Offer Unconditional

BowLeven Plc
26 January 2007


Not for release, publication or distribution, in whole or in part, in or into or
               from the United States, Canada, Australia or Japan


26 January 2007



Recommended Offer by BowLeven plc ('BowLeven') for FirstAfrica Oil plc
('FirstAfrica')

Offer Unconditional in all respects


The Board of BowLeven announces that, subject to the Admission of New BowLeven
Shares to trading on AIM, the Recommended All Share Offer made by Jefferies
International Limited on behalf of BowLeven for FirstAfrica has today been
declared wholly unconditional.

As at 3.00pm on 25 January 2007, valid acceptances had been received in respect
of 2,467,520,627 FirstAfrica Shares (representing approximately 92.21 per cent.
of FirstAfrica's existing issued share capital).

The Board of BowLeven today allotted (conditional upon Admission) an aggregate
of 12,986,737 New BowLeven Shares to those holders of FirstAfrica Shares from
whom valid acceptances had been received in respect of FirstAfrica Shares by
3.00 p.m. on 25 January 2007. Application for the Admission of those New
BowLeven Shares to trading on AIM has been made to the London Stock Exchange. It
is expected that Admission of the New BowLeven Shares so allotted to trading on
AIM will become effective and that dealings will commence at 8.00 a.m. on 30
January 2007.

Prior to the posting of the Offer Document, BowLeven had received irrevocable
undertakings from the FirstAfrica Directors that own FirstAfrica Shares and
certain other FirstAfrica Shareholders to accept the Offer in respect of, in
aggregate, 776,935,971 FirstAfrica Shares representing approximately 29.04 per
cent. of the existing issued FirstAfrica Shares. BowLeven has received valid
acceptances with respect to all of these irrevocable undertakings.

As described in the Offer Document, as BowLeven has received acceptances under
the Offer in respect of 90 per cent. or more of the FirstAfrica Shares to which
the Offer relates, BowLeven will as soon as practicable give notice to those
FirstAfrica Shareholders who have not accepted the Offer informing them that it
will compulsorily acquire their FirstAfrica Shares by applying sections 428 to
430F of the Companies Act 1985.

As described in the Offer Document, subject to the AIM Rules, BowLeven intends
to procure the making of an application by FirstAfrica to the London Stock
Exchange for the cancellation of the admission to trading of FirstAfrica Shares
on AIM. It is anticipated that cancellation of admission to trading will take
effect no earlier than 26 February 2007. The cancellation of admission to
trading on AIM of FirstAfrica Shares will significantly reduce the liquidity and
marketability of any FirstAfrica Shares not assented to the Offer and their
value may be affected in consequence.

Settlement of consideration

Settlement of the consideration to which FirstAfrica Shareholders are entitled
pursuant to the Offer shall be dispatched (or, in the case of FirstAfrica
Shareholders holding their FirstAfrica Shares held in uncertificated form, shall
be credited through CREST): (i) in the case of FirstAfrica Shareholders who
validly accepted the Offer by 3.00 pm on 25 January 2007, on or before 13
February 2007; and (ii) in the case of FirstAfrica Shareholders who validly
accept after 3.00 pm on 25 January 2007, within 14 days of the receipt of such
acceptances.

The Offer remains open for acceptance until further notice.

Terms defined in the Offer Document dated 22 December 2006 have the same meaning
in this announcement, except that the BowLeven Board now no longer includes Mr
Jerry Anthony.



ENQUIRIES
For further information contact:

BowLeven plc
Kevin Hart, Chief Executive Officer     00 44 (0)777 193 4974

Jefferies International
Richard Kent                            00 44 (0)20 7618 3713

Hoare Govett Limited
Andrew Foster                           00 44 (0)20 7678 8000
Sean Wegerhoff

Maitland
Neil Bennett                            00 44 (0)20 7379 5151

FirstAfrica Oil plc
John Bentley, Executive Chairman        00 44 (0)20 7408 7630

N M Rothschild & Sons Limited
Neeve Billis                            00 44 (0)20 7280 5000

M:Communications
Patrick d'Ancona                        00 44 (0)20 7153 1547




The BowLeven Directors accept responsibility for the information contained in
this announcement. To the best of the knowledge of the BowLeven Directors (who
have taken all reasonable care to ensure that such is the case), the information
contained in this announcement for which they are taking responsibility is in
accordance with the facts and contains no omission likely to affect the import
of such information.

