ANNUAL REPORT & ACCOUNTS 
YEAR ENDED 30 JUNE 2006
WWW.BOWLEVEN.COM
68-70 GEORGE STREET
EDINBURGH 
EH2 2LT
UNITED KINGDOM
+ 44 (0) 131 260 5100
BOWLEVEN PLC  ANNUAL REPORT & ACCOUNTS 2006  ABOUT BOWLEVEN
BASED IN EDINBURGH, BOWLEVEN 
OWNS A NUMBER OF VALUABLE 
ASSETS IN CAMEROON, ONE OF  
THE MOST ATTRACTIVE OIL AND 
GAS EXPLORATION REGIONS IN 
WEST AFRICA. 
BOWLEVEN c ONtr OLs, Via its WhOLLy-OWNEd OpErati Ng su Bsidiary EurOi L 
Limit Ed, thr EE sha LLOW-Wat Er Offsh Or E BLOcks i N th E Eti NdE pErmit ar Ea 
Of camErOON, With prOVEd aNd prOBaBLE (p50) rEcOVEraBLE rEsErVEs 
(iNdEpENdENtL y assEssEd) Of 33.7 miLLiON BarrELs Of OiL EquiV aLENt  
(“mmBOE”) pLus p50 cONtiNgENt rEsOurcEs, Of 75.3 mmBOE: i.E. a t OtaL  
Of 109 mmBOE Of rEcOVEraBLE hydrOcarBON VOL umEs. as WELL as p50 
hydrOcarBON rEsErVEs aNd cONtiNgENt rEsOurcEs, thE 2,314 squarE  
km acr Eag E, Withi N Which 11 WELLs ha VE BEEN dri LLEd, has VEry attracti VE 
Exp LOrati ON pOt ENtia L. t hE cO mpaNy has OpErat Ed i N c amEr OON siNc E 1999. 
BOWLEVEN Was admittEd t O aim iN dEcEmBEr 2004.
GLOSSARY
B 
BBL or bbl: Barrel of oil.
Bcf or bcf: Billion cubic feet of gas.
BOE or boe: Barrels of oil equivalent.
BOpd or bopd: Barrels of oil produced per day.
C 
ciip: condensate initially in place.
condensate: a light oil, often discovered with significant volumes of natural gas, which is 
gaseous under certain reservoir conditions.
cOs: chance of success
cpr: competent p erson’s report
D 
discovery: a discovery of hydrocarbons not previously evidenced by drilling, recoverable at  
the surface in a flow measurable by conventional petroleum  
industry testing methods.
E 
Etinde permit: the permit granted by the government of cameroon which covers  
the area of 2,314 square km and consists of block mLhp-5, block mLhp-6 and  
block mLhp-7, all within the rio del rey Basin and the douala Basin.
G
giip: gas initially in place.
gtE: gas to electricity.
gtL: gas to liquids.
H
hf O: heavy fuel oil.
I 
isongo marine: the isongo marine gas/condensate reserves field in block mLhp-7.
M 
mcf or mcf: thousand cubic feet of gas.
mmbbls or mmbbls: million barrels of oil.
mmBOE or mmboe: million barrels of oil equivalent.
mmcf or mmcf: million cubic feet of gas.
mW: a unit of electrical power equal to one million watts or one thousand kilowatts.
P 
p50 or 2p: means 50% probability that volumes will be equal to or greater than stated volumes.
prospect, lead and play: a play is an exploration concept or idea that is conducive to the 
identification of leads, which in turn may become prospects when they are ready to be drilled.
psc: production-sharing contract.
R 
risked recoverable reserves: unrisked reserves, which have been reduced in volume as a 
consequence of applying cOs factors to their recoverability.
S 
2d seismic data: data resulting from two-dimensional seismic acquisition.
3d seismic data: data resulting from three-dimensional seismic acquisition.
U
unrisked recoverable reserves: Estimated reserves of hydrocarbons before  
applying the cOs factor as to their recoverability.
