Extensive 3D & 2D seismic database. • Substantial prospect inventory developed across portfolio. • Extensive 2010 drilling & seismic work programmes planned. • Financial Strength Current cash position of circa $120 million, no debt. • First phase of Vitol farm-out transaction provides additional • $100 million gross expenditure carry. Preliminary Results 2009 Presentation 5
Exploration: Resources to Reserves Exploration Phase OLHP 1 & 2 (Bomono) Cameroon; seismic planned 2010. • MLHP 6 (Etinde) Cameroon; seismic planned 2010. • Epaemeno, Gabon; exploration drilling planned 2010. • MLHP 5 (Etinde); additional seismic and exploration well • planned 2010. EOV (NW Kowe), Gabon; mature prospect. • Appraisal/Development MLHP 7 (Etinde) Cameroon; multiple existing discoveries • including IM & IE/ID gas/condensate and IF oil. Initial focus on appraising/developing IE and IF fields, • appraisal well programme planned for 2010. Development/Production EOV field – advanced discussions ongoing on EOV. • Preliminary Results 2009 Presentation 6
2009 Highlights Corporate • Etinde PSC signed December 2008, setting economic basis for future developments. • Equity fundraising in June 2009 raised approximately $113 million. • Etinde farm-out transaction entered into with Vitol E&P Limited (Vitol) in August 2009; assignment approval anticipated by end 2009. • Current group cash balance approximately $120 million. • Vitol initial carry ($100 million gross) provides additional flexibility. • Funding in place for planned 2010 work programme. • Advanced discussions ongoing in relation to EOV. Operational Above: Etinde PSC signing. • P50 contingent resources for the Group increased to 217 mmboe (2008: 203 mmboe). • Completed GdF/SNH feasibility study adds momentum to the development of Cameroon gas resources. Preliminary Results 2009 Presentation 7
Asset Overview Cameroon 8
Cameroon Overview 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 Douala • 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. Cretaceous Turonian plays accessible in onshore area and shallow waters. Preliminary Results 2009 Presentation 9
Etinde PSC Overview Etinde (MLHP 5, 6, & 7) • 100%* Bowleven • Etinde Permit covers an area 2,316km². • 3 year exploration period, expiring December 2011. Commitments • 200km² 3D seismic data and 1 well. • Commitments will be covered in 2010 programme. Asset Strategy • To move resources to reserves. • Secure appraisal area over MLHP 7 existing discoveries • Aggressive exploration plan over MLHP 5 & 6. Discovered Resources (MLHP 7) • Existing IM & IE/ID gas/condensate and IF oil discoveries. • IE and IF appraisal drilling planned. Exploration Resources • Further seismic coverage planned to identify additional prospectivity. • High impact exploration drilling planned. • Significant and established prospect inventory. * pending assignment approval for Vitol transaction. Preliminary Results 2009 Presentation 10
Asset Overview Cameroon Appraisal / Development 11
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