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Credit Suisse Energy Summit

6-8 February 2012

FEBRUARY 2012 CREDIT SUISSE ENERGY SUMMIT 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 USA, Canada, 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"); (iii) any offer for the sale, purchase or subscription of any Shares; or (iv) any directed selling effort in respect of any Shares. Cautionary note for US investors 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 United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or formation tests to be economically and legally producible under existing economic and operating conditions. The Company is not required to make filings with the SEC and this presentation includes information on "volumes initially in place", "STOIIP“, "resources" and other similar terms. Such terms do not refer to and are not reserves and US investors are cautioned accordingly. Cautionary note for Canadian investors No securities commission or similar authority in Canada has reviewed or in any way passed upon this presentation or the merits of the Shares, and any representation to the contrary is an offence. Forward-looking statements 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. 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.


Company Overview

• 5 Blocks in Cameroon covering 4,644km².

• 3 offshore shallow water, 2 onshore; all operated.

• Overall P50 contingent resource base 217 mmboe* (net).

• Extensive 3D & 2D seismic database; expanded significantly during 2010/2011 (Bomono & Etinde).

• Substantial prospect inventory continually being developed across portfolio.

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

• Onshore Bowleven (operator) 100% Bomono Permit.

• SNH back-in rights 20% (Etinde) and 10% (Bomono) at grant of exploitation licence.

Company Assets

* Source: Annual Report for 2011. Operator’s volumetrics. Volumetrics update post Sapele-3 pending, excludes EOV.

Nigeria

Equatorial Guinea

Cameroon


Vision & Strategy

• 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 – Regional Focus on West 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.”


Company Overview

• Current team has drilled 8 wells since joining in early 2007.

• Busiest and most successful Operator in Cameroon. Succeeded in opening up Douala Basin and discovering oil on acreage previously considered as gas prone.

• Multiple discoveries made – all wells encountered hydrocarbons.

• Wells have been targeted to maximise value – oils and rich gas.

• Drill locations have also been considered in context of the desire to maximise the area of retained prospective acreage.

• Extensive additional 3D seismic acquired (Block 6, 4C OBC etc).

Bowleven – Finding Resources & Securing Acreage

†


Etinde Drilling History

2007 2008 2009 2010 2011

• 100% Drilling success rate.

• Focus on liquids.

• Gross resources up 166% since 2006.

• Operator’s estimates, excludes Sapele-3 and Alpha-Epsilon System:

Track Record – Wells and Resources

IE-3 (August 2010) Tested 22,909boepd

from 5 zones 40m Net Pay

IE-2z (March 2007) Tested 8,800boepd

55m Net Pay

IF-1R (August 2008) Tested 3,812boepd

61m oil column

D-1R (July 2007) Tested 5,655boepd

11m Net Pay

Sapele-1 (Feb 2011) 33-43m Net Pay

Sapele-1ST (June 2011) Tested 3,101boepd

19m Net Pay

Sapele-2 (Aug 2011) Tested 3,119boepd

35m Net Pay

Sapele-3 (Oct 2011) 19m Net Pay

20km

IC

IM

Sapele-3

IE Manyikebi

SNA-1X

Sapele-1/1ST Sapele-2 D-1R

IF

Etinde P50 Gross Resource

mm

boe

Deep Omicron Fairway

Vitol farm-in


Key Events for 2012-2013

Etinde

• Target to sign MOUs for up to 80mmcf of dry gas sales by end H1 2012.

• Draft Etinde Exploitation Application on track for submission on 31st March 2012.

• Rig due to be delivered following completion of operations for Noble Energy. Anticipated around middle of year.

• 2-4 well offshore appraisal and development drilling programme commencing with IM well.

• Project financing - discussions already commenced.

• Gas Sales Agreements, FID and finalisation of debt finance targeted for 2013.

Bomono

• Drilling campaign scheduled to commence mid 2012.

†

Mobilise for Commercialisation


Gas Handling – The Key to Monetising Resources

• Etinde resources are predominately gas-associated liquids.

• In order to realise the value of Bowleven’s existing discoveries, finding a solution for the associated gas is key.

