Interim Results

BowLeven Plc
21 March 2005


21 March 2005


                   BowLeven plc ('BowLeven' or 'the Company')
            Interim results for the half-year ended 31 December 2004

BowLeven, the African oil and gas exploration and development group with
operations currently in Cameroon in West Africa, announces its maiden interim
results.

Highlights

• Acquisition and processing of 575 sq km of 3D seismic data over block MLHP-7,
• Acquisition of 206 sq km of 3D seismic over blocks MLHP-5 and MLHP-6,
• Seeking a rig to drill two wells in Summer 2005,
• Started discussions for gas to electricity ('GTE').

Terry Heneaghan, the Chairman, commented:

'We are working very hard to ensure that we take advantage of all the
opportunities for oil and gas exploration and development that we have
identified within our Cameroon asset base. Progress is being made on all fronts
and 2005 should be an exciting time for BowLeven and its shareholders.'

For further information, please contact:

BowLeven plc                            0131 260 5100
Terry Heneaghan, Executive Chairman

Noble & Company Limited                 0131 225 9677
Joe Philipsz

Maitland                                0207 379 5151
Neil Bennett
Liz Morley


Notes to editors

BowLeven is an independent oil and gas company, which has a 100 per cent.
interest in an exploration permit, Etinde Permit covering three contiguous
blocks MHLP-5, 6 and 7, in the shallow waters offshore Cameroon, West Africa.
The acreage, which has had 9 wells drilled in it, contains P50 hydrocarbon
reserves and contingent resources as well as attractive exploration potential.
The company has operated in Cameroon since 1999.


CHAIRMAN'S STATEMENT

Since the listing of the Company's shares on the Alternative Investment Market,
the directors of the Company have been active in the following areas:

 - acquisition and processing of 575 sq km of 3D seismic data over block MLHP-7,
 - acquisition of 206 sq km of 3D seismic over blocks MLHP-5 and MLHP-6,
 - search for rig to start drilling in Summer 2005,
 - initiation of discussions for gas to electricity ('GTE').

3D Seismic

The quality of the new 3D seismic data in the Etinde Permit area, which was
acquired in January by Western Geco, is excellent. The data is being processed
by Veritas and the 'fast track' results should be ready around the beginning of
April 2005. Full data processing and interpretation should be finalised in early
summer. We are very encouraged by the preliminary interpretation and several new
structures are being identified.

The 3D seismic has identified several potential drilling prospects, leads and
plays in block MLHP-7 and these will be ranked in terms of risk and potential
reward. Initially, we plan to select two well locations in known hydrocarbon
bearing structures that will offer the potential to be gas/condensate tests in
the Isongo sands and/or oil tests in the Biafra sands. We are most pleased with
the progress to date.

Although 206 sq km of 3D seismic data has been acquired over blocks MLHP-5 and
MLHP-6, the area covered only represents around 12% of the area of these blocks.
The water depth in the remainder of the blocks is shallow (0 - 25 metres) and is
not deep enough for most seismic vessels. However, vessels that can undertake
the work have been identified and your directors are considering the options
available to acquire additional 3D seismic in this shallow water, including the
large Souellaba feature.

Drilling

We are evaluating rig options to begin drilling by the end of summer 2005.
Subject to the results of the first well, we will either drill a second
appraisal well into the same structures or will move to another location to test
other potential reservoirs.

Sanaga Sud

Discussions are continuing with the Government of Cameroon with regard to Block
MLHP-4, which contains the Sanaga Sud gas field. When these discussions are
finalised, a further announcement will be made.

                                     
GTE Business Plan

We have appointed The Energy Contract Company Limited ('ECC') to negotiate and
conclude the full range of commercial agreements relating to the GTE business,
including those with the government of Cameroon. ECC is a specialist gas
consultancy firm with considerable expertise in gas and power contract
negotiations. The process has begun and we expect contracts to be concluded
within six to nine months.

Financial

The Group recorded a loss of £1.5 million for the six months ended 31st December
2004. The main contributor to the loss was interest payable and similar charges
of approximately £1.3 million, which relates to the premiums payable on the
redemption and conversion of debentures and other loans.

The balance sheet was considerably strengthened by the equity funds raised
during the period. At 31st December 2004, net cash was approximately £25.8
million.

Board Appointment

We are delighted to have recruited Peter Wilson as Commercial Director of the
Company with effect from 1st April 2005. Peter (age 41) was a corporate partner
at McClure Naismith (the Company's solicitors) and had been advising the
BowLeven Group on general corporate and contractual issues for several years. He
has considerable experience of oil and gas commercial matters and will also take
on the responsibilities of General Counsel and Company Secretary. Further
details on the appointment of Peter under Schedule 2(f) of the AiM Rules will be
released on 1st April 2005.

