Bowleven has entered into a conditional drill-to-earn arrangement with privately held Africa Fortesa Corp Ltd (AFC) and its affiliate subject, inter alia, to approval by the Cameroon government.

In return for drilling two exploration wells at cost on the Bomono Permit, AFC will earn a 20% interest in the Bomono Permit. Based on the terms of the arrangement the budgeted cost of the two well programme (excluding testing) net to Bowleven is estimated to be approximately $13 - $15 million. Drilling is envisaged to commence prior to the end of 2014.

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