Bowleven : AGM Presentation.

Bowleven

Annual General Meeting

8th December 2021

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.

Agenda

1. Corporate Highlights
2. Strategic Review
3. Etinde development overview
4. Etinde roadmap towards commercialisation
5. IM and IE area technical analysis
6. Financial Results FY2021
7. Corporate Overview
8. Q & A

3

Corporate Highlights

A strategic

focus on Etinde

FID

Market valuing Etinde stake at $10 million (c. £7 million

Market Cap £11 million

($15 million)*

Alignment with

our JV

partners, SNH and Cameroon

Government Cash and financial

investments of

$6.6 million (£5 million)*

• Enterprise Value = Market Capitalisation ($15 m)- Cash ($4 m) - Liquid Financial Instruments ($2.5 m) = $8.5 m.
• At current GBP:USD exchange rates.

Capital

structure

maintained

Etinde

preferred

development option being actively assessed

4

Strategic Objectives Achieved

WORKING TOWARDS FID

• FEED completed; development plan identified; discussions with SNH

VALUE MONETISATION

• Exploration of other development options as FEED studies indicated insufficient return on investment with IM only development

ENHANCING THE ASSET

• Recognition of Etinde potential; realignment of process towards FID

STAKEHOLDER AGREEMENT

• Frequent communication within JV; with external stakeholders and commercial partners

LOW-COST OPERATING MODEL

• No change in costs in comparison to prior years

PROJECT FUNDING

• Cofarco appointed as joint financial advisor; potential for low-level funding

5