 109
 MILLION BARRELS OF OIL EQUIVALENT
Printed on Revive 50:50 
revive 50:50 paper is composed of 50% recovered waste and 50% virgin 
fibre and is also 100% Elemental chlorine f ree (Ecf). the production mill 
is certified with the isO14001-1996 enviromental management standard.
this report has been printed with environmentally friendly, vegetable  
oil-based inks from renewable resources. OUR MAIN ACHIEVEMENTS SINCE 
THE LAST ANNUAL REPORT
    Acquired 813 squAre km of 
3d seismic d At A over blocks 
mlHP-5 ANd 6.
    secured A rig for A four- 
well drilliNg ProgrAmme  
iN eArly 2007.
    Progressed 
commerciAlisA tioN of 
existiNg ANd PoteNtiAl 
resources tHrougH gte.
      Agreed strA tegic AlliANce 
witH suNterA.
    streNgtHeNed bo Ard 
comPositioN ANd 
mANAgemeNt teAm.
      comPleted A sigNific ANt 
equity fuNd-rAisiNg iN 
october 2005.
OUR OBJECTIVES FOR 2007 
     Process ANd iNterPret  
3d seismic over blocks  
mlHP-5 ANd 6.
     drill uP to four exPlorA tioN  
ANd APPrAisAl wells.
     coNtiNue to coNsider our 
Needs ANd oPPortuNities 
for timiNg oN f Arm-out.
     Progress tHe gte busiNess 
to A firm iNvestmeNt 
decisioN.
    AugmeNt our existiNg Asset 
bAse tHrougH selective 
AcquisitioNs.
 2
,
314
SQUARE KM OF VERY ATTRACTIVE  
EXPLORATION ACREAGE
HigHligHts  1
cHAirmAN’s st AtemeNt  2
cHief executive officer’s st AtemeNt  6
cHief oPerA tiNg officer’s st AtemeNt  8
fiNANciAl review  11
bo Ard of directors   12
New bo Ard APPoiNtmeNts & Advisers  14
directors’ rePort  15
directors’ resPoNsibilities  18
iNdePeNdeNt Auditors’ rePort  19
grouP Profit ANd loss A ccouNt  20
grouP bAlANce sHeet  21
comPANy bAlANce sHeet  22
grouP c AsH flow st AtemeNt  23
recoNciliA tioN of Net c AsH flow  
   to movemeNt iN Net debt  23 
Notes to tHe coNsolid Ated
   fiNANciAl st AtemeNts  24
Notice of ANNuAl geNerAl meetiNg  34
glossAry  ibc
0 HIGHLIGHTS bowleveN Plc ANNuAl rePort & A ccouNts 2006   GROUP MANAGEMENT BOARD 
t he former executive c ommittee of the 
c ompany is disbanded. A group board of 
management which will manage the day-to-day 
aspects of the business is now established.  
t his group management board, which 
comprises all the executive directors of the 
c ompany, will focus on generating value 
from the existing asset base and from new 
opportunities for corporate growth.
the group management board is made up of:
chief executive officer:  kevin Hart*
exploration director:  Jerry Anthony
finance director:  John brown
chief operating officer:  John morrow
chairman of euroil:  chief t abetando
commercial director:  Peter wilson**
*   kevin Hart will chair the group 
management board.
**  Peter wilson also fulfils the roles of 
general counsel and company secretary to 
the main board.
this board of management will follow all of 
the procedures and disciplines that have been 
established by the board.
t he group management board is the  
executive engine of the c ompany. it will advise 
the board on policy matters and implement 
declared policies as determined from time 
to time. Apart from managing day-to-day 
business matters, the future direction of the 
business will be substantially determined by the 
recommendations of the group management 
board. 
this is a strong and capable management 
team and i have every confidence in its ability 
to move the company forward with success.  
i am also very pleased to announce that  
mr. ed willett, a senior explorationist at cairn 
energy Plc, has agreed to join bowleven in 
the New year as deputy exploration director. 
ed is a proven finder of hydrocarbons and 
we are confident that he will be a valuable 
member of the team. 
LONG-TERM INCENTIVE PLAN (“LTIP”) AND 
SHARE OPTION SCHEME
A lti P has been designed to incentivise the 
executive team. details of the scheme are set 
out in a separate circular, which is intended to  
be posted to shareholders shortly for their 
consideration at an egm, to be held on  
6 december 2006, immediately prior to  
our Agm. 
currently, only executive directors are 
being offered ltiPs under this scheme; the 
previously approved share option scheme 
remains in place for all other employees.
