BowLeven Says the Manyikebi-1 Well Finds Gas Instead of Oil

BowLeven reports that the Manyikebi-1 well (a Biafra sands oil prospect), which commenced drilling on October 10, 2005 has reached total depth. The well was drilled to target potential oil reservoirs.

It intercepted the predicted sequence of high quality reservoir sands and some 40ft of net gas pay but did not encounter oil.

Wireline logging is currently under way to provide data for a post well analysis.

After this program the well will be plugged and abandoned as a small gas discovery.

The Adriatic IX will move on as soon as possible to the Company's next drilling location offshore Cameroon, Bachuo-1, an Upper Isongo gas/condensate prospect in the southern area of MLHP-7.

Apart from the removal of a possible Manyikebi-2 appraisal well, the Company does not anticipate any impact upon its program for the 2006/2007 drilling campaign.

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