bank of america merrill lynch 10 - bowleven

Bank of America Merrill Lynch 10th Annual Oil & Gas

Investor Forum

4-6 April 2011p

Disclaimer

Important NoticeNothing 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 hether in the United Kingdom or in an other j risdiction (ii) anconstitute: (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 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 Forward lookinginvolve 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.

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 ymaterial 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.

Company OverviewTwo operating areas: Cameroon and Gabon

• 7 Blocks (5 in Cameroon and 2 in Gabon).

Company Assets

( )

• 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 portfolioportfolio.

• Extensive multi-well drilling campaign ongoing on Etinde.

Corporate

• Group cash balance $189m at 31 December 2010; additional $35m pending on EOV disposal.

• Bowleven (operator) 75% Etinde Permit † (25% Vitol*).

W ll l d t f d 2011 k i ifi t fi i• Well placed to fund 2011 work programme; significant financing flexibility.


* Source: Interim Report – Six months to 31 December 2010. † Etinde Permit comprises MLHP 5,6 & 7. *Vitol option (10% of MLHP-7 only)

Company OverviewExtensive multi-well drilling programme underway in Cameroon

Asset Strategy Asset Strategy

• Exploring the Douala Basin in Cameroon.

• Including Tertiary and Cretaceous-Turonian plays, offshore shallo ateroffshore shallow water.

• 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.

2011 Etinde Forward Plan

• Appraisal of Sapele-1 discoveries.

• Sapele 1ST and Sapele 2 currently drilling (appraisal of Omicron

Sapele Forward Plan

• Sapele-1ST and Sapele-2 currently drilling (appraisal of Omicron fairways).

• Preparing for testing at Sapele-1ST.

• Extensive drilling programme planned on Etinde; additional rig contracted*.

Etinde Indicative 2011 Work Programme

20112011

Q1 Q2 Q3 Q4

Sapele-1 well , Sapele-1STDrilling / TestingDrilling / Testing

(Noble Tommy Craighead rig)

MLHP-5 Tertiary wells (2)

MLHP-5 Cretaceous wellSapele-2Drilling

MLHP-7 Appraisal well

g(Sapphire Driller rig)


*Sapphire Driller contracted on a 2+1+1 basis. Noble Tommy Craighead rig contract has 2 slots available post recertification (completion expected Q3 2011).

oil & gas

Cameroon OverviewCameroon Overview

Cameroon OverviewRelatively underexplored - an emerging oil story

Douala Basin

MLHP 5 & 6 OLHP 1 & 2

Rio del Rey Basin

MLHP 7 • MLHP 5 & 6, OLHP 1 & 2.

• Onshore and shallow offshore areas.

• Highly prospective

• MLHP 7.

• Shallow offshore area.

• Highly prospective acreage within a proven • Highly prospective

acreage.

• Number of onshore oil seeps.

acreage within a proven active hydrocarbon system.

• Tertiary oil and gas-condensate discoveries.

• Tertiary and Cretaceous leads.

• Onshore early exploration phase on 2D dataset.

• Established portfolio of additional Tertiary prospects.

• Offshore mature prospects portfolio on 3D dataset.

Multi well drilling

• Maturing exploration with transition into an appraisal/development phase.

• Multi-well drilling campaign underway -successful Sapele-1 exploration well.


Cretaceous Turonian plays accessible in onshore area and shallow waters.

Recent Douala Basin E&P Activity

• Bowleven acquired ~500km 2D in OLHP-2 (Bomono) during 2010/11

Bomono 2D Acq.

Seismic

(Bomono) during 2010/11.

• Bowleven 658km² 3D acquired in Etinde(MLHP-5, 6, and 7) during 2010.

• Glencore acquired 2D & 3D in Matanda (2010).

Matanda(Glencore)

seismic acquired 2010. Drilling

anticipated 2011.

• Noble Energy 3D acquired across Yoyo & EG blocks to the south of MLHP-5 (2010).

VOGExploration Drilling

Marine 3D Acq.

• Bowleven Sapele-1 operations complete.

• Perenco Mombe-1 operations complete.

• Perenco Ngata well, expected spud Q2/3 2011.

• Glencore Matanda wells planned for 2011/12

Sapele-1Sapele-1ST(Feb 2011)

(Sept 2010)

• Glencore Matanda wells planned for 2011/12.Perenco Mombe-1

P&A (2010)

• Bowleven Sapele-1ST operations commenced.

Development/Appraisal ActivityAlen (Belinda 2005). 915Bcf & 94mmbbl

Sapele-2(March 2011)

• Bowleven Sapele-2 operations commenced

• Noble Energy Aseng oil project sanctioned; development drilling commenced.

