Oilbarrel Conference - 15th July 2009

15th July 2009

y

1

Kevin Hart, Chief Executive

Disclaimer

Important NoticeImportant 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 prospectuses issued by the Company and 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.

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Introduction to Bowleven

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3333

Our 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 al ematerial shareholder value through exploration led organic growth and niche acquisitions ”growth and niche acquisitions.

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Company Timelinep y

1995 Company formed1995 Company formed

1998 Awarded Etinde PermitKey shareholders as at 30 June 2009

% held of ISC

2004 Disappointing drilling resultsBlackrock Investment Management 14%

F&C Asset Management 10%

2006 New team, acquisition of First AfricaJPMorgan Asset Management 8%

Aegon Asset Management 7%

2007 Successful IE appraisal, ID & IF exploration wells Citigroup as principal 5%

Gartmore Investment Management 5%

2008 IF-1r oil discovery

Etinde PSC for offshore Cameroon grantedCredit Suisse as principal 4%

Bank of New York DBV account 3%

2009 Equity placing raises $114 million Mr Peter Michael Levine 3%

15th July 2009 5

Objective & StrategyObjective & Strategy

Objective:

“Provide material capital growth over a 3-5 year period through high impactProvide material capital growth over a 3 5 year period through high impact exploration and niche acquisitions and to realise value as appropriate.”

Strategy:

• Focus on Africa (with particular emphasis on the Gulf of Guinea) ( p p )

• Maintain significant exploration positions (including Operatorship)

• Leverage technical and commercial expertiseLeverage technical and commercial expertise

• Seek value-adding partnerships as appropriate

• Seek to monetise existing resource base• Seek to monetise existing resource base

• Prepared to return value to shareholders when appropriate to maintain significant equity gearing

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g q y g g

Bowleven at a GlanceBowleven at a Glance

• 7 Blocks (5 in Cameroon & 2 in Gabon)

• 4 offshore shallow water, 3 onshore

• Overall P50 contingent resource base 224 mmboe

• Extensive 3D & 2D seismic database over all blocks

• Substantial prospect inventory already developed across portfolio

• Ongoing work programme planned across asset base

• Strong technical and management teams withStrong technical and management teams with successful track record

• Current cash position of $130 million, post equity Pl i J 2009Placing June 2009

• Market Cap: circa £124 million

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Cameroon:T iti F E l ti t P d tiTransition From Exploration to Production

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8888

Cameroon Overview

Bomono Permit 100%

• OLHP 1 & 2

• 2 328 km²• 2,328 km²

• PSC signed 12 Dec 2007

• First term ends 11 Dec 2012IF Oil Discovery

• 500 km seismic & one well commitment

Etinde Permit 100%

• MLHP 5,6 & 7

2 314 k ²• 2,314 km²

• Etinde PSC signed on 22 Dec 2008

• Exploration period extended by three years from date of signing

• 200 km² 3D seismic and one

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well commitment

9

MLHP-7 Isongo and Biafra Inventoryg y

IsongoIsongo IsongoGas CondensateFields -Isongo Marine, IC,

Prospects -Multiple undrilled structural culminations ID and IE.

IE successfully appraised by Bowleven in 2007.

culminations associated with existing discoveries. Low i k d hi h Bowleven in 2007.

Characterised by rich condensate yield – CGR of 70 t 140

risk and high potential

Isongo Leads -to ~140

Isongo Oil

gSignificant additional emergent prospectivity Isongo Oil

Discovery -IF – Bowleven 2008. Tertiary

Biafra -Shallow dry gas

prospectivity

sourced 35°API oil transforms prospectivity and value of acreage

S a o d y gasaccumulations at Manyikebi and IE plus additional prospectivity

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value of acreageprospectivity. Oil shows in IM-1

10

Block MLHP-7 Oil/Gas Resource (Mean Volumes Initially in Place)

Dry GIIP (bcf)

Wet GIIP* (bcf)

NGL†

(mmbbl)STOIIP

(mmbbl)(bcf) (bcf) (mmbbl) (mmbbl)

Isongo Marine Field* 348 18

Isongo E Field* 80 463 105

Isongo D Discovery* 8 1Isongo D Discovery 8 1

Isongo C Discovery* 77 5

Isongo F Discovery 194.5‡

Manyikebi* 56Manyikebi 56

Total Discovered Resource 136 896 129 194.5

Isongo Marine Exploration

823 35

Isongo D Exploration 158 35

Isongo C Exploration 274 6

Isongo E Exploration 16 23 5

Isongo G Cluster 349 8

Total Exploration Resource 16 1627 89

Total MLHP 7 152 2523 218 194 5IF-1r DST Flare

15th July 2009

*includes NGLs, which comprise condensate and LPGs. †NGLs include LPGs for ID & IE only. ‡TRACS CPR Mid-Case