• In common with nearly all African countries, Cameroon has only a small but rapidly expanding market for gas.

• Until very recently Cameroon Government had a strong preference for any Cameroon gas, including Etinde gas, to be earmarked for use in aggregated LNG (GdF) scheme.

• Whilst gas sales to a third party is clearly preferable it is not a pre-requisite to development as alternative “in house” solutions exist.

• Commercialising gas is a key objective of the work programme that has been agreed by the JV for 2012.

• Production will provide the cashflow base for ongoing development – plus further exploitation of the existing extensive prospect inventory.


Alternative In House Solutions

Gas Solutions – Multiple Options

Fertiliser (Ferrostaal)

70mmscfd

Power (AES Sonel)

10mmscfd

LNG (Cameroon/Bioko)

80-185 mmscfd

Methanol (JV)

60-110 mmscfd

Small Scale LNG

60-110 mmscfd

Third Party led

• Negotiations advancing. • Being progressed in parallel.

Liquids focused – gas enabled

Reinjection (JV)

Dependent on Reservoir

• Gas pricing TBC.


C5’s Cond.

Phas

e 1

– M

LHP-

7 Ta

rget

201

5 Su

bseq

uent

Ph

ases

O

nstr

eam

201

6-

Pote

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l Fu

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Pha

ses

Maximising Liquids Value

• All liquid offtake is marketable internationally i.e. free marketing rights for oil.

• Strong local and pan-African market for Propane & Butane (Cameroon currently imports from Equatorial Guinea).

• Current concept is phased development.

• Flexibility in gas disposal options maintained.

IM

IE

IF

Omicron Deep & Lower

Epsilon

D-Discovery (D-1R)

Other existing & Future

Discoveries

Oil, Condensate & up to

90mmscfd of wet gas

Liquids Stripping (Primary

Processing) NGL Plant Up to 80mmscfd

Dry Gas

Power (AES) Up to 10mmscfd

Fertiliser (Ferrostaal)

Up to 70mmscfd

LNG Up to 80mmscfd

Delivery Point Gas Options

C4’s Butane

C3’s Propane Methanol

c.60-70mmscfd

Small Scale LNG

c.60-70mmscfd

Reinjection

Total Liquids Production 10-15% Shrinkage

3rd Party Led Alternative In-H

ouse Solutions


IF

Sapele Omicron Deep

IE

D1-r

IM

Sapele Lower Omicron

0

100

200

300

400

500

600

0 200 400 600 800 1000 1200 1400

Initi

al Li

quid

s Yie

ld b

bls/

mm

cf

Total Mean WGIIP & Initial Liquids Yield*

1,272

Value Optimisation: Gas supply configuration to maximise liquids yield

Test Yields bbls/mmcf

IF 1,272

Omicron Deep 313-329

IE 127-292

Lower Omicron 121

D1-r 59

IM TBC (IM-5)

Note: D-1r and Lower Omicron based on sample yields; *Operator’s estimates.

• Test yields exclude NGLs which could provide significantly enhanced liquids production e.g. IE Field additional c.70bbls/mmcf.

1,272bbls/mmcf

WGIIP bcf


Boundary Conditions

• Development of gas solution “drives” the project.

• The bulk of the value is in the sales of the liquid hydrocarbons.

• JV working to define the technical scope of the processing plant required to maximise the value of the liquids and deliver dry gas at the factory gate.

• Multiple gas utilisation concepts are being evaluated.

• The bulk of the hydrocarbon processing will be performed onshore.


IF

IE

Sapele

All Liquids & Gas Condensate to

Limbe

Limbe Hub and Power Plant Douala GTE

and Gas supply

Bomono

20km

Phase 1

Concept: Combined Hub and Spoke Development Fully Integrated Holistic Option to Maximise Synergies

• Potential to accelerate development/production.

• Facilitates phased approach.

• All processing onshore; unmanned offshore platforms.

• Provides flexibility for future expansion.