NOMINATED ADVISER AND BROKER
with effect from 2 November 2006, the  
broker to bowleven is Hoare govett limited  
(a subsidiary of the AbN-Amro group) and, 
with effect from 6 december 2006, the position 
of Nominated Adviser to the company will also 
change to Hoare govett.
0 CHAIRMAN’S STATEMENT bowleveN Plc ANNuAl rePort & A ccouNts 2006
STRATEGIC 
ALLIANCE WITH 
SUNTERA AGREED
t He grou P mANAgeme Nt bo Ard will focus oN 
ge Ner Ati Ng vAlue from t He existi Ng Asset bAse ANd 
from New oPPortu Nities for cor Por Ate growt H whilst i am pleased to announce the 
appointment of Hoare govett, it is with some 
sadness that we are changing the advisory and 
broking relationship. Noble & c ompany (“Noble”) 
were appointed financial advisers to bowl even 
in 1998 and, despite several difficult years, when 
they were not being fully rewarded for their 
efforts, they persevered with bowl even and 
sponsored the c ompany to list its shares on the 
Aim market in december 2004. 
Noble’s broking arm also raised in excess of  
£87 million of new funds for the company in 
2004/05, and shareholders should be very 
grateful for the loyalty, commitment and 
dedication that Noble gave to the company  
over the past several years.
STRATEGIC ALLIANCE, SUNTERA
on 3 July 2006, suntera resources limited 
(“suntera”), a joint venture owned 50% by sun 
energy limited and 50% by itera oil & gas 
llc, acquired a 13% interest in the company, 
through a placing of 4,438,000 new ordinary 
shares at approximately 245 pence each, for 
a cost of £10.9 million. this investment by 
suntera is the basis of an important strategic 
alliance for bowleven. suntera, which has 
considerable experience in monetising gas 
assets, has built up a strong knowledge base 
and solid relationships in west Africa, and 
aims to help the bowleven group to secure 
new opportunities in the region. the strategic 
alliance with suntera can help bowleven to 
deliver its longer-term strategic objectives. 
FINANCIAL RESULTS
the group reported a loss of £1.7 million for 
the 12 months ended 30 June 2006. the main 
contributor to the loss was administrative 
expenses, as the group expanded operations 
to properly carry out its work programme and 
exploit the potential of the etinde Permit.
the company, which had £42.5 million of cash 
at bank at year end, as further supplemented 
by the £10.9 million share placing to suntera, 
has the financial resources to fulfil its 
2007 capital investment plans and drilling 
programme.  
some £5 million has been spent since  
30 June, on 3d seismic acquisition, processing 
and interpretation, which should prove to be a 
significant asset to the group. 
RESERVES & CONTINGENT RESOURCES
in accordance with the london stock 
exchange’s recently published Aim guidelines 
for resources companies, bowleven 
summarises, from the competent Person’s 
report, its recoverable hydrocarbon reserves 
and contingent resources on page 10.
these figures, which were independently 
assessed by scott Pickford, are expanded upon 
in more detail in the chief operating officer’s 
statement.
OUTLOOK
despite the drilling of two unsuccessful wells  
in 2005, the stated hydrocarbon asset base 
of the group has not materially changed 
since the listing of bowleven’s shares on Aim 
two years ago. the potential to exploit these 
recoverable reserves and contingent resources 
remains intact, and i am confident that the 
management team will do so.
the exploration potential of the etinde 
Permit remains; blocks mlHP-5 and 6 have 
the potential for discovery of substantial 
hydrocarbon reserves and resources, with 
consequent benefits for shareholder value. 
t he board and management team have been 
strengthened and this team has the undoubted 
potential to drive the c ompany forward to 
success.
t erry Heneaghan
executive chairman
2 November 2006
EXPLORATION POTENTIAL
REMAINS EXCITING
Assets
Rio Del
Rey Basin
Malabo
MLHP-7
MLHP-6
MLHP-5
Kribi
Douala
Limbe
Alba
Km
0               25               50                                 100
Alba Pipeline
Etinde Permits
MHLP-5,6 and 7
Equatorial 
Guinea border
Nigerian border
Field discoveries
Chad Cameroon
Pipeline
Gulf of Guinea
Cameroon
ETINDE PERMIT
k m
0
               
25
               
50
                                 
100
0 CHAIRMAN’S STATEMENT bowleveN Plc ANNuAl rePort & A ccouNts 2006          The Directors submit their report and Group financial statements of BowLeven plc for the year ended 30 June 2006.
