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Bowleven Announces Major Discovery in Block 5 Offshore Cameroon

07-04-2007

Bowleven plc has successfully completed the testing of its D-1 exploration well located in Block MLHP 5 of the Etinde Permit in the Douala Basin, offshore Cameroon.

The well was targeting a Miocene turbidite channel prospect similar to that found by Noble Energy at its neighbouring Belinda discovery. The D-1 prospect comprises multiple turbidite channel sands, only one of which was intersected and tested by the current well.

The well tested both gas and condensate from interbeded high quality sands over a gross measured interval of 75 ft. and flowed at a stable constrained rate of 25 mmcfd and 1400 bcpd (approx 5,570 boepd) through a 1' choke.

The D-1 well was the second successful well of Bowleven's current drilling campaign with the Adriatic VI rig. The first well, IE-2, was drilled in the Rio Del Rey Basin as a successful appraisal of the IE field. The rig will now be moved to the IF-1 location to drill an exploration well to test a structure updip of the IE field. After completion of this third well the rig will be released due to timing constraints under the drilling contract.

Commenting on the discovery Kevin Hart, Bowleven CEO, said: 'I'm delighted with the result of our first well in the relatively unexplored Douala Basin. Whilst the discovery will require further appraisal, I'm extremely excited by the potential highlighted by, both our and Noble Energy's, recent discoveries in the area. The numerous similar Miocene prospects on the acreage together with the deeper Eocene potential combine to make this a very exciting province.'

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.