Indicative Etinde Concept Assumptions (gross) Class 5 Estimates

Core Hub

Limbe Processing facility $275-325million

Each Spoke

2-3 wells $20-30million each

Wellhead Jacket $25-30million each

Pipeline $1-2million/km

IM


Key Milestones Gantt Chart 2012 2013 2014 2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2012 2013 2014 2015

Debt negotiation ongoing

IM-5 IE-4/IF-2

MLHP-5 MLHP-6

Design, Construction, Installation

Exploitation Authorisation

Export Contracts Negotiation

Concept Selection Pre-FEED

FEED Concept Screening & Pre-Engineering Studies

Exploitation Application & FDP finalised

Draft Exp. Appl.

Gas Utilisation Studies

Dra

ft E

xplo

itatio

n A

pplic

atio

n S

ubm

issi

on

Gas

sal

es M

OU

sig

ned

Fina

l Exp

loita

tion

A

pplic

atio

n S

ubm

issi

on

Reserves Certification

Gas

Sal

es A

gree

men

t si

gned

P

relim

inar

y In

vest

men

t D

ecis

ion

Pha

se 1

Firs

t P

rodu

ctio

n

Fina

l In

vest

men

t D

ecis

ion

Field Mapping and Reserve Simulation

Production Drilling


Illustrative Productivity

400bbls/mmcf = 36 mbpd

250bbls/mmcf = 22.5 mbpd

125bbls/mmcf = 11.25 mbpd

250bbls/mmcf Reality

90mmcfd Wet Gas • Economics are based on constant liquids over the plateau period.

• In reality, fields will exhibit higher initial flush production followed by a declining profile.

Note: Operator’s estimate.


Illustrative Initial Development Valuation

Bowleven Initial Development Valuation £/share at 1st Jan 2012: Etinde Hub & Spoke $90 Brent; Average Liquids Rates.

Total Liquids Produced = 82 mmbbls (34% of Mean Etinde Liquid Resources).


Liquids Yield bbls/mmscf (Includes NGL’s)

2.61

3.92

$70/bbl Brent

$90/bbl Brent

$110/bbl Brent

• 90 mmcf wet gas • 80 mmcf dry gas • Ten year plateau • Total Dry Gas Sales 292bcf • Total Wet gas produced c.330bcf

Note: Bowleven 294 million shares; $1.55=£1; cash includes EOV proceeds; no value for Bomono or tail production. Operator’s estimates.


0.35 1.34

0.35 2.95

0.35 4.51

125

250

400

1.69

3.30

4.86

£/share

Cash Etinde Hub & Spoke NAV


Bowleven Net Share of Initial Development Cashflow

(2,000)

(1,500)

(1,000)

(500)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

(400)

(300)

(200)

(100)

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

US$ million Cumulative US$ million Annual Bowleven's Net Share of Initial Development Cash Flow 90mmcfd; 250 bbls/mmcf; US$90/bbl; Gas price TBC.

Cost oil

Profit oil

Capex incl. all fees etc

Opex

Corporation Tax

Annual NCF

Cumm NCF

Cash flow positive ~ 13 months after

1st production

Note: Operator’s estimate.


Project Funding

• Forecast net cash balance at 1Q 2012 ~ $160 million, no debt.

• Forecast total 2012 Group expenditure $110 million (assuming 2 wells on Etinde with coring, testing, development studies, plus one Bomono well).

• Estimated net share of development capex over life of fields (post SNH back-in) ~US$550million.

• Estimated net peak working capital requirement c.US$400million*.

• Debt finance market – discussions commenced with a number of banks.

• Strong funding relationships within JV with lending institutions.

• Significant post back-in equity position (60%) gives further financing flexibility.

*(60% of $595 million Phase 1 gross capex =$357million plus taxes of $80million and cost inflation allowance of ~$20million, less corporate cash end 2012 c. $50million).


Cameroon Overview Relatively underexplored - an emerging oil story

Douala Basin

• MLHP 5 & 6, OLHP 1 & 2.

• Onshore and shallow offshore areas.

• Highly prospective acreage.

• Number of onshore oil seeps.

• Tertiary and Cretaceous leads.

• Onshore early exploration phase on 2D dataset.

• Offshore mature prospects portfolio on 3D dataset.

Rio del Rey Basin

• MLHP 7.