PRINCIPAL ACTIVITIES
The principal activities of the Group in the period under review were to procure and analyse scientific and technical data in order to assess exploration 
and development potential for oil and gas production in Cameroon, West Africa.
REVIEW OF THE BUSINESS
The Directors are satisfied with the results for the year. Two wells were drilled on block MHLP-7 of the Etinde Permit and further seismic data 
acquired over the acreage. A significant capital-raising was completed to carry out the ongoing work programme and exploit the potential of the 
hydrocarbon assets.
RESULTS AND DIVIDENDS
The trading results for the year, and the Group’s financial position at the end of the year, are shown in the attached financial statements.
The Directors have not recommended a dividend.
FUTURE DEVELOPMENTS
As discussed in the Chairman’s Statement on pages 2 to 5, there have been a number of events since the year end that place the Group in a strong 
position to continue to develop its asset base.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group currently finances its operations from cash reserves funded from share issues. The management’s objectives are to retain sufficient liquid 
funds to enable it to meet its day-to-day obligations as they fall due, while maximising returns on surplus funds.
Hedge accounting is not used by the Group.
The Group’s surplus funds are held primarily in short-term variable-rate deposit accounts. The Directors believe this gives them the flexibility  
to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise.  
All deposits are with reputable European and American banks, and the Directors believe their choice of bank minimises any credit risk associated  
with not placing funds on deposit with a UK clearing bank. 
 
THE DIRECTORS AND THEIR INTERESTS
The Directors who served the Company during the year, together with their beneficial interests in the shares of the Company, were as follows:
              Ordinary Shares of £0.10 each
    At 30 June 2006 At 1 July 2005
 
Terence A. Heneaghan    795,800	 795,800
Chief Ndieb-Nso Tabetando    950,000	 950,000
Donald Vandergrift (i)     1,000,000
Dr. A. Easton Wren *    100,000	 100,000
Philip B. Rhind (ii)     30,303
John D. Brown     4,150	 1,500
Peter G. Wilson     28,700	 8,700
John A. C. Morrow (iii)    16,505	 –
Steven Lowden *    10,000	 –
Jerry S. Anthony (iv)    8,720	 –
    	 1,913,875	 2,886,303
In addition to the Ordinary Shares attributed to Mr. Heneaghan above, there are a further 250,000 Ordinary Shares held in trusts for the beneficial 
interests of Mr. Heneaghan’s wife and children.
* denotes Non-Executive Directors
(i) resigned 20 October 2005
(ii)  resigned 20 February 2006
(iii) appointed 20 October 2005
(iv)  appointed 1 January 2006
Mr. K. Hart, who joins the Board as CEO on 17 November 2006, has an interest in 171,337 shares of the Company.
15 DIRECTORS’ REPORT BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006 SUBSTANTIAL INTERESTS
As of 27 October 2006, the Company had been notified, in accordance with Section 198 to 208 of the Companies Act 1985, of the following interests of 
3% or more in the Company’s Ordinary Share Capital (excluding Directors’ interests, already disclosed above):
    Shares %
Suntera Resources Limited    4, 428,000 13.0
Credit Suisse Securities (Europe) Limited    2,910,850 8.6
FMR Corporation    1,115,160 3.3
UBS AG London    1,214,000 3.6
The Company has not been notified of any other person who is interested in 3% or more of the Company’s Ordinary Share Capital.
