BLVN.L Regulatory News (BLVN)

13 Dec 2007 07:00

BowLeven Plc13 December 2007 13 December 2007 Bowleven plc ('Bowleven' or 'the Company') Operational Update Bowleven, the African focused oil & gas company listed on AIM, today announcesan update on its operations. This covers: • Signature of production sharing contract ("PSC") for new blocks onshore Cameroon • Exploration period on Etinde Permit, Cameroon, extended to September 2009 • Gabon government consent received for farm-out of 50% operated interest in Epaemeno PSC to Addax Petroleum Epaemeno Ltd • Appointment of joint corporate broker New licence in onshore Cameroon The Company's wholly owned subsidiary, Euroil Ltd, has been awarded a newlicence in onshore Cameroon. A production sharing contract has been completedfor the Bomono Permit, comprising Blocks OLHP-1 and OLHP-2 and extending toapproximately 2,328 km2 in the Douala/Kribi Campo Basin. The Bomono Permit,which contains numerous active oil seeps, has not been actively explored sincethe 1980's. The last wells, which were drilled in the 1950's (without thebenefit of modern seismic), proved gas and condensate in the Permit, but wereunable to address the significant oil potential which the Company believes to bepresent. Extension of exploration period on Etinde Permit The Company has received formal confirmation from the Government of Cameroonthat the exploration period for the Etinde Permit in offshore Cameroon has beenextended for a further period of 18 months to September 2009. Gabon government consent received for farm-out of 50% of Epaemeno Further to the previous announcement of 10 April 2007, the Company has nowreceived formal Gabon government consent for the farm-out of a 50% operatedinterest in the Epaemeno PSC to Addax Petroleum Epaemeno Ltd. Arrangements arecurrently being made for the handover of operations to Addax. Appointment of joint corporate broker The Company is also pleased to announce that it has appointed Merrill LynchInternational as joint corporate broker to work alongside Hoare Govett Limited. ENQUIRIES For further information please contact: Bowleven plcKevin Hart, Chief Executive Officer 00 44 131 524 5656 Brunswick Group LLPPatrick Handley 00 44 207 404 5959Deborah Spencer Hoare Govett Limited 00 44 207 678 8000Andrew Foster Notes to the Editor: Bowleven is an African focussed oil and gas group, based in Edinburgh and listedon 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 inoffshore Cameroon, West Africa; namely Blocks MLHP 5, MLHP 6 and MLHP 7. Intotal BowLeven has approximately 2,300 km2 of exploration acreage located acrossthe Rio del Rey and Douala basins in the Etinde Permit. Bowleven has operated inCameroon since 1999. The Cameroon Government has announced a cooperation agreement with theGovernment of Equatorial Guinea to investigate a project to export gas fromCameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea. Itis 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 existingoil discovery that it is seeking to develop, and, a 50% equity interest in theEpaemeno Block which is approximately 1,340 km2 of exploration acreage inonshore Gabon which sits adjacent to a number of recent discoveries insurrounding blocks. This information is provided by RNS The company news service from the London Stock Exchange