Resource 152 2523 218 194.5

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MLHP-7 IF Bowleven Interpretation UpdateMLHP 7 IF Bowleven Interpretation Update

Bowleven in house volumes Bowleven Structure (Mar ‘09)(based on Green pick)

Bowleven in-house volumes

STOIIP P90MMbbl

P50MMbbl

P10MMbbl

MeanMMbbl

High Case Areal Extent

Thin Bed zone 21 52 125 65

Massive Bed zone 79 142 244 153

TOTAL (*Monte Carlo addition) 131 206 335 225

IF Contingent Resource

P90MMbbl

P50MMbbl

P10MMbbl

MeanMMbbl

Thi B d 6 14 38 19Thin Bed zone 6 14 38 19

Massive Bed zone 30 57 105 63

TOTAL (*Monte Carlo addition) 44 76 130 82

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MLHP-7 IF Field – CPR May 2009yEconomic Evaluation of Resources

• NPV (10%) assumes consistent development scenario for high, mid and low cases

• All values are referenced to 1st July 2009 1C 2C 3C POSAll values are referenced to 1 July 2009

• The Mid-Case NPV (10%) is >$500 Million

• The TRACS EMV (10%) is $339 Million assuming

1C 2C 3C POS

Oil Contingent Resources (mmbbl) 23.9 53.1 94.3 65%

Oil Contingent ResourcesThe TRACS EMV (10%) is $339 Million assuming one appraisal well is required to identify the failure case and a 65% POS

In the event of a low case scenario is realised the

Oil Contingent Resources (mmbbl) Post-SNH back-in* 19.1 42.5 75.4

Bowleven NPV (10%) mmUS$ 10.6 556.3 1038.3

• In the event of a low case scenario is realised, the proposed development would be appropriately re-scaled

*Note SNH have 20% back-in rights in the event of declaration of commerciality. NPV assumes SNH back-in

• Economic Assumptions:

N d il (li ht) f d f2010 2011 2012 2013 2014 2015 2016 2017

• Nymex crude oil (light) forward curve from May 13th used to 2017. 1.8% per year inflation applied thereafter (equates to $65/bbl real (flat))

$67.1 $71.3 $73.3 $74.8 $76.3 $77.7 $79.2 $80.6

Oil price deck $/bbl (associated gas is excluded from evaluation)

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( ))

• Costs escalated by 3% per annum

Economic Evaluation

18001656

Economic Evaluation

1400

1600

1420

1656

on

IF Stand Alone Oil Development: Bowleven NPV225 mmbbls Mean STOIIP; CPR Costs; 30 mbpd

1200

1400

1179

US$millio

800

1000 945

7.20

09 U

600

800

V10

 at 1.

200

400NPV

0

50 60 70 80

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Brent Real Oil Price US$/bbl

MLHP-7 Current Development PotentialpIF Oil Anticipated Ultimate Development Scenario

Phase 1

IM

IC

Phase 1Oil Process: 30,000 bopdGas FlaredWater Overboard

Phase 2

Manyikebi

IE

Phase 2Liquids: 60,000 bpdWater Injection: 60,000bpdGas Dehydration & Compression: 36 MMscfd

Phase 2:Fuel Gas

Pipeline to

Cost Item Phase 1($Millions)

Phase 2($Millions)

T id 35MLHP 7

IDManyikebi

IFMLHP 7

IDLimbé

Phase 2:

Pipeline to Limbé.Topsides 35

Jacket 18

Subsea 20FPSO:Spread

moored, dynamic flexible production

Phase 2:9-Slot WHP2 prod. 3 inj.

Subsea 20

Infield flowlines 26 31

FPSO installation 31 104

Phase Producers Injectors

Appraisal well 1 (~2km)

Appraisal well 2 (~2km)

pand injection risers

and umbilicals

FPSO installation 31 104

Subsea Flowlines 29 21

Total 106 2091 2x Appraisal

2 2 2x Dry, 1x Subsea

3 (Contingent) 3 1

Total 106 209

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3 (Contingent) 3 1

TOTAL 7 4

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MLHP MLHP 5

MLHP-7 Current Development PotentialpIF Oil with IM-ID-IE Gas Condensate Development – Possible Synergies

IM

IC

IE

Manyikebi

Potential tie-in of Isongo-Marine

gas-condensateNew oil processing & export facilities

Limbé Refinery and Power station

MLHP 7ID

ManyikebiGas Injection

Pipeline

IFIE WHP Platform9-Slot Wellhead

Limbé

IF WHP Platform6-Slot Wellhead

Multiphase pipelines from fields to FPSO for fluid separation, gas compression and living quarters

