Preliminary Results

BowLeven Plc
12 November 2007


12 November 2007

Bowleven Plc ('Bowleven' or 'the Company')

Preliminary results for the year ended 30 June 2007

Bowleven, the African focused oil & gas company listed on AIM, today announces
its preliminary results for the year ended 30 June 2007.

Highlights of the year include:

   • Two successful wells, in Block 7, Rio del Rey Basin;

   • New discovery in Block 5, Douala Basin;

   • Announced and completed a successful takeover of FirstAfrica Oil Plc;

   • Farmed out 50% of the onshore Epaemeno Block, Gabon to Addax;

   • P50 resource base increased by over 50% during year to 167 mmboe

   • Strengthened both the Board and Technical Team; and

   • Carried out equity fundraisings of £67 million (net of expenses)

Commenting Kevin Hart, Bowleven CEO, said:

'2006/7 was a year of strong delivery against strategy.  The potential of our
asset base on blocks 5 and 7 has been substantially advanced, and we have
strengthened the resources of the Group through recruitment, acquisition and
raising new equity.  In the current year, we look to sustain this progress
through exploration and appraisal drilling, and to provide Bowleven both with
options for the commercialisation of the portfolio and the further development
of value for our shareholders.'

ENQUIRIES

For further information please contact:

Bowleven plc
Kevin Hart, Chief Executive Officer     00 44 131 524 5656

Brunswick Group LLP
Patrick Handley                         00 44 207 404 5959
Deborah Spencer

Hoare Govett Limited                    00 44 207 678 8000
Andrew Foster

Chairman and Chief Executive Officer's Review

12 November 2007

We are delighted to report that the last year proved to be a very successful
time for the Company. During the period, Bowleven made significant steps towards
evolving into a business that can ultimately deliver on its goal of consistent
organic growth and material shareholder value creation.

The period was marked by a large degree of positive change and activity, with
many significant milestones being reached. These included:

•  Undertaking a successful three well exploration and appraisal programme in
   Cameroon that resulted in:

    - The flow testing of the E field appraisal well in Block 7 in the Rio del 
      Rey Basin at 30 mmscfd of gas and 3,800 bpd of condensate.

    - The discovery of the D field in Block 5 in the Douala Basin that tested 26
      mmscfd of gas and 1,454 bpd of condensate.

    - The discovery of gas, condensate and oil 700 feet high to prognosis on the
      IF structure in Block 7 indicating the possible connectivity of the IE and
      IF accumulations and a possible 1,300-foot hydrocarbon column.

•  Announcing and completing a successful takeover of FirstAfrica Oil Plc.

•  Farming out part of the onshore Epaemeno Block in Gabon to Addax, subject to
   government approval.

•  Strengthening both the Board and the technical team.

•  Carrying out equity fundraisings totalling £67 million net of expenses.

Value Creation

The Bowleven Board and management team strive to position the Company in such a
way as to maximise its chances of success and the creation of shareholder value.
In so doing, the Board applies a set of aims that it believes is consistent with
these goals, namely:

• Have an asset base with the potential for material exploration success,
  augmented with opportunistic niche acquisitions;

• Create the environment for a competitive advantage to exist through the
  focused active management of political, commercial and technical risk;

• Foster strong external partnerships and excellent relationships with host
  nations, based always on mutual respect;

• Keep control of our destiny by acting as exploration operator;

• Maintain a robust financial position;

• Building a world-class team of motivated individuals and an environment where
  they, and the Company, maximise their potential.

Cameroon

In the past few years we understand that Bowleven, through its wholly-owned
subsidiary EurOil, has invested more in Cameroon on exploration and appraisal
activities than any other oil and gas company. Recently significant time and
effort has been expended on reprocessing and interpreting the extensive 2D and
3D seismic database that the Company has on its Etinde Permit covering Blocks
MLHP 5, 6 and 7.

The culmination of this work has been a successful three-well drilling programme
that was conducted earlier this year on the acreage.