• Shallow offshore area.

• Highly prospective acreage within a proven active hydrocarbon system.

• Tertiary oil and gas-condensate discoveries.

• Established portfolio of additional Tertiary prospects.

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

Cretaceous Turonian plays accessible in onshore area and shallow waters.


Etinde Existing Discoveries Overview of Gross Unrisked Mean Volumes In place*

Deep Omicron fairway

*Operator’s estimates.


Etinde Existing Discoveries IM – Gas Condensate Field

• Discovered by TEPCAM in 1967 with the IM-1 well. • 3 additional wells drilled from 1971-1981 discovering and

appraising Gas-Condensate in the Upper and Middle Isongo. • High quality reservoir sands with excellent deliverability.

• Gas composition from IM-4 Upper Isongo DST 11.4mmscfd, 827bcpd yields a CGR 72.5bbl/mmscf – similar to Alba Field (Equatorial Guinea).

• Only one well successfully penetrated Middle Isongo; CGR is uncertain at this reservoir level.

• Mean WGIIP 466bcf (Upper and Middle Isongo)*.

• Bowleven will begin operations on the IM-5 well in late-Q2 2012.

• Well to appraise Middle Isongo reservoir and enhance the established volumes and confirm CGR.

Present

Historical

• The IM-5 well is likely to be used as a future producer.

• It is anticipated that the IM Field will be used as one of the first phase producers into the Etinde Hub & Spoke development.

Future

IM-1 IM-2

IM-1 IM-2

IM-3

IM-4

*Operator’s volume.


Etinde Existing Discoveries IE – Gas Condensate/Oil Field

• Discovered by TEPCAM in 1980 with the IE-1 well. • 2 Appraisal wells (IE-2z, IE-3) drilled by Bowleven. • High quality reservoir sands with excellent deliverability.

• IE-3 flowed at a combined rate of 22,909boepd*.

• Rich liquids yield – CGR of 127-292bbl/mmscf, and IE-3 also flowed oil on test.

• Additional NGL component of c.70mmbbls/mmscf.

• Mean WGIIP 408bcf; 95mmbbl liquids†.

• Bowleven acquired a 4C OBC survey for improved crestal imaging of the IE Field.

• New seismic data now being interpreted to refine field structural model and locate the IE-4 appraisal well.

Present

Historical

• It is anticipated that the IE Field will be used as one of the first phase producers into the Etinde Hub & Spoke development.

• Appraisal well to enhance proved volumes and located to maximise liquids production.

Future

*Maximum flow rates per interval ranged from 845 to 11,778boepd with a cumulative maximum rate of 14576bpd liquids and >50mmscf gas (total 22,909boepd). † Operator’s volumes.

IE-3

IE-2z IE-1

ID-1


Etinde Existing Discoveries IF – Oil Field

• Discovered by Bowleven in 2008 with the IF-1R well. • 1 well drilled on structure to date. • High quality interbedded reservoir sands with excellent

deliverability.

• Drill stem tested 3,371bopd 35°API oil with 2.65mmscfd associated gas, combined rate 3,812boepd.

• Mean STOIIP 225mmbbls*.

• Bowleven acquired a 4C OBC survey for improved imaging of the IF Field through a prominent gas chimney with extensive seabed expression.

• New seismic data now being interpreted and integrated with previous mapping to further improve structural definition and overall field extent beneath the gas masking effect.

Present

Historical

• It is anticipated that the IF Field will be used as one of the future producers into the Etinde Hub & Spoke development.

• Further wells to target and maximise liquids production.

Future

IF-1R

Biafra Gas

Isongo Oil

4C OBC Data

4C OBC data on periphery of the IF gas chimney. Signal much improved from previous volumes allowing some detail in the western flank of IF to be determined. S-wave data yet to be incorporated.



Etinde Existing Discoveries Etinde – MLHP-7 Biafra Gas Fields

• Shallow play prolific in the Niger Delta and Rio del Rey Basin recognised across the MLHP-7 part of the Etinde PSC area.

• Drilled by 6 wells; 2 of which to specifically target the Biafra interval.

