Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its audited full year results for the year ended 30 June 2022. Terms not otherwise defined have the meanings given to them in the Glossary at the end of this announcement.

HIGHLIGHTS

Operational

Etinde, offshore Cameroon

In June 2022, New Age formally announced that it had signed a conditional agreement to sell operatorship and their 37.5% gross stake in Etinde to Perenco SA ('Perenco') Group for an undisclosed sum, subject to the resolution of a number of conditions precedent, including regulatory approval from SNH.

The JO partners continue to await the completion of the New Age-Perenco transaction.

New Age has reduced its operational footprint placing Etinde development activities on a 'care and maintenance' basis, pending the transfer to Perenco.

Whilst New Age has completed several outstanding tasks from the 2021 post-FEED analysis programme during the calendar year, very little progress has been made otherwise.

Financial

The loss for the financial year was $2.5 million.

Bowleven closed the year with $1.3 million of cash and a financial investment of $2.2 million giving a total value of available funds of $3.5 million. Cash balance at 30 October 2022 was $0.5 million.

Currently, there is no draft work plan or budget for the 2023 calendar year as New Age has left this task open for Perenco to agree with the Joint Operation ('JO') partners and Societe Nationale des

Hydrocarbures ('SNH'), most likely in Spring 2023.

Bowleven anticipates a higher Etinde expenditure in 2023 on the basis that Perenco is likely to put a full

Etinde development team in place in early 2023, following completion of its Etinde interest acquisition, and may seek to take a fresh look at Etinde development options which would incur an additional cost.

When combined with our current cash and liquid resources, the Directors' cash flow forecasts and projections indicate a material risk that Bowleven will fully utilise its existing cash resources by the end of 2023. This gives rise to material uncertainty regarding the going concern status of the Bowleven group.

The Board is currently discussing and investigating various options, including debt and equity issues, as well as hybrid debt instruments to raise additional funding during early 2023. No such plans have been put in place at the current time and there can be no certainty that any additional financing will be concluded, nor as to the terms of any such additional financing. Bowleven will make further announcements to update shareholders as soon as it has more information.

Outlook

The Company's key objective is to continue to deliver its outlined strategy in FY2023. The most important deliverables include:

Working with JO partners on commercial and financial matters in respect of the Etinde development options with the aim of reaching an Etinde project financial investment decision (FID) in 2023.

To renew the Etinde Exclusive Exploitation Agreement ('EEEA') licence as part of the regulatory process associated with FID. Bowleven considers that the risk of the Etinde licence (which expired in January 2021) potentially being removed will further decline as Perenco joins the development team. The Board understands that Perenco has an excellent relationship with SNH and the Government of Cameroon given its position as the largest oil and gas investor in Cameroon.

Maintaining disciplined management of capital and operational expenditure to secure progress towards

FID whilst maintaining financial resources and raising additional financing.

Eli Chahin, Chief Executive Officer of Bowleven plc, said: 'It has been a year of progress and we continue to focus on maximising the economic return to our shareholders. The most significant event to update on is New Age's ongoing transaction to sell its operatorship and share in Etinde development project to Perenco. Perenco has a formidable operating history in Cameroon with oil and gas productions of 85,000 boepd (51,000 barrels per day and 24 million m3 of gas per day) mostly from the Rio del Rey basis (to the north of Etinde) and at the Sanaga Sud field complex near Kribi. Here Perenco, in conjunction with SNH and Golar operates the very successful FLNG gas export business using the Hilli Episeyo vessel. At the January 2022 TCM held with SNH, the JO partners formally told SNH that the partnership had reached the decision that the Equatorial Guinea development had been selected as the development basis for Etinde. After extensive study, the conclusion was that this was the only economically and commercially viable development option for that JO partnership group. With the accession of Perenco, other additional options may now become feasible to study. As we move into 2023, we will work with our JO partners on both commercial and financial matters in relation to the Etinde development options and to further progress towards FID.'

Contact:

Bowleven plc

Eli Chahin

Chief Executive

T: 00 44 20 3327 0150

Shore Capital Ltd

NOMAD and Broker

Robert Finlay

T: 00 44 20 7601 6100

This announcement may include statements that are, or may be deemed to be 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'anticipates', 'projects', 'expects', 'intends', 'may', 'will', 'seeks' or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company's intentions, beliefs or current expectations concerning, amongst other things, the results of operations, financial conditions, liquidity, prospects, growth and strategies of the Company and its direct and indirect subsidiaries (the 'Group') and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, may differ materially from those suggested by the forward-looking statements contained in the announcement. In addition, even if the Group's results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, are consistent with the forward-looking statements contained in the announcement, those results or developments may not be indicative of results or developments in subsequent periods. In light of those risks, uncertainties and assumptions, the events described in the forward-looking statements in the announcement may not occur. Other than in accordance with the Company's obligations under the AIM Rules for Companies and the Market Abuse Regulations, the Company undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in the announcement.

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