Bowleven says that the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon has made two potentially significant hydrocarbon discoveries in Miocene reservoirs based on the results of drilling and initial wireline logs and pressure data. The first discovery, Lower Omicron, encountered light oil/gas condensate in moderate quality reservoir units. The second, Deep Omicron, encountered oil in high quality sands. This well was designed to intersect multiple stacked objectives through Miocene and Cretaceous horizons. As a result, it is believed to have penetrated the extremities of both Miocene prospects at sub-optimal locations.

Highlights •Two potentially significant Miocene discoveries, offshore Cameroon. •Preliminary log evaluation indicates 25 to 35 meters of net pay intersected to date, with continued drilling through Deep Omicron set to recommence shortly. •Cross-cut event and the Cretaceous Epsilon Complex still to be drilled. •Preparing for immediate testing and subsequent appraisal sidetrack(s) post completion of current well. Drilling update The targets of the Sapele-1 exploration well, on block MLHP-5, Etinde Permit, are a series of vertically stacked reservoir objectives, from the proven Miocene fairway down to the deeper Cretaceous fairway that is proving prolific elsewhere in West Africa.

The well, which is drilling in water depths of around 20 meters, has so far been drilled to a depth of 3,360 meters and has intersected two of the three identified Miocene reservoir targets.

The initial results from the three separate reservoir sections are outlined below:

•Upper Omicron ◦Although there were indications of gas whilst drilling, reservoir development was limited at this location. •Lower Omicron ◦The well has intersected a log evaluated gross hydrocarbon interval of approximately 106 meters in what are believed to be moderate quality interbedded units. The provisional net pay is estimated to be approximately 15 to 20 meters, with an average porosity of 16%. The well is believed to be located in a sub-optimal location on the extreme edge of the Lower Omicron prospect. •Deep Omicron ◦The well has intersected a log evaluated gross hydrocarbon interval of approximately 64 meters in high quality reservoir sands. The provisional net pay is estimated to be approximately 10 to 15 meters, with an average porosity of 21%. The well is believed to be located in a sub-optimal location on the edge of the Deep Omicron prospect. Drilling through the remainder of Deep Omicron will continue upon completion of the current logging run. Evaluation of fluid samples and pressure data suggests oil being present down to the current well depth. ◦The well location was selected to access multiple targets from a single location. By necessity, the resulting locations for both the Lower and Deep Omicron objectives were significantly compromised. Consequently, given the extremely encouraging results it is likely sidetracks will be drilled to appraise both prospects at better locations. Initial in place estimates Based on the better than prognosed reservoir quality the revised preliminary in place volumetrics on a P90 to P10 range are estimated to be for Lower Omicron 40 to 290 mmbbls or, in the event that the hydrocarbons at that interval are determined to be gas condensate, 75 to 595 bcf, and for Deep Omicron 55 to 380 mmbbls. These numbers remain provisional. Due to the stratigraphic nature of these prospects further appraisal will be required and is being planned.

Forward exploration and appraisal program Wireline logging operations are ongoing over the Omicron reservoir objectives. Once completed, it is planned to drill to a total depth of approximately 4,450 meters to test further prospective horizons, including the deeper Cretaceous, a new play untested within this part of the Douala Basin. Drilling activity is expected to take a further 30 to 40 days (excluding testing). The forward plan will be reviewed on reaching the target depth and when the results from the additional targets are obtained. Meanwhile, planning for testing and sidetrack activities on the Miocene discoveries is underway.

Further update announcements on drilling activities will be made as appropriate.

Kevin Hart, Chief Executive of Bowleven, commented, "We are delighted with the results so far on our high potential Sapele-1 exploration well, offshore Cameroon. The discovery of hydrocarbons in two separate Miocene reservoir intervals is a significant event for Bowleven. While further evaluation and appraisal is required, we are confident that these are potentially transformational. Sapele-1 is already demonstrating the significant prospectivity of our acreage in the Douala Basin, with the high potential deeper Cretaceous target still to be drilled. The Douala Basin is a major emerging hydrocarbon bearing province. We believe that the Sapele-1 well is only the beginning of Bowleven unlocking the full potential of our Cameroon acreage. This is a very exciting time for the Company."

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