• Dry gas encountered in 5 wells with the exception of IM-1 which encountered oil shows.

• Excellent reservoir quality encountered in all wells.

• IE & Manyikebi - Mean Dry GIIP 136bcf*.

• An areal extensive play being extended into MLHP-6.

• Volumetric resource update during Q1-Q2 2012 for IF, IM, ETM and MLHP-6 Biafra prospectivity.

Present

Historical

• Potential to incorporate into future phases of the Etinde Hub & Spoke Development.

• Possible potential also remains to fast-track development to provide feedstock gas to AES Sonel (Gas to Power scheme) at Limbe.

Future

IE Biafra Field

ETM-1 Gas Response

IF-1R Gas Response

Manyikebi Biafra Discovery

Manyikebi Biafra Extension

Timeslice Optical Stack – Biafra Interval

ID-1 IE-1

IE-2z

IE-3

ETM-1

IF-1R

IM-1 IM-2

IM-3

IM-4

IC-1

Manyikebi

Manyu Oil



Etinde Existing Discoveries Sapele – Deep Omicron Oil Fairway

• Discovered by Bowleven in 2011 with the Sapele-1 well. • 4 wells drilled by Bowleven penetrating the stratigraphically

trapped accumulation. • High quality interbedded reservoir sands with excellent

deliverability, extend across MLHP-5.

• Flow rates for Sapele-1ST =3101boepd*, Sapele-2 =3119boepd†.

• Mean HIIP 477mmboe (not including Sapele-3 extension)‡.

• Integration of ongoing post-well studies to provide volumetric update and define future appraisal and development well locations.

Present

Historical

• Anticipated that the Deep Omicron oil will form part of the second phase for the Etinde Hub & Spoke Development.

Future

*Sapele-1ST flowed at a stabilised rate of 2,023 bopd of 39.2 degree API oil and approximately 6.47 mmscfd of associated gas. †DST1 peak flow rate of 381 boepd, comprising 233 bopd of light oil and 0.89 mmscfd of associated gas and DST 2 comprising 1,818 bopd of light oil and 5.52 mmscfd associated gas. ‡ Operators volume.


Sapele-3: Extending the Fairway


Etinde Existing Discoveries Sapele – Lower Omicron Gas-Condensate Fairway

• Discovered by Bowleven in 2011 with the Sapele-1 well. • 4 wells drilled by Bowleven penetrating the stratigraphically

trapped gas-condensate accumulation. • Arealy extensive, good quality interbedded reservoir.

• Test in Sapele-2, initially flowed wet gas up to 3.1mmscfd, however test curtailed due to a pressure leak in test string.

• Mean HIIP 203mmboe*.

• Geological model evolving with integration of ongoing post-well studies together with planning for future well locations.

Present

Historical

• Anticipated that the Lower Omicron hydrocarbons will form part of the future phasing for the Etinde Hub & Spoke Development.

Future

*Mean HIIP of 203mmboe comprises 132mmbbls CIIP and 1219bcf WGIIP; operator’s volumes.


Sapele Wells Lessons Learnt

• The Sapele wells are drilled in a geologically/operationally challenging environment.

• Interbedded reservoir facies with shale source rocks.

• Lower and Deep Omicron sandstone reservoirs are laterally extensive/connected and are marked by substantial pressure inversions. This was not known prior to the drilling of the Sapele wells.

• The combination of pressure peaks and inversions create situations where the well is markedly over or underbalanced.

• Underbalanced situation leads to influx and well control safety issues.

• Overbalanced situation leads to formation invasion, damage, mud cake and mud loss to formation.

• The overbalance situation in the reservoirs had led to compromise logging and testing results.

• Logging environment very demanding, high downhole temperatures frequently exceeding tool ratings, differential sticking on longer tools also key issues.

• Subsequent wells will be redesigned to case off different pressure regimes during drilling e.g. Sapele-3.

• Sapele-3 drilled within budget and without substantial formation invasion.

Pore pressure chart for one of the Sapele wells, highlighting the operational margins for Mud Weight (to include ECD). Note the c.2ppg EMW drop on entering the Deep Omicron reservoir.


