Preliminary Results PresentationFor the year ended 30 June 2013Shareholders’ Regional Meeting23 September 2014

Investor Presentation

May 2015

May 2015 Investor Presentation 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.

‘Bowleven’, ‘EurOil’ and the Bowleven logo are trade marks of Bowleven plc and copyright in the content of this document is owned by Bowleven plc. They

should not be used without permission.

May 2015 Investor Presentation 3

Company Overview

• Strategy focused on creating and realising value through

material exploration success and development.

• Seek value adding partnerships and niche acquisitions as

appropriate.

• Fostering strong external partnerships and in-country

relationships.

• Targeted approach to technical, commercial and political risk.

• Resources to Reserves.

Vision

Strategy – Focus on Africa

“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.”

May 2015 Investor Presentation 4

Company Overview

• Completed farm-out of Etinde with global E&P company and

recognised local operator.

• Consideration from farm-out significantly strengthens balance

sheet and provides carry for two appraisal wells on Etinde.

• Near term focus is on existing asset base.

• Active operational period planned:

• Two well exploration programme due to commence on

Bomono; gas, condensate and oil all believed to be

potentially present.

• Carried for two well appraisal programme on Intra

Isongo; targeting additional resource potential identified

with previously drilled IM-5 well.

• Well funded for planned exploration and appraisal activities.

• Protect balance sheet strength pending further clarity on future

appraisal and development costs.

Recent Highlights

Outlook

May 2015 Investor Presentation 5

Onshore extension of

Douala Basin.

Series of structural

prospects.

Two well exploration drilling

programme commenced.

Asset Overview - Balanced Portfolio

Development

.

Early Stage ExplorationDevelopment

BomonoCameroon

Block 11BKenya

EtindeCameroon

3 blocks covering

~16,250k 3 blocks

covering ~16,250km²

m²

3 blocks covering

~16,250km²

Blocks 25, 28 & 29 Zambia

Exploitation Authorisation

over MLHP-7.

Gas sales agreement

(GSA) negotiations well

advanced.

Farm-out to

LUKOIL/NewAge

completed.

Two well appraisal drilling

programme on Intra

Isongo planned.

Three blocks covering

~16,250km².

Application for further two

blocks pending.

Early stage exploration.

Block 11B onshore Kenya

covering ~14,200km².

New hydrocarbon

province.

FTG survey completed.

May 2015 Investor Presentation 6

Etinde: Convert Resources to Reserves

• Expanded joint venture well placed to progress Resources to

Reserves.

• Farm-out to New Age and LUKOIL combines:

Local knowledge and experience.

Major E&P company.

Cameroon government participation and support.

Secure funding: Bowleven carried for up to $40 million

for its share of drilling and testing costs.

• Exploitation Authorisation (EA) awarded over block MLHP-7 with

multiple development options:

Ferrostaal-led fertiliser scheme (70mmscf/d).

GDF-led Cameroon LNG (CLNG) project.

Alternative LNG development schemes.

• Appraisal drilling programme planned on Intra Isongo formations

to prove up additional resource volumes in support of future LNG

opportunities.

• Well locations agreed & drilling expected end 2015 / 2016;

integral with GSA progression.

• Group’s current net P50 contingent resources 58 mmboe.

Etinde Exploitation

May 2015 Investor Presentation 7

Etinde: Additional Resource through Appraisal Drilling

• IM-5 well opened the Intra-Isongo play.

• Seismic response correlates with thick, reservoir quality

sands, identifying significant potential:

• Extent of discovered reservoir horizon.

• Additional Intra Isongo targets above and below Intra

Isongo IM-5 reservoir.

• Appraisal drilling programme will also target this additional

resource potential:

• Down-dip extension from IM-5 crestal location.

• Additional stacked targets at the Intra Isongo level.

• Locations nearing finalisation.

• 2 wells targeting combined 1-2 tcf of additional GIIP at

P90 level depending on reservoir connectivity.

Volcanics

Upper Isongo

Intra Isongo

Middle Isongo

IM-5

Greater Intra Isongo

Intra Isongo Potential

May 2015 Investor Presentation 8

Bomono

Operational Update

• Rig assembled at Zingana location.

• Site preparation at 2nd well site, Moambe, nearing

completion.

• Two well drilling programme commenced.

Identification of Gas Sales Opportunities

• Ideally located adjacent to Douala City.

• Actis acquisition of AES/Sonel brings new

momentum to growth of the local power market.

• Discussions initiated with power provider to outline

development opportunities.

• Development concept for early monetisation scheme

based on packaged power units to create a scalable

facility with liquids trucked to Limbe refinery . Rig onsite at Zingana

May 2015 Investor Presentation 9

Bomono: Exploration Targets

Zingana-1 Moambe-1*SW NE

Line No: BOM-10-106

Bo-03 (yellow) –

gas in B & C sds

‘B’ Sand twt

Structure Map

Zingana

Prospect

Moambe

Prospect

Oil Potential

• Focused on the deeper D&E sands.

• Zingana and Moambe targeting medium risk 50-100mmbbl

STOIIP pools (P50-Mean range) in each sand.

• Oil seep and historic well data suggest the possibility of liquids;

albeit lower risk for gas/condensate.

Gas/Condensate

• Shallower B&C sands.

• Proven and tested gas condensate in the B and C reservoirs

within the Zingana structure from proximally located early

1950’s wells.

• Two wells targeting 5-40bcf GIIP pools (P90-P50 range) in

each sand, with associated condensate.

