Results of Placing

BowLeven Plc
28 March 2008


28 March 2008

Bowleven plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

RESULT OF PLACING - GBP39.14 MILLION RAISED

Bowleven plc ('Bowleven' or the 'Company') announces that it has raised GBP39.14
million before commissions and expenses by the placing by Merrill Lynch 
International ('Merrill Lynch') and Hoare Govett Limited ('Hoare Govett'), who 
are acting as joint bookrunners, of 11,970,874 new ordinary shares of 10 pence 
each in the capital of the Company (the 'Placing Shares') with institutional 
investors at 327 pence per share (the 'Placing').

The Placing represents in aggregate approximately 15.98 per cent. of the issued 
share capital of Bowleven prior to the Placing. The Placing Shares will, when 
issued, rank pari passu in all respects with the existing issued ordinary shares 
of Bowleven, including the right to receive all dividends and other 
distributions declared, made or paid after the date of issue.

The Placing is conditional on, inter alia, admission of the Placing Shares to 
trading on the AIM market of the London Stock Exchange plc ('Admission') 
becoming effective.

Application has been made to the London Stock Exchange plc for Admission.  
It is expected that settlement will occur, Admission will become effective, and
that dealings in the Placing Shares will commence, on 2 April 2008.

Contacts

Bowleven plc

Kevin Hart, Chief Executive Officer         00 44 131 524 5656
John Brown, Finance Director                00 44 131 524 5657
Kerry Crawford, Head of Investor Relations  00 44 131 524 5664

Merrill Lynch International

Andrew Osborne                              00 44 207 996 2629
Oliver Holbourn                             00 44 207 995 3700

Hoare Govett Limited

Andrew Foster                               00 44 207 678 8000
John MacGowan                               00 44 207 678 1084

Brunswick Group LLP

Patrick Handley                             00 44 207 404 5959

Merrill Lynch, which is authorised and regulated by the Financial Services
Authority ('FSA'), is acting exclusively for the Company and no-one else in
relation to the Placing and will not be responsible to any person other than the
Company under the Financial Services and Markets Act 2000, as amended ('FSMA'),
the rules of the FSA or otherwise for providing the protections afforded to its
clients or for any matter concerning the Placing or for providing advice in
relation to the Placing or in relation to the contents of this announcement or
any other transaction, arrangement or matter referred to herein. Merrill Lynch
can be contacted at 2 King Edward Street, London, EC1A 1HQ.

Hoare Govett, which is authorised and regulated by the Financial Services
Authority, is acting exclusively for the Company and no-one else in relation to
the Placing and will not be responsible to any person other than the Company
under FSMA, the rules of the FSA or otherwise for providing the protections
afforded to its clients or for any matter concerning the Placing or for
providing advice in relation to the Placing or in relation to the contents of
this announcement or any other transaction, arrangement or matter referred to
herein. Hoare Govett can be contacted at 250 Bishopsgate, London EC2M 4AA.

Members of the public are not eligible to participate in the Placing. This
announcement is for information purposes only and does not constitute an offer
to issue or sell, or the solicitation of an offer to subscribe for or acquire,
any securities to any person in any jurisdiction, including without limitation
in the United States (being the United States of America, its territories and
possessions, any State of the United States and the District of Columbia),
Canada, Australia or Japan.

The distribution of this announcement and the Placing and/or issue of the
Placing Shares in certain jurisdictions may be restricted by law. No action has
been taken by the Company, Merrill Lynch or Hoare Govett, or any of their
respective Affiliates that would permit an offer of the Placing Shares or
possession or distribution of this announcement or any other offering or
publicity material relating to such Placing Shares in any jurisdiction where
action for that purpose is required. Persons into whose possession this
announcement comes are required by the Company, Merrill Lynch and Hoare Govett
to inform themselves about and to observe any such restrictions. 'Affiliates'
shall for the purposes of this paragraph mean in relation to a person (the
'first person') each of its holding companies, subsidiaries, branches,
associated undertakings and affiliates (affiliates having the meaning given in
Rule 405 or in Rule 501(b) of the Securities Act (as hereinafter defined), as
applicable in the context used) (including, without limitation, joint venture
partners) from time to time (and subsidiaries of any such subsidiaries,
branches, associated undertakings, affiliates and holding companies) (including,
without limitation, joint venture partners) and each of their and the first
person's respective officers, directors, supervisory board members, employees,
representatives, controlling persons, shareholders and agents from time to time.

This announcement is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
under the US Securities Act of 1933 (the 'Securities Act') or an exemption
therefrom. The Company has not registered and does not intend to register any of
its ordinary shares under the Securities Act. The Placing Shares will not be
offered or sold in the United States.

The securities to which this announcement relates may be illiquid and/or subject
to restrictions on their resale. Prospective investors in the Placing Shares
should conduct their own due diligence on the Placing Shares and the Company.
Prospective investors who do not understand the contents of this announcement
should consult an authorised financial adviser.


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