SHAREHOLDER INFORMATION
The Ordinary Shares of the Company are listed on AIM under the symbol ‘BLVN’. As at 27 October 2006, the broad distribution of the Ordinary Shares 
in issue was as follows:
    Shares % 
    (millions) %
Institutions    20,890,681 62
Directors and management    1,163,875 3
Other individuals    11,990,369 35
CORPORATE GOVERNANCE
The Directors are aware of the Combined Code applicable to listed companies, which consolidates the work of the Cadbury, Greenbury and Hampel 
Committees on corporate governance. As a company which is quoted on AIM, the Company is not required to comply with the Combined Code,  
but the Directors intend to comply with its main provisions as far as is practicable having regard to the size of the Group.
BOARD STRUCTURE
The Board currently comprises six Executive Directors, including the Chairman, and two Non-Executive Directors. The Board meets at least six times 
throughout the year, and as issues arise which require Board attention.
Biographies of the Directors are set out on page 12 to 13 of this Annual Report.
The Chairman conducts Board and shareholder meetings, and ensures that all Directors are properly briefed. The Directors are responsible for 
formulating, reviewing and approving the Group’s strategy, budgets, major items of capital expenditure and senior personnel appointments.  
The Directors have access to independent professional advice at the Company’s expense, and to the Company Secretary (who is also a Director),  
and receive appropriate training, where necessary.
There are transparent procedures for the appointment of new Directors to the Board in place, and all Directors are required to retire by rotation at  
least every three years, when they can offer themselves for re-election, if eligible. In accordance with the company’s Articles of Association, at this 
year’s AGM two Directors would be required to offer themselves for re-election but because the Chairman and Dr. A. Easton Wren are standing down 
and not seeking re-election this satisfies the requirement in accordance with the provisions of the Articles of Association. Accordingly, there will be  
no resolution to re-elect Directors at this year’s AGM.
The Company has established Audit, Nomination and Remuneration Committees. Terms of reference for the Committees (see below) are available on 
request from the Company. 
AUDIT COMMITTEE
An Audit Committee has been established and currently comprises the Chairman and Dr. A. Easton Wren. It meets at least twice a year and is 
responsible for ensuring that the financial performance of the Group is properly reported on and monitored. It liaises with the auditors and reviews 
the reports from the auditors relating to the accounts and internal control systems.
NOMINATION COMMITTEE
A Nomination Committee has been established and currently comprises the Chairman, Dr. A. Easton Wren and Mr. S. Lowden. It reviews and 
recommends to the Board the appointment of Directors.
REMUNERATION COMMITTEE
A Remuneration Committee has been established and currently comprises the Chairman, Dr. A. Easton Wren and Mr. S. Lowden. It reviews the 
performance of the Executive Directors and sets the scale and structure of their remuneration on the basis of their service agreements with due 
regard to the interests of the shareholders and the performance of the Group. The Remuneration Committee also makes recommendations to the 
Board concerning employee incentives, including the allocation of share issues to employees. Directors of the Group are not permitted to participate 
in discussions or decisions of the Committee concerning their own remuneration.
Membership of the above Committees will be re-constituted following the first Board meeting after the AGM.
16 DIRECTORS’ REPORT BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006 RELATIONS WITH SHAREHOLDERS
Communications with shareholders are considered important by the Directors. The primary contact with shareholders, investors and analysts is the 
Chairman; however, the Executive Directors regularly speak to investors and analysts during the year. Company circulars and press releases  
have also been issued throughout the year and since the balance sheet date, in relation to various proposals and to keep investors informed about  
the Group’s progress.
The Company also maintains a website on the internet: www.bowleven.com which is regularly updated and contains a wide range of information  
about the Group.
INTERNAL CONTROLS
The Board acknowledges that it is responsible for establishing and maintaining the Group’s system of internal controls and reviewing its effectiveness. 
The procedures which include inter alia financial, operational and compliance matters, and risk management, are reviewed on an ongoing basis.  
The internal control system can only provide reasonable and not absolute assurance against material misstatement or loss. The Board has 
considered the need for an internal audit function but does not consider it necessary at the current time.
REMUNERATION REPORT
In addition to complying with the main provisions of the Combined Code, as far as is practicable having regard to the size of the Group, the Company is 
committed to the Principles of Good Governance relating to Directors’ remuneration.
DIRECTORS’ REMUNERATIONS AND INTEREST IN SHARES
Details of the annual remuneration of the Directors and their interests in share options are set out in Note 3 on pages 25 to 27 of the financial 
statements.