• If successful, subsequent appraisal to prove volume will be

achieved by scaled early production system (gas to power).

Cretaceous

• Deeper, high pressure cretaceous prospectivity recognised

but will not be targeted by the current drilling programme.

• Potential for 2-3tcf (in place) but high pressure, high

temperature. * Moambe well trajectory projected onto section, actual location

2km ENE of Zingana surface location.

May 2015 Investor Presentation 10

Kenya – block 11B

Operational

Overview

Uganda

South SudanEthiopia

Kenya

Source: Bowleven

• Significant acreage ~14,200km2 in highly prospective East

African Rift system.

• Intersection of Tertiary and Cretaceous rift systems.

• Existing data suggests basins similar form to Lokichar Basin.

• Multiple oil discoveries to the south (Lokichar Basin).

• High level of industry activity – multi-well drilling campaigns

ongoing and infrastructure planning underway (including

pipeline pre-FEED study) e.g. Tullow Oil, Africa Oil.

• 2014 field work and interpreted FTG results has greatly

increased the geological understanding of the area.

• Greatly assisted in the design of the planned seismic

programme.

• First exploration phase expires 26 May 2015.

• Logistical issues / security concerns prohibited seismic

activity pre-expiry.

• Application for an extension submitted to Kenyan authorities

to enable seismic acquisition and second exploration phase

decision.

May 2015 Investor Presentation 11

Zambia

• Luangwa Valley Karoo basin total area ~42,000 km².

• Five blocks applied for: Three blocks awarded (25, 28

and 29) ~16,250km² and applications for two blocks

pending (26 and 27).

• Previous exploration 1980’s (Placid) acquired

3,000km 2D seismic and drilled 2 wells (primary

objectives were never reached).

• Thermally immature Coal measures are widely known

around the basin margins. It is considered that more

liquids rich, mature lacustrine source rocks could be

present deeper into the basin.

• Four year exploration period. Minimum committed

work programme estimated ~$500k.

Coal Occurrences

1980’s exploration well

Overview

May 2015 Investor Presentation 12

Funding Overview – Current Portfolio Fully Funded

• Strong balance sheet.

• Consideration from LUKOIL/NewAge farm-out:

$165 million cash received.

Estimated $5 million working capital adjustment.

$40 million (net) carry for two appraisal wells.

$40 million deferred cash payment.

• Cash on 24 March 2015, ~$155 million (post farm-out

completion and $9 million Petrofac settlement), no debt.

• Potential for development funding at FID. Options include

project debt, development bank finance and mezzanine

finance.

• Funding towards exploration activity in Kenya via First Oil

strategic partnership.

• G&A reduced to ~$1.1 million (gross) per month (previously

$1.5 million - $1.7 million per month); further reduction

initiatives planned.

Equity

Placing

First

Production

Use of Transaction Proceeds

Proceeds (~$250m)

• $165m at completion

• ~$5 million working capital

• $40m carry - 2 appraisal wells

• $15m on completion of

appraisal wells

• $25m at FID

Use of Transaction Proceeds – Disciplined Capital Approach

Etinde Expenditure (~$110m)

• $40m - two appraisal wells

• $140m – share of Etinde

development expenditure

(likely 50% “equity” and

50% debt funding)

Financing Flexibility (~$140m)

• Petrofac fee ($9m); paid

• Bomono – exploration &

appraisal

• Kenya

• G&A

May 2015 Investor Presentation 13

Timeline Operations - Cameroon

H2 2015 2016

Bomono drilling

Bomono EA preparation

/ submission

Etinde drilling

Etinde pre-development

FID

2 exploration wells

2 appraisal wells

May 2015 Investor Presentation 14

Conclusion

• Strong balance sheet following completion of Etinde

farm-out.

• Balanced portfolio with near term focus on existing

asset base.

• Fully funded for planned activity:

• Exploration drilling campaign on Bomono.

• Appraisal of the extensive Intra Isongo reservoir

interval on Etinde.

• Results of planned drilling on Etinde and Bomono will

determine future capital requirements.

• Forward strategy under review by the Board following

recent farm-out completion. Capital markets day

planned.

The next 12-18 months will see

Bowleven participate in four

potentially significant exploration

and appraisal wells.

oil & gas

Appendix

May 2015 Investor Presentation 16

• The largest privately owned oil and gas company in the world by proved reserves.

• Accounts for in excess of 2% of global output of crude oil.

• Listed on both the Russian and London stock exchange.

• Over 20 years of operating experience.

• Extensive experience in operating multi-tcf gas fields, developing and producing hydrocarbons (including the processing of

natural gas liquids).

• Majority of exploration and production activity is located in Russia but has interests in Cote d’Ivoire, Ghana, Egypt, Saudi Arabia

and Iraq amongst others.

• Privately-owned oil and gas company.

• Operations in 7 countries, namely, Congo-Brazzaville, Cameroon, Nigeria, Ethiopia, Morocco, South Africa and Kurdistan.

• NewAge has reached FID on five development projects with production having recently started on two of these projects.

• CAMOP, a subsidiary undertaking of NewAge has held a 25% (20% post government back-in) equity interest in the Etinde

Permit since 2009.

Information on LUKOIL/NewAge

LUKOIL

NewAge

Principal Contact:

Kerry Crawford

Tel: +44 131 524 5678

Kevin Hart

Tel: +44 131 524 5678

www.bowleven.com

Bowleven Plc.

The Cube

45 Leith Street

Edinburgh

EH1 3AT

United Kingdom

info@bowleven.com