Bowleven : Interim Results for the Six Months ended 31 December 2021.

30 March 2022

Bowleven plc

('Bowleven' or 'the Group' or 'the Company')

Interim Results

Bowleven, the Africa focused oil and gas, Exploration and Production Company with key interests in Cameroon, today announces its unaudited interim results for the six months ended 31 December 2021.

HIGHLIGHTS

Operational

Etinde

• • The JV partners concluded in December 2021 that the development option of exporting gas to Equatorial Guinea ('EG') was the preferred choice in terms of value, risks and benefits to Cameroon and each individual joint venture ('JV') member.

• • An operating committee meeting ('OCM') was held in mid-January 2022 where New Age as Operator, presented a technical, risk and financial evaluation of a wide range of potential development options to SNH in support of the JV partners' conclusion.

• • SNH agreed to study the JV partners' recommendation and report back with their own consideration of the option alongside their proposal for the next steps as soon as possible. The recent Ukraine crisis has impacted the ability to coordinate efforts amongst all the JV members and we envisage a period of normalization will resume in due course to facilitate this effort.

• • Whilst one of our JV partners, Lukoil PJSC, has been impacted by the recent imposition of Russian sanctions, their participation in the Etinde PSC is as a non-operating minority partner. Notwithstanding being a private sector concern, we are as yet uncertain of how the Ukrainian conflict will impact the timeframe for obtaining final investment decision ('FID') for the project.

• • At this stage, we remain satisfied that the JV partners could be able to reach a final investment decision during 2022 however, we also recognise that the outstanding commercial and political issues are not within Bowleven's or our JV partners' control and may therefore in practice require further time to negotiate and receive the relevant approvals to reach FID.

Corporate

• • The loss for the 6-month period was $1.2 million compared to $0.9 million for the same period in the prior year. The increased loss is primarily due to lower interest income.

• • Group cash balance at 31 December 2021 was circa $2.5 million with a further $2.5 million held in a financial investment, with no debt or material financial commitments.

• • The Group invested a further $0.3 million to fund its share of Etinde pre-development and geological and FEED related project expenditure in the 6-month period.

• • Bowleven considers the total value of cash and investment of $5.0 million to be sufficient to meet the Group's financial requirements for at least the next 12 months based on the cash flow forecasts for the period up to 31 December 2023 which consider a number of different scenarios. Further details of the Directors' going concern considerations are provided in Note 2 of these interim financial statements.

• • As the timing of progress towards FID is not within the control of the Group, should the commercial and regulatory issues not be resolved as anticipated in our modelling, it is likely that Bowleven would need to raise additional short-term funding to bridge expenditure to FID.

Eli Chahin, Chief Executive Officer of Bowleven plc, said:

"The Group made significant progress in 2021 as the Etinde JV members concluded on a realistic and economically beneficial way to progress Etinde's development. We continue to monitor the ongoing stakeholder negotiations regarding progressing the Etinde FID within 2022. The recent Ukrainian crisis has adversely impacted the pace of the new chapter in the Etinde development, however we remain optimistic that all the JV members are aligned to bring to fruition the more economic Etinde development option.

A significant amount of detailed technical knowledge has been developed meanwhile and we remain poised to develop the project funding for the asset in light of improving input variables given the current oil and gas price outlook. The Etinde asset is of significant importance to the Government of Cameroon, and we are keen to unlock its value for both the country and our shareholders.

We look forward to keeping our shareholders abreast of the anticipated developments over the coming months."

ENQUIRIES

For further information, please contact:

Bowleven plc

Eli Chahin, Chief Executive

00 44 203 327 0150

Camarco (Financial PR)

Owen Roberts

00 44 203 757 4980

Charlotte Hollinshead Hugo Liddy

Shore Capital (NOMAD and Broker)

Robert Finlay

00 44 207 601 6100

Daniel Bush

A copy of this announcement is available on the Bowleven websitewww.bowleven.com

Notes to Editors:

Bowleven plc is an African focused oil and gas group, based in London and traded on AIM. It is dedicated to realising material shareholder value from its Etinde asset in Cameroon, whilst maintaining capital discipline and employing a rigorously selective approach to other value-enhancing opportunities. Bowleven holds a strategic equity interest in the offshore, shallow water Etinde permit (operated by New Age) in Cameroon.

Notes to Announcement:

The information in this release reflects the views and opinions of Bowleven and has not been reviewed in advance by its joint venture partners.

CEO's REVIEW

Although the rate of progress for the development of Etinde has been slower than we expected, the situation at the end of the year was positive and progress since the year end has been very significant for the project. At the mid-January OCM with SNH, the Etinde project's Operator, New Age, put forward the preference to proceed with the development option of exporting gas to EG, a position jointly held by all the JV partners.

As part of the proposed EG project option, it has been suggested that a dry gas pipeline be put in place from the Bioko Island facility, Equatorial Guinea, to onshore Cameroon, which could enable long term gas supply continuity to Cameroon from non-Etinde sources. We are further encouraged by recent developments such as Chevron's plans with respect to a similarly conceived development plan for YoYo and Yolanda. Much progress has been made in recent weeks and months on the unitisation agreements for these intertwined fields between both governments. Clearly the current commodity price environment presents an opportunity for developments such as Etinde where the existing project economics model factors in prices for both liquids and gas significantly below current market levels.