Jefferies International Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as financial adviser to
BowLeven in connection with the Offer and no-one else and will not be
responsible to anyone other than BowLeven for providing the protections afforded
to customers of Jefferies International Limited or for providing advice in
relation to the Offer.

Hoare Govett Limited, which is regulated in the United Kingdom for the conduct
of investment business by the Financial Services Authority, is acting for
BowLeven as Nominated Adviser and corporate broker in connection with the Offer
and no-one else and will not be responsible to anyone other than BowLeven for
providing the protections afforded to customers of Hoare Govett Limited, nor for
providing advice in relation to the matters described herein.

N M Rothschild & Sons Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting for FirstAfrica in
connection with the Offer and no-one else and will not be responsible to anyone
other than FirstAfrica for providing the protections afforded to clients of N M
Rothschild & Sons Limited or for providing advice in relation to the Offer.

This Announcement does not constitute, or form part of, an offer or an
invitation to purchase or subscribe for any securities. The Offer is made solely
through the Offer Document, the Information Memorandum, an advertisement in a
national newspaper in the UK, and the Form of Acceptance. BowLeven has
dispatched such documents to FirstAfrica Shareholders (and for information only,
to participants (if any) in the FirstAfrica Share Option Scheme and to the
holders of warrants under the Warrant Instrument) and has placed such
advertisement. The Offer Document and the Form of Acceptance together contain
the full terms and conditions of the Offer, including details of how to accept
the Offer. Any acceptance or other response to the Offer should be made only on
the basis of the information contained within the Offer Document, the
Information Memorandum and the Form of Acceptance.

The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of their relevant jurisdiction. Such persons
should inform themselves of, and observe, any applicable legal or regulatory
requirements of their jurisdiction. Further details in relation to overseas
shareholders will be contained in the Offer Document. The Offer Document and the
Information Memorandum will be made available for public inspection in the
United Kingdom.

These written materials are 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 'US Securities Act') or an
exemption therefrom. BowLeven has not registered and does not intend to register
any of its ordinary shares under the US Securities Act. The New BowLeven Shares
will not be offered or sold to the public in the United States.

Unless otherwise determined by BowLeven and subject to any dispensation required
from the Panel, the Offer will not be made, directly or indirectly, in or into
or by the use of the mails of, or by any means or instrumentality (including,
without limitation, telephonically or electronically) of interstate or foreign
commerce of, or through any facilities of a national securities exchange of, the
United States, Canada, Australia or Japan or any other jurisdiction if to do so
would constitute a violation of the relevant laws of such jurisdiction, and the
Offer, when made, should not be accepted by any such use, means, instrumentality
or facilities or from or within the United States, Canada, Australia or Japan or
any such other jurisdiction. Accordingly, copies of this Announcement are not
being, and must not be mailed or otherwise forwarded, distributed or sent in,
into or from the United States, Canada, Australia or Japan and all persons
receiving this Announcement (including nominees, trustees and custodians) must
not mail or otherwise forward, distribute or send it in, into or from the United
States, Canada, Australia or Japan. Doing so may render invalid any purported
acceptance of the Offer. Notwithstanding the foregoing, BowLeven will retain the
right to permit the Offer to be accepted and any sale of securities pursuant to
the Offer to be completed if, in its sole discretion, it is satisfied that the
transaction in question can be undertaken in compliance with applicable law and
regulation.


Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1% or more of any class of 'relevant
securities' of BowLeven or of FirstAfrica, all 'dealings' in any 'relevant
securities' of that company (including by means of an option in respect of, or a
derivative referenced to, any such 'relevant securities') must be publicly
disclosed by no later than 3.30 pm (London time) on the London business day
following the date of the relevant transaction. This requirement will continue
until the date on which the offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the 'offer period'
otherwise ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an 'interest' in 'relevant
securities' of BowLeven or of FirstAfrica, they will be deemed to be a single
person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of BowLeven or of FirstAfrica or any of their respective
'associates', must be disclosed by no later than 12.00 noon (London time) on the
London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk .

'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a 'dealing' under Rule 8, you should consult the Panel.





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