Final Results

BowLeven Plc
20 October 2005


20 October 2005


                         BowLeven Plc ('BowLeven' or 'the Company')

                     Preliminary results for the year to 30 June 2005

BowLeven, the Cameroon-focused oil & gas company listed on AIM, today announces
its preliminary results for the year ended 30 June 2005.

Highlights of the year include:

•         Placing and admission to AIM, raising £32m (before expenses) at a
pre-IPO and IPO placing;

•         High quality seismic over block MLHP-7 has been acquired, processed
and interpreted;

•         A two well drilling programme has begun;

•         Discussions with the Cameroon authorities, on economic and fiscal
terms for oil and gas developments in the Etinde Permit, have commenced;

•         Funding, for an ongoing drilling programme in 2006 and new 3D seismic
over blocks MLHP-5 and 6, has been secured by a £55m institutional placing; and

•         The boards of BowLeven and EurOil have been strengthened.


Commenting, Terry Heneaghan, Executive Chairman, said:


'This has been a significant year for BowLeven, securing funding for our work
programme over the next two years, and the commencement of a drilling programme.
Although, yesterday, we announced that we had not found any oil at the
Manyikebi-1 well (a Biafra sands oil prospect), we are very encouraged that the
well found gas as expected, and that the quality of the reservoir sands is
good.'

'We are using the funds raised to explore and appraise our assets and acquire 3D
seismic over blocks MLHP - 5 and 6.  The drilling programme is proceeding as
planned and the Isongo Sands show considerable potential for gas and 
condensate.'

For further information contact:

Terry Heneaghan, Executive Chairman, BowLeven Plc             0131 260 5100
Adam Westcott, Noble & Company Limited                        0131 225 9677
Neil Bennett, Maitland                                        020 7379 5151



Chairman's Statement

20th October 2005


It is now just over ten months since BowLeven was admitted to AIM. Since then,
substantial progress has been made:

-         high quality 3D seismic over block MLHP-7 has been acquired, processed
and interpreted,

-         a two well drilling programme has begun;

-         discussions with the Cameroon authorities, on economic and fiscal
terms for oil and gas developments in the Etinde Permit, have started;

-         funding, for an ongoing drilling programme in 2006 and new 3D seismic
over blocks MLHP-5 and 6, has been secured by a £55 million institutional equity
placing, and

-         the boards of BowLeven and EurOil have been strengthened.

3D Seismic

The January 2005 acquisition of 3Dseismic over 575 sq.km. in block MLHP-7, has
proved to be an excellent investment. The seismic data has revealed that the
known Isongo gas/condensate discoveries, which were drilled by previous
operators many years ago, were located on the flanks of three large channel sand
systems that congregate in a 'hydrocarbon depocentre' in the southern portion of
this block. These three channels cover around two thirds of the areal extent of
the block and the prospects in this area, for exploration and appraisal
drilling, are exciting.

Drilling

A jack-up drilling rig (Adriatic IX) was secured from GlobalSantaFe to drill two
high impact exploration wells in block MLHP-7.

Drilling started on 10th October 2005 and the first exploration well
(Manyikebi-1), a multi reservoir Biafra sands oil target, was drilled to total
depth. The well encountered high quality reservoir sands, discovered gas but did
not find oil. The well will be plugged and abandoned as a small gas discovery;
recoverable volumes have yet to be determined. We are obviously disappointed
with this result, which is a setback for our technical analysis of the Biafra
sands, but the basic depositional model is confirmed.

The results of Manyikebi-1 have no impact on the Group's previously stated
recoverable hydrocarbon volumes and the technical interpretation of the Isongo
sands is unaffected. Our asset base in Cameroon has considerable exploration and
development potential.

The second well, Bachuo-1, which will immediately follow on from the initial
well, is a gas/condensate exploration target in the Upper Isongo sands, within
the hydrocarbon depocentre in the southern part of this block. The result of
this well will be announced as soon as possible after technical assessment has
been concluded.

Fiscal and Economic Terms

Discussions have begun with the Cameroon authorities in regard to new fiscal and
economic terms applicable to oil and gas developments in the Etinde Permit.
These discussions are ongoing and we will report any significant developments to
shareholders in due course.

Farm-In Strategy

Your directors recognise the likely advantages of securing an oil and gas joint
venture partner in order to further de-risk the technical and financial exposure
to the business.