• Victoria Oil & Gas Logbaba gas field

resources*. Expected start-up end 2013.

Aseng (Benita 2007). 552Bcf & 128mmbbl resource*. Estimated

Perenco NgataSpud Q2/3 2011


*Gross oil and gas volumes interpolated from Noble Energy August presentation of net volumes (Block O 45%, Block I 40%).

development activity underway. start-up mid-2012.

Regional Geology and Play Fairways

D-1r (2007), 25mmscfd, 1400bcpd from 75ft gross

Miocene deep-water sands

Onshore and offshore mixed Tertiary and

Cretaceous sourced oil seeps

Cretaceous rocks outcrop at surface within the

Bomono Permit. (Sandstone lithologies)

Sapele-1 (2010), multiple hydrocarbon columns of gas-condensate oil andMiocene deep-water sands

56bbl/mmscf condensate.oil seeps. (Sandstone lithologies).gas-condensate, oil and

dry gas.

50m

SW NE

100m

Tertiary play fairway

Cretaceous f


play fairway

Tertiary Omicron PlayCalibration of Sapele-1 seismic highlights fairway potential

Lower Omicron

SESapele-1

Shales

NWThe Omicron Fairway

(as defined by Sapele-1)

Upper Omicron

Sapele-1ST

Shales

Omicron Deep

• The Omicron Play recognised across MLHP-5.

• Successful drilling by Noble on the Belinda target (downdip D-1r equivalent) resulted in a c.20km long gas-condensate field.


Omicron Play Fairway Mapping

MLHP-6

MLHP-5Upper Omicron Gas

Condensate MLHP 5Souellaba

Lower Omicron Gas Condensate

• MLHP-5 = c.778km².

• Area of 3D = 577km² (74% of block).Omicron Deep Oil

Sapele-1ST

Sapele-2• Tertiary fairways cover majority of MLHP-5.

p Sapele-2


Alen

Sapele-1 & Sapele-1STAppraisal of Sapele-1 Tertiary Omicron discoveries

Sapele-1 Update

• 2 potentially significant discoveries made (Lower and Deep Omicron).

• Log MDT and sample data confirm hydrocarbon columns of

Sapele-1Sapele-2

• Log, MDT and sample data confirm hydrocarbon columns of gas, wet gas and oil in high quality sandstone reservoirs.

• Initial volumetrics (appraisal drilling required and ongoing):

Sapele-1† P90 P50 P10 Mean

Sapele-1ST Update

Sapele 1 P90 P50 P10 MeanWGIIP bscf* 75 211 595 290

STOIIP mmbbls 65 167 430 217

Sapele-1ST

Sapele 1ST Update

• Sidetrack commenced 26th February 2011.

• Principal objectives to appraise and test the Deep Omicron discovery interval in Sapele-1 (2km SE of the original well).

• Planned TD 3682mTVDSS (4761mMD).

Sapele-2 Update

• Sapele-2 well spudded 17th March 2011.

• Principal objective is to appraise the Lower and Deep Omicron fairways (5km SW of Sapele-1).

• Planned TD 3724mTVDSS.


a ed 3 SS

†Volumes presented as gross figures. *includes NGLs, which comprise condensate and LPGs.

Cretaceous PlaySapele-1 confirms presence of oil, condensate & gas in the Cretaceous

SESapele-1NWThe Cretaceous Play

(as defined by Sapele-1)

Sapele-1

Cretaceous Amplitude Map (kick interval).

N

CretaceousGas Condensate

Epsilon Complex

Gas Kick

Oil

Dry Gas

• Sapele-1 located to target a variety of Cretaceous seismic responses and open the Cretacous play in the offshore Douala Basin.

• Sapele-1 encountered good quality reservoir sands, with oil and gas shows.

• Significant gas kick at 4733m suggests an extensive hydrocarbon column.


Cretaceous Play Fairway

Sapele-1 (2010), multiple hydrocarbon columns reservoired

in the Cretaceous stratigraphy. N’Kapa-1 Gas-condensate, oil and dry gas.

North Matanda

Logbaba Field(Logbaba-101 (1955))

p(1958)

• Previous Cretaceous exploration on margins of the Douala Basin

Regional Cretaceous Discoveries to date

(North Matanda-1X (1980))

Basin.

• Closest Cretaceous reservoired field to Sapele-1 is North Matanda (gas-condensate, non-producing) at c.40km.

• Closest Cretaceous reservoired oil shows to Sapele-1 is N’K d ( 80k )

N’Koudou-1 Shows (1982)

M’Via(M’Via-1 (1982))

N’Koudou (c.80km).