Etinde Existing Discoveries D-1R – Gas-Condensate Field

• Discovered by Bowleven in 2007 with the D-1R well. • Single well penetration of the stratigraphically trapped

accumulation. • Good quality reservoir sandstones of Miocene age.

• Well tested 25.4mmscfd with 56bbl/mmscf condensate (combined 5,655boepd); no depletion.

• Well test analysis indicative of greater connected volume than can be seismically mapped.

• Mean WGIIP 71.5bcf, with 4.4mmbbls condensate*.

• Geological and geophysical evaluation ongoing.

Present

Historical

• Possible appraisal drilling for possible GOC/GWC.

• Anticipated that the D-Discovery will form part of the future phasing of the Etinde Hub & Spoke Development.

Future

Far Angle Stack

Type II AVO Anomaly



MLHP-5 MLHP-6

Sapele-1ST Sapele-2

Sapele-1

SNA-1X

D1-R

Sapele-3

Epsilon Complex

Etinde Existing Discoveries Sapele – Palaeocene Alpha-Epsilon System

• E-W trending Palaeocene depositional systems have long been recognised in the Douala Basin.

• Numerous oil shows and discoveries within this petroleum system; CoCo Marine 1 & 2, Moulongo Marine etc.

• Sapele-1 encountered gas and oil shows in Epsilon which was latterly confirmed as Palaeocene in age from biostratigraphy.

• Sapele-3 well also encountered oil in the same Palaeocene interval.

• Pay zones correlate to bright amplitude seismic data.

• Mean GIIP 1819bcf for the system*.

• Gas condensate, dry gas and oil were all encountered at Sapele-1 & 3 validate additional Palaeocene prospectivity.

• Liquids volumetric analysis ongoing with the integration of Sapele-3 well results.

Present

Historical

Palaeocene depositional features from seismic timeslice

• Anticipated that the Alpha-Epsilon System will form part of future phasing for the Etinde Hub & Spoke development.

Future



Etinde Existing Discoveries Sapele – Cretaceous Discovery

• Discovered by Bowleven in 2011 with the Sapele-1 well. • Medium quality interbedded reservoir sandstones of the Upper

Cretaceous. • The stratigraphically trapped accumulation was found to contain

high pressure dry gas. • Sapele-1 was abandoned due to the high pressure influx of gas

to the well bore. • Mean Dry GIIP 1029bcf*.

• Geological and geophysical evaluation of the Cretaceous interval across the Douala Basin of Cameroon is ongoing to define reservoir fairways, future drilling locations and pressure profiles within the basin.

Present

Historical

• Cretaceous gas reservoirs have the potential to provide significant gas volumes to future production phases.

• Pressure encountered require careful operational planning prior to the drilling of future wells into this interval.

• Anticipated that the Cretaceous reservoirs will form part of a future phase to the Etinde Hub & Spoke development.

Future

Cretaceous

Gas Kick

N

Cretaceous Amplitude Map (kick interval).

Sapele-1

Sapele-1



Bomono

Present

Historical

Future

• 6 deep wells and c.10 shallow wells drilled in the 1950’s.

• Wells and onshore oil seeps proved active hydrocarbon system.

• Tertiary and Cretaceous structural and stratigraphic traps defined in area.

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

• New 2D data integrated into existing vintage dataset and now defines a series of structural prospects.

• Prospect selection in progress, with a (commitment) well due

Q3 2012.

• Planning for immediate follow-up appraisal wells.

• Anticipated that Bomono discoveries will be linked into the proposed facilities at Limbe for gas stripping and oil export.

Unrisked Mean HIIP Oil mmbbls Associated Gas

bcf Gas bcf Condensate mmbbls

Tertiary D & E Sands. 355 186

Tertiary B & C Sands. 326 112


MLHP-6

Present

Historical

Future

• Sparse 2D data and spec-surveys acquired across the MLHP-6 area.

• Recognition of onshore seeps immediately adjacent to Mt Cameroon, with shows in peripheral wells (Pungo-1X, 1970).

• No wells on block.

• Bowleven acquired full 3D seismic dataset in 2010 which affords a new understanding of the Cameroon Line, its evolution and associated prospectivity.