An active search for experienced non-executive directors is underway, with the
objectives of strengthening the Board and complementing the experience of the
executive directors.

Outlook

The directors are moving forward as quickly as possible with the Company's
business plan and are confident that this plan is on track. The next few months
should be an exciting time for the Company and its shareholders.

T A Heneaghan
Chairman


BowLeven plc Interim Report to 31 December 2004

GROUP PROFIT AND LOSS ACCOUNT

                                               Six months ended      Year ended
                                                    31 December         30 June
                                                           2004            2004
                                                          £'000           £'000

Turnover                                                      -               -
Administrative expenses                                    (303)           (589)
                                                         ------          ------
Operating loss                                             (303)           (589)
Interest receivable and similar income                       78               7
Interest payable and similar charges                     (1,227)         (2,185)
                                                         ------          ------ 
Loss on ordinary activities before taxation              (1,502)         (2,767)
Taxation                                                      -               -
                                                         ------          ------
Loss on ordinary activities after taxation               (1,502)         (2,767)
Accumulated deficit brought forward                      (3,940)         (1,173)
                                                         ------          ------
Accumulated deficit carried forward                      (5,442)         (3,940)

There are no recognised gains or losses other than those included in the profit
and loss account.


GROUP BALANCE SHEET
                                                 At 31 December      At 30 June
                                                           2004            2004
                                                          £'000           £'000
Fixed assets
Intangible assets                                         8,784           7,447
                                                         ------          ------
Current assets
Stock                                                       238             238
Debtors                                                   1,071              69
Cash at bank                                             25,763             162
                                                         ------           -----
                                                         27,072             469
Creditors: amounts falling due within one year           (2,533)         (7,755)
                                                         ------          ------
Net current assets /(liabilities)                        24,539          (7,286)
                                                         ------          ------
Total assets less current liabilities                    33,323             161
                                                         ------          ------
Capital and reserves
Called up share capital                                   2,111           1,030
Share premium                                            33,771             188
Other reserves                                            2,883           2,883
Profit and loss account                                  (5,442)         (3,940)
                                                         ------          ------
Equity shareholders' funds                               33,323             161


GROUP CASH FLOW STATEMENT
                                               Six months ended     Year ended
                                                    31 December        30 June
                                                           2004           2004
                                                          £'000          £'000

Net cash flow from operating activities                  (1,227)          (176)
Returns on investments and servicing of finance          (1,193)            (5)
Capital expenditure and financial investment             (1,961)        (2,168)
                                                         ------         ------
Cash outflow before financing                            (4,381)        (2,349)
Financing
Proceeds of share issues                                 34,926            150
Redemption of loan instruments                           (7,045)           (12)
Advance of loan instruments                               2,100          2,359
                                                         ------         ------
Net cash flow from financing                             29,981          2,497
                                                         ------         ------
Increase in cash in the period                           25,600            148
                                                         ------         ------
Reconciliation of net cash flow to movement
in net funds/ (debt)
Increase in cash in period                               25,600            148
Net cash outflow/(inflow) from loan instruments           4,945         (2,347)
Net non cash movement in loan instruments                     -         (2,122)
                                                         ------         ------
Movement in funds/(debt) in period                       30,545         (4,321)
Opening net funds/(debt)                                 (4,782)          (461)
                                                         ------         ------
Closing net funds /(debt)                                25,763         (4,782)


NOTES FORMING PART OF THE INTERIM RESULTS

1. Basis of preparation
The financial information contained herein does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
unaudited interim financial information has been prepared on the basis of the
accounting policies set out in the Group's accounts for the year ended 30 June
2004. The figures for the year ended 30 June 2004 have been extracted from the
accounts. Those accounts have been filed with the Registrar of Companies and
contained an unqualified auditor's report.

2. Comparative figures
As this is the first Interim Report following the admission of the Company to
Aim, no comparative figures for the six months ended 31 December 2003 are
available.

3. Reconciliation of movement in shareholders' funds
                                                       Six months ended
                                                       31 December 2004
                                                                  £'000
Loss for the year                                                (1,502)
New shares issued                                                 1,081
Premium on new share capital subscribed                          33,583
Opening equity shareholders' funds                                  161
                                                                 ------
Closing equity shareholders' funds                               33,323
                                                                 ------

4. Interest payable and similar charges
Interest payable and similar charges of £1,277,000 during the six month period
to 31 December 2004 primarily relates to the premium payable on the redemption
and conversion of debentures and other loans.

5. Interim report
This document represents the Interim Report and half yearly results of BowLeven
plc. Copies of the Interim 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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