Annual General Meeting Presentationconstitute: (i) an invitation or inducement to engage in any investment activity, whether in the United Kingdom or in any other jurisdiction; (ii)

Annual General Meeting Presentation16 December 2015

16 December 2015 Annual General Meeting 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 "SecuritiesAct") 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 fu ture. Forward-looking

statements are not guarantees of future performance. The Group’s actual results of operations, financial conditions and liqu idity, 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 t he 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.


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.”


Company Overview

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

recognised local operator.

• Cash consideration from farm-out significantly strengthened balance

sheet and provides carry for two appraisal wells on Etinde.

• Hydrocarbon discoveries made with Zingana and Moambe

exploration wells (Bomono).

• Near term focus is on existing asset base with active operational

period planned:

• Extended well testing programme underway on Bomono;

MOU signed with Actis/Eneo for gas-to-power scheme. EA

submitted to Cameroon authorities.

• Carried for two well appraisal programme on Intra Isongo;

targeting additional resource potential identified with

previously drilled IM-5 well.

• Strong financial foundation of cash, no debt or work programme

commitments. Further consideration comprising $40 million carry

and $40 million staged cash receipts to follow.

• Protect balance sheet strength for existing asset base and exert

capital discipline over new opportunities.

2015 Highlights

Outlook


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.

Funding: With Bowleven carried for up to $40 million

(net) 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).

Power

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 multiple

development opportunities.

• Well locations agreed & drilling anticipated during 2016; integral

with development optimisation.

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

Etinde Exploitation


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


Bomono

Operational Update

• Following programme with Drill-Drill-Test-Test

strategy.

• Two well exploration drilling programme completed,

per plan.

• Extended well testing programme underway

(Moambe then Zingana).

• Exploitation Authorisation Application (EAA)

submitted to Cameroon Authorities.

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.

• MOU signed with power provider Actis/Eneo under

gas-to-power development scheme.

• Development concept for early monetisation scheme

based on packaged power units to create a scalable

facility with liquids trucked to Limbe refinery.

• Near-term gas production targeted.

Rig onsite at Zingana

Bomono Gas to Power Project: Phase 1 Development Scheme

Early Gas to Power


Bomono: Exploration Targets – Extended well testing underway

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

Zingana

• Drilled to 1720m MD, on trajectory.

• Encountered all prognosed reservoirs.

• Acquired planned wireline log suite.

• Identified log-evaluated hydrocarbon pay in all but one reservoir.

Moambe

• Drilled to 1769m MD, on trajectory.

• Encountered all prognosed reservoirs.

• Additional reservoirs also encountered.

• Acquired planned wireline log suite, confirming geological model.

• Hydrocarbon pay (gas) confirmed in B sand from logs and reservoir

sample.

• Potential pay encountered in two additional sands.

Forward Plan

• Extended well testing underway; focus on shallower reservoirs.

• Initial indications: Moambe 4-5 mmscfd on development.

• Testing of Zingana to follow Moambe.

• Evaluation of deeper reservoir potential.

* Moambe well trajectory projected

onto section, actual location 2km ENE

of Zingana surf ace location.


Overview - Other African Acreage – Forward Plans Under Review

Kenya

Uganda

South SudanEthiopia

Kenya

Source: Bowlev en

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

Rift system; high level of industry activity with multiple oil discoveries to the south (Lokichar Basin) and pipeline plans in motion.

• FTG acquired. Logistical issues / security concerns prohibited

seismic activity pre-expiry of first exploration phase.

• 12 month extension awarded to 26 May 2016 by Kenyan authorities.

• 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).

• Four year exploration period. Minimum committed work

programme estimated ~$500k.

Zambia


Funding Overview – Strong Financial Foundation

• Balance sheet strengthened following Etinde farm-out transaction:

• ~$120 million cash*, no debt as at end of October 2015.

• Access to a further $80 million consideration via $40 million (net) carry for two Etinde appraisal wells and $40 million staged cash receipts.

• $15 million on completion of wells (or end Sept 2016).

• $25 million at Etinde FID.

• Funded for planned activity:

• Bomono EWT underway (in success case targeting near-term production).

• Appraisal drilling on Etinde anticipated 2016 (net share drilling/testing covered by carry).

• G&A reduced to ~$1.0 million (gross) per month (previously

$1.5 million); further reduction initiatives being implemented.

• As Group progresses towards development alternative

funding options will be considered (e.g. project debt,

development bank finance).

• Protect balance sheet strength and ensure a capital-

disciplined approach to opportunity consideration.

*prior to any recovery for hardware purchased or contractor claims related to

the Bomono drilling operation.


Timeline Operations - Cameroon

H2 2015 2016

Bomono drilling/extended

well testing

Bomono EA preparation /

submission and

development

Etinde drilling

Etinde pre-development FID

2 exploration wells + extended well testing

2 appraisal wells

Target

first gas


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:

• Extended well testing programme on Bomono.

• Initial development at Bomono in event of

successful testing

• Appraisal of the extensive Intra Isongo reservoir

interval on Etinde (carried).

• Results of planned drilling on Etinde and testing at

Bomono will determine future capital requirements.

• Protect balance sheet strength with a capital-disciplined

approach to opportunity consideration.

• Heads of Terms announced with Aminex on potential

acquisition of licence interests in Tanzania.

Within the next 12 to 18 months

Bowleven anticipates

participation in two potentially

significant appraisal wells at

Etinde and in the event of

successful testing at Bomono

could also deliver a home grown

revenue stream.

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

[email protected]

Documents

Annual General Meeting Presentationconstitute: (i) an invitation or inducement to engage in any investment activity, whether in the United Kingdom or in any other jurisdiction; (ii)