SERVICE CONTRACTS
No Directors have any service contracts, consultancy agreements or other such arrangements with a notice period in excess of one year.
SUPPLIER PAYMENT POLICY
It is a Group policy to agree and clearly communicate the terms of payment as part of the commercial arrangement negotiated with suppliers and  
then to pay according to those terms, based upon receipt of an accurate invoice. It is the Group’s policy to pay suppliers within 30 days. 
DONATIONS
During the year, the Group made no donations to political parties (2005: £nil).
DISABLED EMPLOYEES
Applications for employment by disabled persons are always fully considered, bearing in mind the respective qualifications and abilities of the 
applicants concerned. In the event of employees becoming disabled, every effort is made to ensure their employment will continue. The training, 
career development and promotion of a disabled person is, as far as possible, identical to that of a person fortunate enough not to suffer from  
a disability.
EMPLOYEE INVOLVEMENT
Using regular briefing procedures and meetings, managers keep employees at all levels informed about matters affecting the policy, progress,  
and people in the business in which they work.
 
AUDITORS AND THE DISCLOSURE OF INFORMATION TO THE AUDITORS
So far as each person is aware who was a Director at the date of approving this report, there is no relevant audit information, this being information  
needed by the auditors in connection with preparing their report, of which the auditors are unaware. Each Director has taken all the steps which in 
their position they are obliged to take to make themselves aware of any relevant audit information and to establish that the auditors are aware  
of that information.
Baker Tilly, Chartered Accountants, were re-appointed as the Company’s auditors during the year, and are willing to continue in office. A resolution  
for their re-appointment, and authorising the Directors to fix their remuneration, will be submitted to the Annual General Meeting.
On behalf of the Board
Peter G. Wilson
Director
2 November 2006
17 DIRECTORS’ REPORT BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006 The Directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted 
Accounting Practice.
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 
Company and of the Group and of the profit or loss of the Group for that period. In preparing those financial statements, the Directors are required to:
a. select suitable accounting policies and then apply them consistently;
b. make judgements and estimates that are reasonable and prudent;
c. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the 
Group and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 1985. They are also responsible 
for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for complying with the AIM listing rules and for ensuring website access to the financial statements.
18 DIRECTORS’ RESPONSIBILITIES BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 IN PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS We have audited the consolidated financial statements on pages 20 to 33 for the year ended 30 June 2006. These financial statements have been 
prepared under the historical cost convention and the accounting policies set out therein.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been 
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other 
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s 
members as a body, for our audit work, for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The Directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on 
Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the 
Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the Company has 
not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified  
by law regarding Directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited financial statements. This other 
information comprises the Directors’ Report, the Chairman’s Statement, the Chief Executive Officer’s Statement, the Chief Operating Officer’s 
Statement and the Financial Review. We consider the implications for our report if we become aware of any apparent misstatements or material 
inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment 
of the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting 
policies are appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other 
irregularity or error . In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.
OPINION
In our opinion:
–  the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the 
Group’s and the parent company’s affairs as at 30 June 2006 and of the Group’s loss for the year then ended, and have been properly prepared in 
accordance with the Companies Act 1985; and
– the information given in the Directors’ Report is consistent with the financial statements.
Baker Tilly
Registered Auditor
Chartered Accountants
Breckenridge House
274 Sauchiehall Street
Glasgow G2 3EH
2 November 2006
19 INDEPENDENT AUDITORS’ REPORT BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 TO THE MEMBERS OF BOWLEVEN PLC      2006 2005
   Notes £’000 £’000
TURNOVER    –	 –
Distribution costs    –	 –
Administrative expenses    (3,429)	 (1,373)
OPERATING LOSS   1 (3,429)	 (1,373)
Interest receivable and similar income    1,687	 512
Interest payable and similar charges   5 (2)	 (1,271)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION    (1,744)	 (2,132)
Taxation   7 –	 –
LOSS FOR THE FINANCIAL YEAR   6 (1,744)	 (2,132)
Basic Earnings Per Share (£/share)   8 (0.06)	 (0.13)
Diluted Earnings Per Share (£/share)   8 (0.06)	 (0.13)
The operating loss for the year arises from the Group’s continuing operations.
