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. Private & Confidential 2
Overview focused on Cameroon in Africa We are dedicated to realising material shareholder value from our assets in Cameroon whilst maintaining capital discipline and employing a rigorous approach to other valueenhancing opportunities Strategic framework: Creating shareholder value Deliver value to all our shareholders by developing and growing our resource base in our Cameroon assets whilst maintaining rigorous attention to costs and value Right sized our organisation commensurate with the needs of our current portfolio Convert portfolio resources to reserves and monetise the gas and condensate Focus attention on monetising the existing exploration assets ahead of deploying capital on new exploration Seek and optimise value-adding partnerships Private & Confidential 3
Delivering value for all our shareholders New leadership Chris Ashworth was appointed Chairman and Eli Chahin was CEO in March. The Board was subsequently expanded with two new non-executive Directors. Joe Darby was appointed in April and Matt McDonald was appointed in August Fresh approach Refocussed strategy away from exploration to maximising value from our existing asset portfolio Right sized organisation and moved to London Enhanced capital discipline Aligned cost based with strategy Average G&A costs reduced to less than $350k per month Executive Board costs reduced significantly Private & Confidential 4
Financial results Strong balance sheet with over $84m cash at 30 November 2017 No debt and no outstanding work programme commitments Etinde farm-out transaction: o Access to $40 million (net) carry; covers share of drilling/testing of two Etinde appraisal wells 2 o $25 million at Etinde FID G&A reduced to less than $0.35m net per month on average Bomono asset fully impaired at an impairment charge of $46m 7.8m shares purchased under share buyback programme at total consideration of $2.6m 1 B current budget for calendar year 2017 Administrative expenses net of costs recovered against the asset base and includes UK and overseas costs 1 Sterling gross consideration converted to USD at 1.2695 2 Cash alternative in 2020 available Private & Confidential 5
Near-term Business Objectives Maximise the value of Etinde Ensure appraisal drilling is carried out in 2018 Work towards prompt development alignment FID to be achieved quickly thereafter De risk Bomono Relinquish operator status Complete farm-out with VOG on agreeable terms Further appraisal/exploration activities may follow Selective capital deployment Assess value enhancing opportunities across Etinde value chain Seek to cover G&A with proactive cash management G&A containment Continuous G&A scrutiny whilst retaining execution capacity Private & Confidential 6
Togo Benin Asset overview Etinde In a strong financial position with $40M carry for the 2018 appraisal wells Equity Interest NewAge (operator) 37.5 % LUKOIL 37.5 % Bowleven 25 % SNH 0% Ghana Nigeria P50 contingent resources 290 mmboe Cameroon E.Guinea Bomono Has exploration licence extended to December 2018 and PEA submitted to authorities. Farm-out with VOG pending Bomono Douala Gabon Congo Equity Interest Bowleven (operator) 100%* 20km 20km * Victoria Oil and Gas plc have farmed-in for 80 % interest, but this is subject to completion Private & Confidential 7
2018 Etinde Appraisal drilling (1) Work Programme and timeline Outline agreement to proceed with two appraisal wells in 2018 JV partners closely aligned re well location Final decision in Q1 2018 following shallow level drilling hazard assessment and sea bottom survey Initial well designs completed Tender process for drilling contractor and other major suppliers under way Well testing programme under evaluation Drilling vessel expected to mobilise on site in Q2 2018 IM-6 well spud planned for Q2 2018 Two well drilling programmes expected to conclude in Q4 2018 Isongo Marine Discovery Intra Isongo Dicovery ID/IE Discovery Private & Confidential 8