The first (IE-2) and third (IF-1) wells of the campaign, drilled on Block MLHP
7, have helped build confidence that both these structures are connected. Whilst
further appraisal of the IF structure is required to confirm the extent of the
hydrocarbons present, it is considered likely, due to the excellent reservoir
characteristics and high condensate yields encountered, that this area will
prove an excellent development candidate. The current development concept for
the area anticipates that, initially, the gas produced would be recycled and the
condensate extracted and transported to Cameroon via pipeline. Such a scheme has
the benefit of negating any immediate requirement for gas sales and would enable
the recycled gas to be extracted and sold subsequently when a market becomes
available.

It is intended that at least one further appraisal well will be drilled on the
IF structure. A tender process to secure a rig is ongoing and it is hoped that a
well can be completed during the first quarter of 2008.

The second well of the programme (D-1), a higher risk exploration well drilled
in Block MLHP 5 in the Douala Basin, also proved successful. The well, which was
the first to be drilled on Bowleven's acreage in the Basin, tested 26 mmcfd of
gas and 1,454 bpd of condensate. The result of this well, combined with the
recent positive drilling news in the adjoining acreage, also in the Douala Basin
, bodes extremely well for the future exploration of this under-explored basin.
The technical team has identified numerous further oil and gas prospects and
leads on the acreage. It is intended that further drilling will occur on the
acreage in the second half of 2008.

A key objective for the Group in the next 12 to 18 months is to seek to monetise
our existing resource base in Block MLHP 7 in Cameroon together with any
additional gas/liquids discovered in Blocks MLHP 5&6. Of particular
encouragement is the Cameroon Government's announcement in early 2007 of a
cooperation agreement with the Government of Equatorial Guinea to investigate
the possibilities of a project to export gas from Cameroon to the gas
liquefaction plant on Bioko Island. It is proposed that Limbe in Cameroon would
be the gathering hub for any such scheme. The close proximity (approximately 27
km) of the Group's resource base to Limbe, combined with the high well
deliverability and liquids content of the gas, should help ensure that Bowleven
is ideally positioned to participate in any future gas export project.

Gabon

Bowleven gained entry to its position in Gabon through the acquisition of
FirstAfrica Oil, which it completed on 26 January 2007. Since then, progress has
been made on both of the contract areas (East Orovinyare and Epaemeno) that were
acquired through this transaction.

On the offshore East Orovinyare PSC, extensive work has been carried out to
determine the optimal evacuation and processing solution for the production. A
final decision on the preferred option is anticipated by the end of 2007, with
production anticipated to commence from the field in early 2009.

With regard to the onshore Epaemeno PSC, it was decided to bring into the
acreage adjoining operators Addax. It is hoped that their local experience in
the acreage will help add value to Bowleven's position as we move forward with
seismic and drilling activities in 2008/2009.

Resource Base

The combined 2p resource base for the Group, as independently certified by Scott
Pickford and Netherland, Sewell & Associates, is currently 167 mmboe. In
addition, the mean unrisked in place exploration inventory comprises over 1.8
billion boe.

Finance

The Group reported a loss of £4.8 million for the year ended 30 June 2007 as we
work towards first production from our asset base. The main contributor to this
loss was an increase in administrative expenses during the year of £3.7 million
to £7.4 million, part of which reflected the expected expansion in the scale of
the Group's operations to properly carry out both the work programme to exploit
the potential of the Etinde Permit and the integration of the Gabonese
operations into the Group following the FirstAfrica acquisition. This was also
the first period that the Group had applied FRS 20, which requires all companies
to recognise the fair value of employee share-based benefits in the financial
statements. This resulted in a charge of £0.8 million for the year ended 30 June
2007 that has been included within administrative expenses (there was a
corresponding adjustment to the comparative figures of £0.3 million to reflect
the adoption of this new accounting standard).

There was a further charge of £1.4 million within administrative expenses
resulting from translation differences on foreign exchange transactions charged
to the profit and loss account.

With £67 million of new equity finance raised during the year and a £36 million
outflow for Capex, the balance sheet is healthy. The Group had £53 million net
cash resources at the year end.

