Final Results

BowLeven Plc
05 January 2005


                   BowLeven plc ('BowLeven' or 'the Company')
                    Results for the year ended 30 June 2004


Highlights

-         Commitment Well, MANYU-1, successfully drilled offshore Cameroon.

-         Etinde permit, renewed for a further four years until 2008.

-         £30.0 million (net of expenses) raised to carry out the ongoing work
          programme and exploit the potential of the hydrocarbon assets.

-         The Company's shares admitted to the AIM market on 7th December 2004.

Terry Heneaghan, the Chairman commented: 'Since 30 June 2004 we have completed
two substantial capital raisings so these figures are historic. Our admission to
AIM last month has given us the financial resources to exploit the very
promising position we hold in Cameroon.'

For further information, please contact:

BowLeven plc
Terry Heneaghan, Executive Chairman        0131 225 9677

Maitland
Neil Bennett
Liz Morley                                 0207 379 5151


Review

BowLeven enjoyed significant progress during the year. Between February and
March the Company drilled its commitment well, MANYU-1. This well encountered
significant hydrocarbons and Randall & Dewey, the oil and gas consultancy group,
has indicated that the hydrocarbon volumes within the Manyu structure are
potentially 310 million barrels of stock tank oil initially in place and 320
billion cubic feet of gas initially in place, at the P50 level of probability.

As a result of drilling this well the Company's Etinde permit, covering blocks
MLHP 5, MLHP 6, and MLHP 7, has been renewed for a further four years until
2008.

Following this success the Company has, since its financial year end,
significantly strengthened its balance sheet and now has the financial resources
to bring these fields nearer production. In November the Company raised £14
million (net of expenses) from a number of investors in a private placing. This
was followed in December by a further share placing to raise £16 million (net of
expenses) at 363p a share, at the same time as the Company's admission to AIM.

The Company intends to use these funds to acquire 3D seismic data over the
Etinde permit area, drill up to three further wells and negotiate a gas supply
contract for a Gas to Electricity (GTE) project in Cameroon.

The Board will update investors as its plans develop and come to fruition.


Notes to editors

BowLeven is an independent oil and gas company which has a 100 per cent.
interest in an exploration permit in the shallow waters offshore Cameroon, West
Africa. The acreage, which has had 9 wells drilled in it, contains recoverable
P50 hydrocarbon reserves and recoverable P50 contingent resources. The acreage
also has attractive exploration potential. The Company has operated in Cameroon
since 1999.



BowLeven plc
Consolidated Profit and Loss Account
For the year ended 30 June 2004

                                                         2004       2003
                                                        £'000      £'000

Turnover                                                    -          -

                                                          ---        ---

Administrative expenses                                  (589)      (472)
                                                          ---        ---

Operating loss                                           (589)      (472)

Interest receivable and similar income                      7          1
Interest payable and similar charges                   (2,185)         -
                                                          ---        ---
Loss on ordinary activities before taxation            (2,767)      (471)

Taxation                                                    -          -
                                                          ---        ---
Loss on ordinary activities after taxation             (2,767)      (471)

                                                          ---        ---
Accumulated deficit brought forward                    (1,173)      (702)

                                                          ---        ---
Accumulated deficit carried forward                    (3,940)    (1,173)

                                                          ===        ===





BowLeven plc
Consolidated Balance Sheet
As at 30 June 2004

                                                         2004       2003
                                                        £'000      £'000

Fixed assets

Intangible assets                                       7,447      3,394
                                                          ---        ---

Current assets

Stock                                                     238        238
Debtors                                                    69          9
Cash at bank                                              162         14
                                                          ---        ---
                                                          469        261

Creditors: amounts falling due within one year         (7,755)      (927)
                                                          ---        ---
Net current assets/(liabilities)                       (7,286)      (666)
                                                          ---        ---

Total assets less current liabilities                     161      2,728
                                                          ===        ===

Capital and reserves
Called up share capital                                 1,030      1,018
Share premium                                             188        -
Merger reserve                                          2,883      2,883
Profit and loss account                                (3,940)    (1,173)
                                                          ---        ---
Shareholders' equity funds                                161      2,728

                                                          ===        ===

BowLeven plc
Consolidated Cash Flow Statement
For the year ended 30 June 2004

                                                         2004       2003
                                                        £'000      £'000

Net cash (outflow)/inflow from operating                 (176)      (315)
activities


Returns on investments and servicing of finance

Interest received                                           7          1
Interest paid                                             (12)         -
                                                          ---        ---
Net cash flow for returns on investments                   (5)         1
and servicing of finance
                                                          ---        ---

Capital expenditure and financial investment

Purchase of intangible fixed assets                    (2,168)      (241)
                                                          ---       ---
Net cash flow for capital expenditure and              (2,168)      (241)
financial investment
                                                          ---        ---
Cash outflow before use of liquid                      (2,349)      (555)
resources and financing

Financing
Proceeds of share issue                                   150          -
Redemption of loan                                        (12)         -
Advance of debenture loans                                 42        475
Advance of other loans                                  2,317          -
                                                          ---        ---
Net cash inflow for financing                           2,497        475
                                                          ---        ---

                                                          ---        ---
(Decrease)/increase in cash                               148        (80)

                                                          ===        ===

Reconciliation of net cash flow to
movement in net debt

Decrease/increase in cash in year                         148        (80)
Net cash (inflow) from debentures                         (30)      (475)
Net cash (inflow) from other loans                     (2,317)         -
                                                          ---        ---
Movement in (debt) in year resulting from              (2,199)      (555)
cashflows


Redemption premiums on loans                           (2,122)         -

                                                          ---        ---
Movement in funds/(debt) in year                       (4,321)      (555)


Opening net funds/(debt)                                 (461)        94

                                                          ---        ---
Closing net funds/(debt)                               (4,782)      (461)

                                                          ===        ===

BowLeven plc
Reconciliation of Movement in Shareholders' Funds
For the year ended 30 June 2004

                                                         2004       2003
                                                        £'000      £'000

Loss for the year                                      (2,767)      (471)
New shares issued                                          12          -
Premium on new share capital subscribed                   188          -
Opening shareholders' funds                             2,728      3,199
                                                          ---        ---
Closing shareholders' funds                               161      2,728

                                                          ===        ===


Notes to the announcement
For the year ended 30 June 2004

Basis of Preparation

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.

The financial information set out in this announcement does not constitute
statutory financial statements as defined in section 240 of the Companies Act
1985. The consolidated balance sheet at 30 June 2004, the consolidated profit
and loss account, consolidated cash flow statement and associated notes for the
year then ended have been extracted from the statutory accounts upon which the
auditors opinion is unqualified and does not include any statement under section
237 of the Companies Act 1985.

These financial statements have not yet been delivered to the Registrar of
Companies.

Further Copies

Copies of this announcement and the full annual report and accounts are
available, free of charge, for a period of one month from the Company's
Nominated Adviser and Broker, Noble & Company Limited, 120 Old Broad Street,
London, EC2N 1AR, Tel: [phone] or from BowLeven plc, 49 Queen Street,
Edinburgh EH2 3NH, Tel: [phone].






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