BowLeven Identifies Promising Drilling Prospects

OSLO, Jun 16, 2005 (Dow Jones Commodities News Select via Comtex) BowLeven said Thursday that interpretation work on the evaluation of its Cameroon offshore Block MLHP-7 within the Etinde Permit area has identified a number of promising drilling prospects.

The Company has now received the initial interpretation of the "fast-track" 3D seismic data, acquired earlier this year, over the Company's Block MLHP-7. The data acquired is of a very high quality and has validated the existing play concept for the area. Specifically, the interpretation work thus far has identified a number of promising drilling prospects, along with several leads and plays. The potential drilling targets include both high-grade oil prospects and potentially large gas and condensate reservoirs that could be commercialized. The size of these structures exceeds the Company's previous evaluation of its exploration assets and, if confirmed during the drilling program, could lead to a substantial enhancement of its reserves.

The Company is currently working to complete the 3D seismic interpretation in order to assess fully the likely drilling locations. It is expected that this process will be completed in August 2005 at which point a further update will be made in respect of the drilling strategy, the well locations and the size of the target prospects. As was announced previously, the GlobalSantaFe drilling rig, Adriatic IX, has been contracted to begin drilling in late September/early October this year.

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