Our criteria for partners are:

-         we will retain Operatorship of our assets,
and our selected partner will ideally have:

      -   West African Experience,
      -    a fast track development record,
      -    gas as well as oil experience, and
      -    access to other licence areas in Africa.
Our objectives are to:
-         reduce risk,
-         obtain additional technical capability
-         provide funds for future developments, and
-         reduce future cash requirements from shareholders.

Should we decide to form a joint venture partnership, we would aim to conclude a
deal during summer 2006.

Additional Equity Funding

On 18th October 2005, BowLeven issued 8.5 million new ordinary 10p shares, by
way of a private placing to certain financial institutions, at a price of £6.50
per share, to raise new equity funds of £55.25 million before expenses. The net
proceeds of £53.09 million will be used to fund a planned 2006-2007 exploration,
appraisal and development drilling programme, 3D seismic acquisition over Blocks
MLHP-5 and 6 and provide additional working capital.

Board Changes

With immediate effect, Don Vandergrift (Group Operations Director and CEO of
EurOil) is retiring from the boards of Bowleven Plc and all of its subsidiaries.
For a period of twelve months, Don will act as a consultant to the BowLeven
Group, in order to ensure a smooth handover of his responsibilities to our new
Technical Director, John Morrow, and other executive directors. On behalf of the
shareholders and the other directors, I thank him for his tremendous services to
the BowLeven Group over the past several years, often in a very difficult and
precarious business environment. We wish him well for the future.

Dr Easton Wren has indicated his willingness to retire from the board once
another non-executive director has been recruited to replace him.

The operations function is now within the responsibility of John Morrow. John,
age 51 and formerly Project Director (Middle East), BG Group, joined BowLeven
Plc on 7th September 2005 and  is appointed to the board as Technical Director
of the BowLeven Group with immediate effect. Philip Rhind, Group CEO, takes over
the position of CEO of EurOil.

The board of BowLeven Plc has been strengthened by the appointment of two
non-executive directors.

Mr Robert Walvis is appointed with immediate effect to the board as Senior
Non-Executive Director and Deputy Chairman. Robert, age 58, spent his entire
full-time business career from 1971 until 2001 with Royal Dutch Shell. When he
retired from Shell International Limited, he was Director and Chairman of the
Global Corporate Centre with responsibility for worldwide planning, external and
environmental affairs. Robert will be appointed chairman of the Audit,
Remuneration and Nomination committees.

With immediate effect, Mr Steve Lowden is appointed to the board of BowLeven plc
as a non-executive director. Steve, age 47, has had over 24 years experience in
the international oil and gas business, mainly with Premier Oil and Marathon Oil
Corporation. When he resigned from Marathon in June 2005, Steve was Senior Vice
President for Business Development and Integrated Gas.

I am delighted that we have been able to recruit people of such high calibre and
wide ranging experience.

In July 2006 I will be 60 years old. It has always been my plan to retire from
full-time executive life at that age and I will retire as Executive Chairman
sometime during the next twelve months. When I retire, Robert Walvis will take
on the role of Chairman (Non-Executive).

We are actively looking to recruit an Exploration Director with a proven track
record of finding hydrocarbons and we are also seeking a non-executive director
with a City/financial background.

Financial Results

The Group reported a loss of £2.1 million for the twelve months ended 30th June
2005. The main reasons for the loss are, interest payable of £1.3 million
(relating to the premium payable on the redemption and conversion of certain
loans during the financial year) and an increase in administrative expenses to
£1.4 million, reflecting the necessary increase in the scale of the Group's
operations in order to properly manage and develop its asset base.

The balance sheet is healthy and the post-balance sheet event of the
institutional equity placing has considerably strengthened our financial
resources and significantly de-risked the business going forward.

Summary

BowLeven has an attractive asset base in Cameroon with considerable exploration
and development potential.

Our business plan to optimise shareholder value remains unchanged and it is
management's mission to drive this company forward with drill-bit success.

We are now well funded and our plan to form a strategic alliance with a quality
industry partner will provide additional financial and corporate strength.

The quality of the experienced professionals that we have managed to attract
onto this board is a tribute to the potential of our asset base and our business
ambitions.

The Company is moving forward.