• Closest producing Cretaceous reservoired oil & gas fields to Sapele-1 are on the Kribi High c.105km to the SE.

Sanaga Sud(SSA-1 (1979))

• Gas condensate encountered at Epsilon Complex validates Cretaceous prospectivity; extends play fairway significantly offshore.

Bowleven Cretaceous Exploration 2011

Kribi High fields(KA-1 (1980))

Oil

Oil & Gas

Gas & Oil shows

Gas


Gas

MLHP-6 Initial potential on MLHP-6 revealed

Onshore and offshore mixed Tertiary and

Cretaceous sourced oil seepsIF-1R (2008), oil discovery. oil seeps.

Sapele-1 (2010), multiple hydrocarbon columns of

IF 1R (2008), oil discovery.

IM-1 (Total, 1970).gas-condensate, volatile oil,

oil and dry gas.Isongo gas-condensate

discovery.

Sapele-1ST (March 2011), to appraise Sapele-1

discoveries

IE-3 (2010), multiple hydrocarbon columns of gas-condensate and oil.

discoveries

N S

MLHP-6. Migration focus for hydrocarbons

V.E.

7:1

500m


V 5

5km

Bomono Overview

Bomono

• 100% Bowleven.

• Comprising two blocks covering an area of 2 328km²

Bomono Geochemical Anomaly Mapping

Existing 2D

• Comprising two blocks covering an area of 2,328km².

• 5 year first term, expiring December 2012.

• 285km 2D acquired in Q1 2010 dry season. Further 215km 2D acquired by end January 2011.

Line acquisition

2010

Commitments

• 500km 2D seismic data (commitment met).

• 1 well (drilling anticipated in 2012).

Asset Overview

1 well (drilling anticipated in 2012).

• Highly prospective acreage within a proven active hydrocarbon system.y

• Unique situation to access the prolific West African Turonian play onshore in a combination of structural and stratigraphic traps.

• Technical evaluation ongoing with initial evaluation highlighting multiple prospects with individual sizes ranging from 10 to

Log.105 (VOG) March 2010 test

rates 55mmscfd and 20bbl/mmscfDouala

10kmmultiple prospects with individual sizes ranging from 10 to 250mmbbls Mean STOIIP.

• 500km 2D seismic processing ongoing; Phase 1 completed Q4 2010.

• Up to 2 wells planned for H1 2012

2011 2012

Q1 Q2 Q3 Q4 Q1


• Up to 2 wells planned for H1 2012. BomonoActivity

ExplorationDrilling

2D Seismic processing and ongoing interpretation

DrillingPreparation

oil & gas

Resources to ReservesResources to ReservesCameroon – Etinde

Etinde Resource (Mean Unrisked Gross Volumes In Place)†

Resources to Reserves

MHLP-7 Mean Unrisked Resource (IE & IF Only)

Dry GIIP Wet GIIP* NGL‡ STOIIP MLHP 7Dry GIIP (bcf)

Wet GIIP (bcf)

NGL(mmbbl) (mmbbl)

Isongo E Field* 80 408 95 7

Isongo F Discovery 225

MLHP 7

MLHP 6

MLHP-5 Mean Unrisked Discovered Resource

Total Discovered Resource† 80 408 95 232MLHP 6

MLHP 5

Dry GIIP (bcf)

Wet GIIP* (bcf)

STOIIP (mmbbl)

Sapele-1 Discovery 290 217

D-1R Discovery 72y

Total Discovered Resource† 362 217

• Updates are anticipated as planned appraisal activity is completed.

• MLHP-5 resource based on initial Sapele-1 volumes.

• A significant contingent resource upside remains for Etinde and Bomono.

†Volumes presented as gross figures. *includes NGLs, which comprise condensate and LPGs.


MLHP 7 Appraisal Plan UpdateResources to Reserves

Initial Post IE-3 Reservoir Modelling• IE-3 appraisal drilled mid July 2010 encountered 7 hydrocarbon

bearing zones; tested (5 zones) August 2010 with a cumulative ma im m flo rate of 22 909 boepd*

IE Activity

IE-3

maximum flow rate of 22,909 boepd*.

• High quality gas-condensate (CGR 262 bbl/mmscf) and oil (36 to 43°API) encountered on IE-3 test; discovery of oil highlights additional potential of the IE Field area and acreage.

ID-1 IE-2z IE-1

• IE static reservoir model built; dynamic model in progress.

IF-1R

IF Activity

• 3D marine seismic has been acquired over IF field (IF Multi-Azimuthal 3D 131km²) to support appraisal and development activities; processing complete with results received Q1 2011activities; processing complete with results received Q1 2011.