Field Oil/NGLsMbbl/d

Gas Export MMscf/d

Gas Production

Development Wells

compression and living quarters

Mbbl/d MMscf/d MMscf/dWells

Producers Injectors

IF 30 (oil) 16-22 - 4 3

ID-IE 15-25 (NGL) - 130-150 3-5 2-3

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ID IE 15 25 (NGL) 130 150 3 5 2 3

TOTAL 45-55 (liquids) 16-22 130-150 7-9 5-6

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MLHP 5

Blocks MLHP-5 and MLHP-6Recent Discoveries and Other Wells in the Area

Logbaba (1950’s) Gas condensate inGas-condensate in Upp. Cret. deep-water sands

Bowleven D-1r (2007)25mmscf/d + 1400bcpd from 75ft gross Miocene deep-water

N. Matanda(1980/81)Gas-condensate in U C t D

sands

Noble (Belinda, 2005/7)O-1 : 24mmscf/d + 1225bcpdO 3 30 f/d 1540b d Upp. Cret. Deep-

water sands

Souellaba (1950’s)Oil gas in Miocene

O-3 : 30mmscf/d + 1540bcpdI-4 : 29mmscf/d + 1634bcpdMiocene deep-water sands

Oil-gas in Miocene-Eocene deep-water sands

Noble (Diega, 2008)I-6 : 37ft net oil pay, 2700bopd (separate from primary gas condensate zone) SANAGA-1x (1970)primary gas-condensate zone)

Noble (Benita, 2007/8)I-1 : 34mmscf/d + 1038bcpd

( )1885ft shows (c7+) in Eocene, Paleocene & Cretaceous sands

Coco Marine (2002/5)3000bopd 34deg API + 1.8mmscf/d Noble (Yolande + YoYo, 2007)

I-2 : 115ft net oil pay 32deg APII-5 : 42ft net oil pay, 6250bopd

Noble (Carmen, 2008/9)O-5: 26 feet of net oil pay, 13 feet of net gas pay TD at 11,150ft

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Paleogene deep-water sands

Noble (Yolande YoYo, 2007)YoYo-1 : 31mmscf/d + 330bcpdI-3 : 36mmscf/d + 371bcpd

p y ,Lower Miocence

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MLHP-5 & 6 Prospect and Lead InventoryMLHP 5 & 6 Prospect and Lead Inventory

Sanaga-1X

• Prospect inventory significantly enhanced with detailed subsurface review of Block 5 & 6

• 18 Prospects & Leads identified across the two blocks• Miocene predominately gas-condensate play (D1-r)

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• Exploration focus on Miocene channelised turbidites and Cretaceous lower slope turbidite deposits

• Cretaceous oil play

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MLHP-5 9250ftMD C

Gas Log Shows

SANAGA-1X Well Oil Shows

• Sanaga-1X well on the edge of Block 5, drilled in 1971Si ifi t h b l 9250ftMD (2820 ) d t

C2

• Significant shows below 9250ftMD (2820m) down to well TD at 11135ftMD

• 1885ft of hydrocarbon shows in the deeper section of the well; show indicative of liquids at well TD

C2Eo

cene

of the well; show indicative of liquids at well TD• Implications:

• Potential for large columnsE panded pla t pe

-C4

show

s

• Expanded play type• Potential Cretaceous age fan play in addition

to existing (D-1R) plays and Oil play proved by Noble Energy in adjoining block 88

5ft

of s

Sanaga-1X Mud Log

gy j g• Significant number of leads and prospects mapped in

Block 5 and 6

C4 incrG

ross

18

Pale

ocen

e

reasing to

P

o C7

Sanaga-1XD-1R Gas

Condensate

Cre

tace

ous

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1911135ft (TD)

C

Gas observed bleeding from oil in cuttingsC1—C7 log Total GasRoP

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MLHP-5 & 6 Prospect and Lead Inventory

Wet GIIP (bcf)* CIIP (mmbbl)† STOIIP

p y(Unrisked Mean in Place Volumes)

( ) ( )(mmbbl)

Delta‡ 175 10Kappa 75Lambda 12 1Qof 595 33Phi-chi 451 25Psi 158 9Pi 44 2Beta W 88