Terry Heneaghan
Executive Chairman


GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2005


                                                                                          2005          2004
                                                                           Notes         £'000         £'000

TURNOVER                                                                                     -             -

Distribution costs                                                                           -             -

Administrative expenses                                                                 (1,373)         (590)
                                                                                       -------       -------
OPERATING LOSS                                                                          (1,373)         (590)

Interest receivable and similar income                                                     512             7
Interest payable and similar charges                                           1        (1,271)       (2,184)
                                                                                       -------       -------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                             (2,132)       (2,767)

Tax on loss on ordinary activities                                                           -             -
                                                                                       -------       -------

LOSS FOR THE FINANCIAL YEAR                                                             (2,132)       (2,767)
                                                                                       =======       =======


Basic and diluted Earnings Per Share (£/share)                                 2         (0.13)        (0.27)


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



GROUP BALANCE SHEET
30 June 2005
                                                                                         2005          2004
                                                                                        £'000         £'000

FIXED ASSETS
Intangible assets                                                                      11,289         7,447
Tangible assets                                                                           336             -
                                                                                      -------       -------
                                                                                       11,625         7,447

CURRENT ASSETS
Stocks                                                                                    853           238
Debtors                                                                                   527            69
Cash at bank                                                                           20,518           162
                                                                                      -------       -------
                                                                                       21,898           469
CREDITORS
Amounts falling due within one year                                                      (844)       (7,755)
                                                                                      -------       -------
NET CURRENT ASSETS/(LIABILITIES)                                                       21,054        (7,286)
                                                                                      -------       -------
TOTAL ASSETS LESS CURRENT LIABILITIES                                                  32,679           161
                                                                                      =======       =======

CAPITAL AND RESERVES
Called up equity share capital                                                          2,111         1,030
Share premium account                                                                  33,758           189
Other reserves                                                                          2,883         2,883
Profit and loss account                                                                (6,073)       (3,941)
                                                                                      -------       -------
SHAREHOLDERS' FUNDS                                                                    32,679           161
                                                                                      =======       =======

GROUP CASH FLOW STATEMENT
for the year ended 30 June 2005

                                                                                         2005          2004
                                                                                        £'000         £'000
                                                                                       
Net cash flow from operating activities                                                (2,905)         (178)

Returns on investments and servicing of finance                                          (759)           (5)

Capital expenditure and financial investment                                           (5,686)       (2,166)
                                                                                      -------       -------
CASH OUTFLOW BEFORE FINANCING                                                          (9,350)       (2,349)
                                                                                      
Financing                                                                              29,706         2,497
                                                                                      -------       -------
INCREASE IN CASH IN THE PERIOD                                                         20,356           148
                                                                                      =======       =======


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT


                                                                                         2005          2004
                                                                                        £'000         £'000

Increase in cash in the period                                                         20,356           148

Net cash inflow/(outflow) from loan instruments                                         4,945        (2,347)
Net non cash movement in loan instruments                                                   -        (2,122)
                                                                                      -------       -------
CHANGE IN NET DEBT                                                                     25,300        (4,321)

NET DEBT AT 1 JULY 2004                                                                (4,782)         (461)
                                                                                      -------       -------
NET FUNDS AT 30 JUNE 2005                                                              20,518        (4,782)
                                                                                      =======       =======


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          INTEREST PAYABLE AND SIMILAR CHARGES


                                                                                         2005          2004
                                                                                        £'000         £'000
Debenture loan redemption premiums                                                        411           456
Redemption premium on other loans                                                         860         1,728
                                                                                      -------       -------
                                                                                        1,271         2,184
                                                                                      =======       =======
The redemption premiums were converted into ordinary 10p shares of BowLeven PLC.


2        BASIC AND DILUTED EARNINGS PER SHARE

                                                                                         2005          2004
                                                                                            £             £
Basic and diluted EPS - Ordinary shares of £0.10 each                                   (0.13)        (0.27)
                                                                                   ==========    ==========
Basic and diluted calculation based on:
Loss for the financial year                                                         2,132,145     2,767,227
                                                                                   ==========    ==========
Weighted average number of ordinary shares in the period                           16,788,012    10,248,321
                                                                                   ==========    ==========


          Basic and diluted loss per share are identical as there is no dilution


3       RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                                                         2005          2004
                                                                                        £'000         £'000
Loss for the financial year                                                            (2,132)       (2,767)
New equity share capital subscribed                                                     1,081            12
Premium on new share capital subscribed                                                33,569           188
                                                                                      -------       -------
                                                                                       34,650           200
                                                                                      -------       -------
Net increase/(reduction) in funds                                                      32,518        (2,567)
Opening shareholders' equity funds                                                        161         2,728
                                                                                      -------       -------
Closing shareholders' equity funds                                                     32,679           161
                                                                                      =======       =======



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 68-70 George Street, Edinburgh, EH2 2LT for a period
of one month.





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