2018 Etinde Appraisal drilling (2) Primary target IM-5ZR well discovery Drilled to the SE of the earlier IM-3 well with approximately 0.47 tcf of wet gas resource) Tested >10,800 boepd from 29m net pay (37mmscfd & 4,664 bcpd) IM-6 appraisal well Southward extension of the 410 intra-isongo sandstone horizon gas condensate discovery from the IN-5ZR 200 to 280m potential column height targeted Well designed with the ability to convert to a production well at a later date If well proves to be below the gas/water contact, then data collected should be sufficient to allow an up-dip side track In a success case, the well targets 0.87 tcf of wet gas resource at P50 in the 410 sandstone horizon RMS Amplitude map showing the proposed IM-6 location due south of the IM-5Zr well (source: New Age) Private & Confidential 9
2018 Etinde Appraisal drilling (3) Secondary target IM-6 well The IM-6 well located to explore two additional potential reservoir formations above and below the 410 resource Shallower depth 510/Grinder sandstone formation Deeper depth 310/Yankee sandstone formation On a success case basis, the larger 510 sandstone has up to 1.1 tcf (at P50 confidence) of wet gas within the RMS amplitude defined structure The deeper 310 sandstone package may contain up to 0.2 tcf of gas in place (P50) IM-7 Appraisal well The IM-7 proposed well location is designed to identify the likely size of the 510 sandstone formation Appraisal well success outcome Both wells have the potential to increase total gas condensate resource in place from c1 tcf to 3 tcf at the P50 confidence level (total field basis) Discovered volumes Appraisal Success GIIP (Bcf) P90 P50 P10 Mean 776 1.003 1,301 1,025 510 803 1,120 1,495 1,137 410 (remaining) 513 743 1,011 756 310 184 233 293 236 Total 2,276 3,099 4,100 3,154 Private & Confidential 10
Etinde exploitation JV focus is on achieving earliest possible development in a cost effective manner within technical and timing constraints Early stages for approval of a two-phase development: o o 70 mmscd dry gas to be made available to the domestic market for use on Government approved projects (eg. electricity generation) Sale of remaining gas production and condensate at JV choice Private & Confidential 11
Gulf of Guinea Floating LNG proving ground? Perenco, Gazprom marketing and trading and SNH signed an 8 year deal with Golar LNG Golar provide a Floating LNG vessel (the Hilli Episeyo ) to process 500 bcf of gas from Perenco/SNH s Sanga Sud and Ebome fields off Cameroon Hilli Episeyo arrived in Cameroon waters in late November 2017 The Hilli Episeyo en route to Cameroon Ophir Energy pursuing a FLNG solution for Fortuna JV in Equatorial Guinea waters to the SW of Etinde FID expected early 2018 OneLNG (JV) to operate the FLNG facility Subsea Integration Alliance (JV) awarded in October 2017 upstream construction contract Targeting first gas with a planned 440 mmscf/d gas production in 2020 Schematic development design for Fortuna LNG JV (source: Fortuna presentation) Private & Confidential 12
Bomono Monetising the asset is dependent of finalising the agreement with VOG Victoria Oil & Gas plc ( VOG ) represent an ideal partner to develop Bomono Farm-out transaction for 80 % stake signed with VOG in March 2017 subject to conditions precedent VOG, with our agreement, have rolled the long-stop date for the contract to 31 December 2017 Should the farm-out arrangement not complete, we will not be in a position to generate an alternative development plan before the existing exploration authorisation terminates in December 2018 We consider a likely risk that the Government will not approve a further extension to the exploration authorisation without attaching additional exploration work commitments Given the ongoing discussion and fundamental uncertainty, the carrying value of the Bomono intangible asset has been fully impaired, with a charge of $46 million being made in the year Private & Confidential 13
Conclusion creating shareholder value Deliver value to all our shareholders by developing our resource base in our Cameroon assets Right sized our organisation commensurate with the needs of our current portfolio Convert portfolio resources to reserves and monetise the gas and condensate in Etinde Disciplined capital deployment conducive with the set near term objectives Seek and optimise value-adding partnerships across the Etinde value chain where appropriate and commensurate with the risk/return proposition Private & Confidential 14
Q & A Private & Confidential 15