Outlook

The next twelve months promise to be an exciting time in the ongoing evolution
of Bowleven. We have a high quality team that is capable of optimising and
creating additional value from our existing portfolio whilst also assessing new
opportunities as they arise. Of key importance will be the progress towards
monetisation of our resource base in Cameroon.

The industry remains an extremely competitive one and if we are to succeed we
must ensure that we manage the political, technical and commercial risks we face
with energy, belief, integrity and teamwork. This will remain our focus.

Finally, Steve Lowden, who has served as a non-executive director since 1995, is
going to step down from the Board at the AGM. His contribution to the Group has
been highly regarded and we thank him for all his efforts during his period with
Bowleven.

Ronnie Hanna                        Kevin Hart
Chairman Chief                      Executive Officer

12 November 2007


GROUP PROFIT AND LOSS ACCOUNT
For the year ended 30 June 2007

                                                 2007                      2006
                                Notes           £'000                     £'000

TURNOVER                                            -                         -

Distribution costs                                  -                         -

Administrative expenses                         7,388                     3,674
                                             --------                  --------                                   
OPERATING LOSS
Continuing operations                          (6,519)                   (3,674)
Acquisitions                                     (869)                        -
                                             --------                  --------
                                               (7,388)                   (3,674)

Interest receivable and similar income          2,629                     1,687
Interest payable and similar charges               (9)                       (2)
                                             --------                  --------                                 
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                (4,768)                   (1,989)

Taxation                                            -                         -
                                             --------                  --------
LOSS FOR THE FINANCIAL YEAR                    (4,768)                   (1,989)
                                            =========                ==========
                                   
Basic and diluted Earnings Per Share 
(£/share)                                       (0.09)                   (0.07)

The operating loss for the year arises from the Group's continuing operations.


GROUP BALANCE SHEET
30 June 2007
                                                 2007                     2006
                                                £'000                    £'000
FIXED ASSETS
Intangible assets                              95,669                   40,953
Tangible assets                                31,921                      381
                                             --------                 --------
                                              127,590                   41,334

CURRENT ASSETS
Stocks                                          3,893                      810
Debtors                                         1,039                      435
Cash at bank                                   52,550                   42,453
                                             --------                 --------
                                               57,482                   43,698
CREDITORS
Amounts falling due within one
year                                           (9,717)                  (1,003)
                                             --------                 --------

NET CURRENT ASSETS                             47,765                   42,695
                                             --------                 --------
TOTAL ASSETS LESS CURRENT LIABILITIES         175,355                   84,029
                                             ========                 ========

CAPITAL AND RESERVES
Called up equity share capital                 7,452                     2,961
Share premium account                        177,750                    86,002
Other reserves                                 3,986                     3,218
Foreign exchange reserve                        (913)                        -
Profit and loss account                      (12,920)                   (8,152)
                                            --------                  --------    
SHAREHOLDERS' FUNDS                          175,355                    84,029
                                            ========                  ========
                                             

GROUP CASH FLOW STATEMENT
For the year ended 30 June 2007

                                                2007                      2006
                                               £'000                     £'000
Net cash flow from operating
activities                                   (10,533)                   (3,411)
            
Returns on investments and 
servicing of finance                           2,620                     1,685

Tax                                              (25)                        -
    
Capital expenditure and financial 
investment                                   (48,553)                  (29,433)

Acquisitions and disposals                      (458)                        -
                                           ---------                  --------                                   
CASH OUTFLOW BEFORE FINANCING                (56,949)                  (31,159)

Financing                                     67,046                    53,094
                                           ---------                  --------
INCREASE IN CASH IN THE PERIOD                10,097                    21,935
                                           =========                  ========
                                   

RECONCILIATION OF NET CASH FLOW TO 
MOVEMENT IN NET DEBT

                                                2007                      2006
                                               £'000                     £'000

Increase in cash in the year                  10,097                    21,935
                                            --------                  --------
CHANGE IN NETFUNDS                            10,097                    21,935

NET FUNDS AT 1JULY 2006                       42,453                    20,518
                                            --------                  --------
NET FUNDS AT 30 JUNE 2007                     52,550                    42,453
                                            ========                  ========
                                    

NOTES FORMING PART OF THE FULL YEAR RESULTS

BASIS OF ACCOUNTING

The financial statements have been prepared under the historical cost
convention, in accordance with the Statement of Recommended Practice for
Accounting for Oil and Gas Exploration, Development, Production and
Decommissioning Activities and with applicable accounting standards.