• Drilling planning will consider the new 3D seismic data interpretation.

• Development 3D (4C OBC) seismic acquisition planned April 2011 **2011.


*Measured flow rates per interval ranged from 845 to 11,778 boepd with a cumulative maximum rate of 14,576 bpd of liquids and >50 mmscfd of gas (total 22,909 boepd).**Funding 50:50, Bowleven:Vitol.

Concept: Combined Phased IE & IF FPSO Synergised Development

IEMinimum Facilities Platform

FPSO S d M d

Limbe

Dynamic Flexible

Production Riser and

FPSO Spread Moored

Riser BaseShuttle Tanker

Flexible Multiphase Production Flowlines IF

“Tarpon” type Wellhead

Umbilical

• Concept optimisation post IE-3 appraisal well

Concept Assumptions (gross)

Total Liquids Recovery >100 mmbbls

Total Liquids >40 b d

Potential synergy with MLHP-5.

Wellhead structure

appraisal well.

• Single FPSO for both IE and IF fields.

• Potential phased development.

• Cost reductions achieved through

qProduction >40 mbpd

Capex $300-600 million

FPSO day rate ~$100-200,000


gdevelopment synergies.Total Opex p.a. $50-90 million

oil & gas

Asset OverviewAsset OverviewGabon - Epaemeno

Epaemeno Overview

Licence Summary

• 50% Bowleven, 50% Addax (operator).

• Second exploration term expiry February 2012Dentale Prospects

Dentale Basin

• Second exploration term expiry February 2012.

• 1 well with 50% relinquishment at the end of the second term.

• Optional third exploration term of three years.Omko-1 (20MMbbl)

Rembo Kotto (60MMbbl)

Technical Overview

• Sub-salt fields and discoveries to the east and south of the block.

• Technical evaluation and prospect inventory complete and

Onal (180MMbbl)

Assewe (18MMbbl) Topo GrabenTechnical evaluation and prospect inventory complete and highlights a number of significant prospects on the margins of the Dentale Sub-basin.

• Prospect volumetric range 10 to 350mmbbls mean STOIIP consistent with field sizes in the region.

Tsiengui (145MMbbl)

Koula (75MMbbl)

Obangue (55MMbbl)2P STOIIP source: IHS Energy

• Operator planning for drilling early 2012.2011 2012

Q1 Q2 Q3 Q4 Q1

2P STOIIP source: IHS Energy


EpaemenoActivity

Technical preparation ahead of 2011 dry season. Site Prep EPA Well

oil & gas

Financial OverviewFinancial Overview

Funding Overview

• Cash $189 million at 31 December 2010.

• Vitol option over MLHP-7, for $50 million carry (gross).

• Farm-out opportunities when appropriate.

• Moving from resources to reserves; access to debt finance.

• Proceeds pending from EOV disposal (~$35m).

Significant financing flexibility.


Principal 2011 Work Programme Expenditure

• Cash resources of approx $175m following Sapele-1.

Cash Resources

• Pending proceeds from EOV circa $35m.

• Total cash resources of $210m.

2011 indicative Etinde drilling costs*

• Tertiary side track: $20m - $22m; net cost ($15m - $17m).

T ti ll $31 $34 t t ($23 $26 )• Tertiary well: $31m - $34m; net cost ($23m - $26m).

• Cretaceous well: $43m - $46m; net cost ($32m - $35m).

• Overall costs dependent on specific well programme.

Funded for current drilling programme


*Well costs inclusive of drilling costs, drilling team, site surveys and well insurance, but exclude testing.

oil & gas

Closing RemarksClosing Remarks

Closing Remarks

• Further test exploration potential of Douala Basin, Cameroon.

Objectives

• Move discovered hydrocarbons from resources to reserves.

• Completion of Sapele-1ST and Sapele-2 wells.

2011 Outlook

• Further exploration/appraisal wells targeting Douala Basin prospectivity (Tertiary and Cretaceous).

• Identification of leads and prospects on MLHP-6 and Bomonopost recent seismic (2012 drilling).

• Further appraisal activity on block MLHP-7.

• Forward programme will evolve as drilling activity progresses.


oil & gas

Principal Contact:Kerry CrawfordTel: +44 131 524 5678

Kevin Hart – Tel: +44 131 524 5678John Brown – Tel: +44 131 524 5678

[email protected]

www.bowleven.com

Bowleven Plc.1 North St Andrew Lane, Edinburgh, EH2 1HX, United Kingdom.

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bank of america merrill lynch 10 - bowleven

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