S 1XBeta E 117Beta S 417e-Epsilon 17 1

Sanaga-1X1200ft Oil Shows

e-Alpha 30sub-Epsilon 1793 99supra Zeta 350 19

Noble Energy O5 ‘Carmen’ Oil Discovery

Zayin 113 6Zeta 295 16Tau 296 16

Well location Source: IHS Energy

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Sigma 248 14

TOTALS 4547 251 727*includes NGLs, which comprise condensate and LPGs† Condensate estimated at 55bbl/mmscf ref D-1r‡D1r Discovery is 40bcf mean in place resources additional to Delta prospect volumes

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OLHP 1 & 2 (Bomono) OverviewOLHP 1 & 2 (Bomono) Overview

Bomono Permit 100%

• Blocks OLHP-1 and OLHP-2

• Area : 2328 km²

• PSC signed 12 Dec 2007

• First term ends 11 Dec 2012

• 500km seismic & 1 well commitment

• Preparation for 2D seismic acquisition late 2009/2010 underway2009/2010 underway

• Number of onshore oil seeps ( )

• Highly prospective acreage with proven active hydrocarbon system

• Main objective: Paleogene and Cretaceous aged

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structural and stratigraphic traps. Not explored for 30 years!

Gabon:Exploration Planned for 2010

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22222222

Gabon Overview

Epaemeno Permit 50%

• Block G4-211, 1340 km²

• Second term ends August 2010 (50%Second term ends August 2010 (50% relinquishment)

• Third period expires Aug 2013

Add (O t ) B l• Addax (Operator); Bowleven conducting G&G work through to well locations under TSA

$10m (net) exploration carry $8m• $10m (net) exploration carry, $8m (net) development carry

East Orovinyare Permit 100%

• Block G5-92, 105 km²

• Exploitation permit over entire block

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Epaemenop

A A’

Omko-1 (20MMbbl)

AA’

Onal (180MMbbl)

Riviere Perdue-1

A’Rembo Kotto (60MMbbl)

• Multiple potential reservoir targets:• Gamba/Dentale Sandstones (Traditional play)

Tsiengui (145MMbbl)

Ob (55MMbbl)Koula (75MMbbl)

Riviere Perdue-1Assewe (18MMbbl)

( p y)• Basal Sandstone (Evolving play)• Kissenda Sandstones (New play)• Post-Salt play

Obangue (55MMbbl)Avocette (265MMbbl)

2P STOIIP source: IHS Energy

15th July 2009

• Post-Salt play• New seismic program exploring pre-salt plays

24

Gabon - Epaemeno

0Seismic Survey

• Seismic operations commenced July 2008

Seismic programme completed Jan 2009• Seismic programme completed Jan 2009

• Total 747km 2D seismic acquired

• First pass seismic processing underway

TWT

First pass seismic processing underway

• Initial observations show marked improvement of existing data

Sec

• Interpretation due to be completed mid 2009.

• Drilling during 2010 dry season

Airborne Survey

• Airborne gravity-gradiometry survey undertaken

1.5

g y g y yin dry-season 2008

• Integrated and quantitative interpretation study to be completed end Q2 2009

New Epaemeno 2D seismic line (first pass processing). Pre-Salt structure readily identifiable.

15th July 2009

p processing). Pre Salt structure readily identifiable.

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EOV Field

• PSC signed for EOV Permit Area in February 2004

• Field located 6 miles offshore in 65ft of water• Field located 6 miles offshore in 65ft of water

• Four development wells already drilled though a central template

• The jacket is complete. The Topsides are approx 80% complete. Both in Louisiana.

• During 2008:

• Conducted thorough sub-surface review

30km10km

• Finalised development concept

• EOV development now on-hold due to small i f d l t d t il k tsize of development and current oil market

conditions.

• Focus on North West Kowe prospect to add bl k

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block resources

EOV Permit – NW Kowe

AAzile Depth

A

pMap

A’30km10km

A’

• Simple tilted fault block structure• Multiple stacked reservoir targets with robust closures

• Closure areas ranges from 2km2 to 15km2+• Largest undrilled prospect in block

15th July 2009

Multiple stacked reservoir targets with robust closures• Targets include the Batanga, Pt. Clairette, Anguille, Azile,

and Cap Lopez turbidite sands of the Upper Cretaceous

Largest undrilled prospect in block• Possible synergy development with EOV• Mean STOIIP 190mmbbl (in penetrated targets)

27

Next Stepsp

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Near Term Objectivesj

• Move from equity funded model to debt by maturing IF field to Sanction

• Drill 1/2 appraisal wells to evaluate significant potential of IF

• Acquire and interpret new 3D seismic across IF field

• Commence front end engineering and design for development of IF field

• Pursue farm-out options on Group’s portfolio of assets

Trident IV Jack-up on IF-1r location Summer 2008

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15th July 2009