• Variety of play types to explore for in MLHP-6.

• Highly prospective acreage given its position between proven active hydrocarbon systems.

• Sapele-3 well confirms extension of Deep Omicron & Alpha-Epsilon System into MLHP-6.

• Kosmos recently signed the new Fako block in the equivalent onshore area, on the flanks of Mt Cameroon.

• Further exploration drilling expected on MLHP-6.


Summary

• Exploration success has extended Etinde resources into liquids and across the acreage.

• Energy/Momentum/Means to deliver Etinde to first production.

• Key milestones 2012-2013.

• End Q1 2012 – Draft Exploitation Application & Development Plan submitted to SNH.

• Q2 2012 – IM-5 well spuds. Signed MOUs for gas sale agreements.

• Q2/Q3 2012 Bomono operations.

• End Q3 2012 – IM-5 well TD, pre-FEED Etinde Hub & Spoke development commences.

• Q3 2012 – Additional well spud (IE/IF, Block 5, Block 6).

• End Q4 2012 – TD of additional well.

• 2013 – Gas Sales Agreements, FID and finalisation of debt finance targeted.

• 2 - 4 offshore wells are programmed for 2012, not all required before the decision point reached for the Etinde Hub & Spoke development.

• Project financing discussions already commenced.

• Fully funded for 2012.

• With a potential gas solution and liquids focus, significant cash flow is anticipated from first production – enabling further exploration and development.

Liquids focused – gas enabled

oil & gas

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

www.bowleven.com

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

[email protected]

oil & gas

Appendices


Valuation Assumptions for Indicative Initial Development Economics

• Cash at 1.1.2012 US$160million including EOV proceeds.

• $1.55=£1.

• 294,455,919 Bowleven shares in issue.

• Bowleven development equity 60%; Vitol and State 20% (State 20% back-in on development sanction).

• Inflation 3% p.a.

• Discount Reference Date 1.1.2012.

• Single PSC Exploitation Area.

• Liquids (oil, condensate and NGL’s) sold as blend at Brent $90 long-term real (2012 terms).

• Gas sales price TBC.

• Post-processing sales gas delivered to Upstream delivery point in Limbe for Fertiliser and Power Plant.

• No value for post-plateau tail gas or liquids production.

• No value for Bomono.

• IM plus 1 well 2012, appraisal costs US$60million included in cash flows.

• Etinde Historic Costs to end 2011 US$536 million; Bowleven share US$394million (net cost recovery $468million).

• Phased Hub and Spoke development; 1st production 2015; Platforms on IE and Sapele; Wellheads on IM and IF; ten development wells; pipelines from IE and Sapele to processing plant including NGLs.

• Total Capex to gas delivery point ~US$910million; opex US$19 million (Phase 1) to US$32 million p.a (all phases).

• Wet Gas plateau production rate 90mmcfd; 10 year plateau; gas shrinkage ~11%; dry gas 80mmcfd.

• Average liquids rate scenarios per mmcf: 125, 250, and 400 bbls.

• Liquids include depletion condensate, oil, additional condensate C5+ generated through NGLs processing, propane and butane.


Indicative Cost Estimates and Phasing (Class 5 ±50%)

Real 2011 Capex Phase 1 Processing Subsequent Phases Total

First production Development wells

Date Number

2015 5 wells

2015

2017 5 wells

- 10 wells

Development wells Wellhead Platforms Pipeline/tiebacks

US$million US$million US$million

135 50

100

135 50

130

270 100 230

Total Field US$million 285 0 315 600

Processing & NGL’s Plant US$million 0 310 0 310

Total US$million 285 310 315 910

CAPEX Total 2013/2014 2015/2016 2017 2018/2019

Development Wells 270 135 45 90

Platforms 100 50 20 30

Pipelines/Tie Backs 230 100 20 110

Processing & NGL’s Plant 310 310

Total 910 595 85 0 230

Phase 1 All Phases

Opex p.a. US$million 19 32

Yr of 1st production 2015 2020 onwards

Note: Initial capex will be reduced in the event appraisal wells are suspended as producers.

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