1 BASIC AND DILUTED EARNINGS PER SHARE

                                                2007                     2006
                                                   £                        £
Basic and diluted EPS - Ordinary
shares of £0.10 each                           (0.09)                   (0.07)
                                            ========                 ========

Basic and diluted calculation based on:
Loss for the financial year                4,767,985                1,988,040
                                            ========                 ========
                                              
Weighted average number of ordinary
shares in the period - Basic EPS          53,980,015               27,138,432
                                            ========                 ========
                                            
Weighted average number of ordinary
shares in the period - Diluted EPS        54,126,857               27,285,274
                                            ========                 ========
                                     

2 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS


                                                2007                     2006
                                                                  As restated
                                               £'000                    £'000

Loss for the financial year as                  
previously stated                             (4,768)                  (1,744)

Prior year adjustment - FRS 20                     -                     (245)
                                            --------                 --------
Loss for the year as restated                 (4,768)                  (1,989)
New equity share capital subscribed            4,491                      850
Premium on new share capital subscribed       91,748                   52,244
Exchange differences on consolidation           (913)                       -
Value of share options expensed                  768                      245
                                            --------                 --------
Net increase to funds                         91,326                   51,350
Opening shareholders'equity funds             84,029                   32,679
                                            --------                 --------
                                        
Closing shareholders'equity funds            175,355                   84,029
                                            ========                 ========
                                        
3 CHANGE IN ACCOUNTING POLICY

FRS 20 'Share-Based Payment' has been adopted with effect from 1 July 2006. For
the year ended 30 June 2006, the change in accounting policy resulted in a net
increase in the loss for the year of £245,000. The balance sheet at 30 June 2006
has been restated to reflect the recognition of a share options reserve of
£335,000. For the year ended 30 June 2007 the change in accounting policy
resulted in a net charge to the profit and loss account of £768,000. At 30 June
2007, the share options reserve amounted to £1,103,000

4 ADOPTION OF IFRS

Bowleven will adopt International Financial Reporting Standards (IFRS) with 
effect from 1 July 2007.  The first results to be prepared under this basis will
be the 2007 Interim Results later this year.  This will require adjusting prior 
periods to arrive at the opening balances and comparative figures.  The 
conversion work has already been successfully completed and a first time 
adoption document will be released in the near future.

This document provides details of the full year results of Bowleven Plc. Copies
of the Annual Report will be sent to shareholders and can be obtained, free of
charge, from the Company at 1 North St Andrew Lane, Edinburgh, EH2 1HX for a
period of one month.

Notes to the Editor:

Bowleven is an African focussed oil and gas group, based in Edinburgh and traded
on AIM since December 2004.

BowLeven holds, through its wholly-owned subsidiary EurOil Limited, a 100%
equity interest in the Etinde Permit area being three shallow water blocks in
offshore Cameroon, West Africa; namely Blocks MLHP 5, MLHP 6 and MLHP 7. In
total BowLeven has approximately 2,300 km2 of exploration acreage located across
the Rio del Rey and Douala basins in the Etinde Permit. Bowleven has operated in
Cameroon since 1999.

The Cameroon Government has announced a cooperation agreement with the
Government of Equatorial Guinea to investigate a project to export gas from
Cameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea. It
is proposed that Limbe would be the gathering hub for any such scheme.

Bowleven also holds, through its wholly-owned subsidiary FirstAfrica Oil, a 100%
equity interest in the EOV offshore block in Gabon, which contains an existing
oil discovery that it is seeking to develop, and, subject to government of Gabon
consent of a farm out to Addax Petroleum, a 50% equity interest in the Epaemeno
Block which is 1,340 km2 of exploration acreage in onshore Gabon which sits
adjacent to a number of recent discoveries in surrounding blocks.


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