The EG option comprises using the existing wet gas processing facilities on Bioko Island, thus reducing both the Etinde initial capital investment cost and the infrastructure development time. In addition, the usage of existing facilities lessens the timeframe of the first production taking place, therefore directly and indirectly benefiting all of the parties involved. The development project under this option should not only be easier to finance but will also maximise the net present value ('NPV') and internal rate of return ('IRR') of the project. The financial benefits are not just limited to the JV partners; they extend to the Government of Cameroon which would receive a larger amount of taxation income from the project. SNH's share, assuming they participate, will also generate higher cash flows, and require less financing on their part.

Final Investment Decision for Etinde

The JV partners have recommended to the regulator, SNH, that we move forward on the basis of the EG development option, which now leaves the essential commercial and large scale governmental approval issues to resolve. There also remain a significant number of commercial and technical details that require further analysis and commercial negotiation with Marathon Oil, the Bioko Island facility operator. In addition, the EG option will need formal regulatory approval from both SNH and the Government of Cameroon and the signature of an intergovernmental agreement between Cameroon and Equatorial Guinea.

Prior to FID, we will require the conclusion of significant multi-party, multi-governmental commercial and legal agreements, which may take considerable time to complete.

At the current time, we remain satisfied that the JV partners, in conjunction with the support of our wider stakeholders and commercial partners, should be able to reach a final investment decision during 2022. However, we note that the rate at which we progress towards FID is not solely under the control of Bowleven or our JV partners. We must also recognise other factors that create an impact on the timeline such as the various outstanding commercial issues that may require a further amount of time to negotiate, especially given the various potentially conflicting positions.

Whilst one of our JV partners, Lukoil PJSC, has been impacted by the recent imposition of Russian sanctions, their participation in the Etinde PSC is as a non-operating minority partner. Notwithstanding being a private sector concern, we are as yet uncertain of how the Ukrainian conflict will impact the timeframe for obtaining FID for the project.

OPERATIONS REVIEW

Etinde Exploitation, Offshore Cameroon (25% equity interest)

The JV partners held extensive workshops and discussions during November and December 2021 with a view to reaching an agreement with regards to what we collectively consider to be the optimum development solution.

The partners agreed that the Equatorial Guinea solution had the lowest technical and financing risk, whilst generating the highest project net present value ('NPV') and internal rate of return ('IRR'). It was noted that significant commercial risk remained with this option and there was likely to be significant regulatory approval risk to overcome. The partners further agreed that the proposed Limbe onshore gas processing plant ('GPP') did not provide sufficient economic return, especially given the very high initial investment required, although the Operator demonstrated that the financial return remained significant. We consider that there remain other potential development options, which may be contemplated later if circumstances change. These are unlikely to give rise to as significant benefits as the EG proposal, although they may prove to be better than the previous Limbe GPP option due to their likely lower initial investment requirement.

The recommended EG option is to use pipeline infrastructure to take wet gas feed from the IM wellhead platform to the Bioko Island facility for processing. In order to meet Cameroon's current and longer term requirements, this option would include the development of further pipeline infrastructure to take processed natural gas back to Cameroon. This plan would require approval by both the Governments of Cameroon and Equatorial Guinea in form of an inter-governmental agreement. There would also need to be a commercial contract with Marathon Oil's operated facilities and a gas sales agreement(s) to supply gas to the domestic market. A perceived complexity to all of this relates to the nature of the commercial structure with Marathon and the various JVs that own and operate different facilities within the Punta Europa complex on Bioko Island.

Of particular importance is the nature of the agreement relating to the processing of wet gas feed and the ultimate ownership of the sales products. SNH has previously indicated that their support would be contingent on a tolling style arrangement where the JV partners retained ownership of the sales products. Also, it is likely that additional processing facilities (including the supply pipeline, high pressure separator and measuring facilities) would need to be developed.

At an OCM with SNH in January 2022, the JV partners recommended that the EG development option is the optimum development solution in terms of value, risks, and benefits to Cameroon and each individual JV member and recommended that the JV partners proceed on this basis.

During the meeting, the Operator presented a thorough technical, risk and financial analysis of a wide range of different development proposals, based on both IM only as well as IM and IE resource cases, to further demonstrate the JV partners' recommendation to proceed with the EG option.

Société Nationale des Hydrocarbures ('SNH') offered the JV partners their own perspective and agreed to hold a further meeting as soon as possible to feedback their own considerations and to agree a mutually acceptable way forward, which could form the basis of the 2022 work plan and budget.

Volumetric Update

P50 (C2) net contingent resources to Bowleven on the current 25% licence interest are 61 mmboe following the Resource reassessment undertaken in late 2019. The next resource update is likely to be undertaken as part of the field development plan process to formerly re-categorise Etinde IM

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