Issue and Rebasing of Options

BowLeven Plc
28 March 2006

28 March 2006



                 BowLeven Plc ('the Company' or 'BowLeven')


          Issue of Options and Rebasing of Existing Share Options



The Board of BowLeven announces the issue of new share options and rebasing of
existing share options.


On 27 March 2006 the Board granted share options over 285,000 ordinary shares of
10 pence each in the Company (17,143 approved options and 267,857 unapproved
options) to Jerry Anthony, Exploration Director, at an exercise price of 175
pence per ordinary share, as detailed below.


As stated in the Company's Interim Results statement on 23 March 2006, the '
Remuneration Committee will be considering changes to the options packages of
all employees to ensure that they are properly incentivised in the future' and
to eliminate the anomalous position between recent option awards and the long
standing position of some employees and directors.   The Remuneration Committee,
which met on 24 March 2006, made its recommendation to the Board on 27 March
2006.


The Board also agreed to the recommendations of the Remuneration Committee to
amend the options packages of all employees in order to ensure that they are
properly incentivised in the future.  All current options pursuant to the
Unapproved Scheme are now cancelled and replacement options have been granted
with the same terms but with a rebased exercise price of 175 pence per share.


The Board also granted additional unapproved options to certain directors and
employees of the Company, as detailed below.  Following this, Terry Heneaghan,
Executive Chairman holds Unapproved Options over a total of 306,736 ordinary
shares in the Company; John Brown holds Unapproved Options over a total of
224,236 ordinary shares in the Company; John Morrow holds Unapproved Options
over a total of 294,837 ordinary shares in the Company; Chief Tabetando holds
Unapproved Options over a total of 303,000 ordinary shares in the Company; and
Peter Wilson holds Unapproved Options over a total of 224,657 ordinary shares in
the Company.


The position of the Directors' options prior to, and following, the amendment is
as detailed below:


Position prior to issue of new options and rebasing of existing options:


Name                                Date of Grant   Vesting Period             No. of Options  Exercise                 
                                                                                               Price (p)

Terry Heneaghan     Approved        17/12/2004      17/12/07 to 16/12/14       8,264           363.0
                                                    
Executive Chairman  Unapproved      17/12/2004      17/12/06 to 16/12/14       212,122         363.0
                                                    

John Brown          Approved        17/12/2004      17/12/07 to 16/12/14       8,264           363.0
                                                    
Finance Director    Unapproved      22/11/2004      22/11/06 to 21/11/14       150,000         330.0
                                                    
                    Unapproved      17/12/2004      17/12/06 to 16/12/14       20,662          363.0
                                                    
                    Total                                                      170,662
                    Unapproved

John Morrow         Approved        26/10/2005      26/10/08 to 25/10/15       8,163           367.5
                                                    
Chief Operating     Unapproved      26/10/2005      26/10/07 to 25/10/15       266,837         530.0
Officer                                             

Chief Tabetando     Unapproved      17/12/2004      17/12/06 to 16/12/14       110,193         363.0
                                                    
Director            Unapproved      28/04/2005      28/04/07 to 27/04/15       55,097          382.5
                                                    
                    Total                                                      165,290
                    Unapproved

Peter Wilson        Approved        28/04/2005      28/04/08 to 27/04/15       7,843           382.5
                                                    
Commercial Director Unapproved      28/04/2005      28/04/07 to 27/04/15       156,540         382.5
                                                    


Position after issue of new options and rebasing of existing options:


Name                                  Date of     Vesting                 Options at  Rebased  New       Exercise
                                      Grant       Period                  24/03/06    Options  Options   Price (p)

Terry Heneaghan      Approved         17/12/2004  17/12/07 to 16/12/14    8,264                          363.0
                                                  
Executive Chairman   Unapproved       27/03/2006  17/12/06 to 16/12/14    212,122     212,122            175.0
                                                  
                     Unapproved       27/03/2006  27/03/08 to 26/03/16
                     Total Unapproved                                                          94,614    175.0
                                                                                               306,736

John Brown           Approved         17/12/2004  17/12/07 to 16/12/14    8,264                          363.0
                                                  
Finance Director     Unapproved       27/03/2006  22/11/06 to 21/11/14    150,000     150,000            175.0
                                                  
                     Unapproved       27/03/2006  17/12/06 to 16/12/14    20,662      20,662             175.0
                                                  
                     Unapproved       27/03/2006  27/03/08 to 26/03/16                         53,574    175.0
                                                  
                     Total Unapproved                                                          224,236

John Morrow          Approved         26/10/2005  26/10/08 to 25/10/15    8,163                          367.5
                                                  
Chief Operating      Unapproved       27/03/2006  26/10/07 to 25/10/15    266,837     266,837            175.0
Officer                                           
                     Unapproved       27/03/2006  27/03/08 to 26/10/16                         28,000    175.0
                                                  
                     Total Unapproved                                                          294,837

Chief Tabetando      Unapproved       27/03/2006  17/12/06 to 16/12/14    110,193     110,193            175.0
                                                  
Director             Unapproved       27/03/2006  28/04/07 to 27/04/15    55,097      55,097             175.0
                                                  
                     Unapproved       27/03/2006  27/03/08 to 26/03/16                         137,710   175.0
                                                  
                     Total Unapproved                                                 303,000

Peter Wilson         Approved         28/04/2005  28/04/08 to 27/04/15    7,843                          382.5
                                                  
Commercial Director  Unapproved       27/03/2006  28/04/07 to 27/04/15    156,540     156,540            175.0
                                                  
                     Unapproved       27/03/2006  27/03/08 to 26/04/16                         68,117    175.0
                                                  
                     Total Unapproved                                                          224,657

Jerry Anthony        Approved         27/03/2006  27/03/09 to 26/03/16    -                    17,143    175.0
                                                  
Exploration Director Unapproved       27/03/2006  27/03/08 to 26/03/16    -                    267,857   175.0
                                                  



In addition, there are 398,000 shares under option to other employees of the
Company.

There are no performance conditions applied to either the Approved Options or
the Unapproved Options.

For further information contact:

Terry Heneaghan, Executive Chairman, BowLeven Plc               0131 260 5100

Adam Westcott, Noble & Company Limited                          0131 225 9677

Liz Morley, Maitland                                            020 7379 5151



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