No separate Statement of Total Recognised Gains and Losses has been presented, as all such gains and losses have been dealt with in the Profit and 
Loss Account.
20 GROUP PROFIT AND LOSS ACCOUNT BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006     2006 2005
   Notes £’000 £’000
FIXED ASSETS
Intangible assets   9 40,953	 11,289
Tangible assets    10 381	 336
    	 41,334	 11,625
CURRENT ASSETS
Stocks    12 810	 853
Debtors    13 435	 527
Cash at bank    42,453	 20,518
    	 43,698	 21,898
CREDITORS
Amounts falling due within one year   14 (1,003)	 (844)
NET CURRENT ASSETS    42,695	 21,054
TOTAL ASSETS LESS CURRENT LIABILITIES    84,029	 32,679
CAPITAL AND RESERVES
Called up equity share capital    15 2,961	 2,111
Share premium account   16 86,002	 33,758
Other reserves   16 2,883	 2,883
Profit and loss account   16 (7,817)	 (6,073)
SHAREHOLDERS’ FUNDS   17 84,029	 32,679
The financial statements on pages 20 to 33 were approved by the Board of Directors and authorised for issue on 2 November 2006 and are signed on 
their behalf by:
John D. Brown
Director
21 GROUP BALANCE SHEET BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 30 JUNE 2006     2006 2005
   Notes £’000 £’000
FIXED ASSETS
Tangible assets   10 121	 143
Investments    11 1,018	 1,018
    	 1,139	 1,161
CURRENT ASSETS
Stocks    12 –	 –
Debtors    13 40,554	 10,528
Bank and cash    42,453	 20,518
    	 83,007	 31,046
CREDITORS
Amounts falling due within one year   14 (212)	 (199)
NET CURRENT ASSETS    82,795	 30,847
TOTAL ASSETS LESS CURRENT LIABILITIES    83,934	 32,008
CAPITAL AND RESERVES
Called up equity share capital    15 2,961	 2,111
Share premium account   16 86,002	 33,758
Profit and loss account   16 (5,029)	 (3,861)
SHAREHOLDERS’ FUNDS    83,934	 32,008
The financial statements on pages 20 to 33 were approved by the Board of Directors and authorised for issue on 2 November 2006 and are signed on 
their behalf by:
John D. Brown
Director
22 COMPANY BALANCE SHEET BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 30 JUNE 2006     2006 2005
   Notes £’000 £’000
Net cash outflow from operating activities   20 (3,411)	 (2,905)
Returns on investments and servicing of finance   20 1,685	 (759)
Capital expenditure and financial investment   20 (29,433)	 (5,686)
CASH OUTFLOW BEFORE FINANCING    (31,159)	 (9,350)
Financing    20 53,094	 29,706
INCREASE IN CASH IN THE PERIOD    21,935	 20,356
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
    2006 2005
   Notes £’000 £’000
Increase in cash in the year    21,935	 20,356
Net cash inflow from loan instruments    –	 4,944
CHANGE IN NET DEBT   20 21,935	 25,300
NET FUNDS AT 1 JULY 2005   20 20,518	 (4,782)
NET FUNDS AT 30 JUNE 2006   20 42,453	 20,518
23 GROUP CASH FLOW STATEMENT BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention, in accordance with the Statement of Recommended Practice for 
Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities, and with applicable accounting standards.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and all Group undertakings. These are adjusted,  
where appropriate, to conform to Group accounting policies.
As a consolidated Group profit and loss account is published, a separate profit and loss account for the parent Company is omitted from the Group 
financial statements by virtue of Section 230(4) the Companies Act 1985.
GOING CONCERN
After making enquiries, the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable 
future. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.
TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost of tangible fixed assets, less anticipated disposal proceeds, on a straight line basis 
over their estimated useful economic lives, as follows:
Leasehold improvements  Over the life of the lease
Plant and machinery  Over four years
Computer equipment  Over three years
Motor vehicles  Over four years
INTANGIBLE FIXED ASSETS
The Group follows the full cost method under which expenditure relating to the acquisition, exploration, appraisal and development of oil and gas 
interests, including an appropriate share of overheads and relevant financing costs, is initially capitalised as intangible assets pending determination 
of commercial reserves. These costs are then written off unless commercial reserves have been established or the determination process has not 
been completed. Following the discovery of a commercially viable field, the attributable costs are transferred to tangible fixed assets in single field 
cost centres and then depreciated over their useful lives.
INVESTMENTS
Investments held as fixed assets are stated at cost less any provision for permanent diminution in value.
STOCKS
Stocks comprise equipment and materials purchased for the drilling programme and are valued at the lower of cost and net realisable value.
FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in  
foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into 
account in arriving at the operating profit. 
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or 
events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable, and therefore only recognised when, on the basis of all available evidence, it can be regarded as 
more likely than not that there will be sufficient taxable profits against which to recover carried forward tax losses and from which the future reversal 
of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the period in which the timing differences are expected to  
reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a  
non-discounted basis.
FINANCIAL INSTRUMENTS
The Group may use certain derivative instruments for hedging purposes to alter the risk profile of an underlying exposure of the business in 
accordance with the Group’s risk management policies. Gains or losses on instruments used for hedging are not recognised until the exposure that  
is being hedged is itself recognised. The Group does not enter into speculative derivative contracts.
24 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 1 OPERATING LOSS
Operating loss is stated after charging/(crediting):
    2006 2005
    £’000 £’000
 
Depreciation of owned assets    128	 24
Auditors’ remuneration
  – as auditors    37	 37
Net loss/(profit) on foreign currency translation    385	 (172)
2  PARTICULARS OF EMPLOYEES
The average number of staff employed by the Group during the financial year amounted to:
    2006 2005
    No. No.
Number of administrative staff    10	 4
Number of management staff    6	 6
Number of other staff     5	 5
    	 21	 15
The aggregate payroll costs of the above were:
    2006 2005
    £’000 £’000
Wages and salaries    1,503	 676
Social security costs    131	 41
    	 1,634	 717
Certain payroll costs are capitalised in EurOil Limited since the amounts represent exploration and development costs. Further details are disclosed 
in Note 3 (below) to the financial statements.
 
3 DIRECTORS’ EMOLUMENTS
The Directors’ aggregate emoluments in respect of qualifying services were:
    2006 2005
    £’000 £’000
Emoluments receivable    1,232	 568
 
Emoluments of highest paid Director:
Total emoluments (excluding pension contributions):    217	 120
 £248,000 (2005: £156,000) of Directors’ remuneration was capitalised in EurOil Limited.
25 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 DIRECTORS’ REMUNERATION
The remuneration of the Directors were as follows:
    Total Total
 Salary Benefits Fees 2006 2005
 £’000 £’000 £’000  £’000 £’000
Executives    	
T. A . Heneaghan 217 2 – 219	 120
J. D. Brown 163 – – 163	 86
Chief Tabetando 195 – – 195	 98
P. G. Wilson 163 1 – 164	 38
J. A. C. Morrow 149 2 – 151	 –
J. S. Anthony 85 – – 85	 –
Subtotal 972 5 – 977	 342
Non-Executives    	
Dr. A. E. Wren – – 24 24	 24
S. Lowden – – 18 18	 –
Former Directors    	
D. B. Vandergrift (i) 50 3 – 53	 94
P. B. Rhind (ii) 145 3 – 148	 102
R. J. W. Walvis (iii) – – 12 12	 –
M. Lironi (iv) – – – –	 3
J. Lockhart (iv) – – – –	 3
Total 1,167 11 54 1,232	 568
(i)  Resigned 20 October 2005
(ii) Resigned 20 February 2006
(iii) Resigned 13 January 2006
(iv) Resigned 1 December 2004
The Group makes no contributions to Directors’ pension schemes.
 
DIRECTORS’ SHARE OPTIONS
The options of the Directors at 30 June 2006, over the existing share capital of the Company, were as undernoted, for which £Nil has been paid.
 As at  Exercised/ As at Exercise Exercisable Exercisable 
 1 July 2005 Granted Lapsed 30 June 2006 Price From To
T. A. Heneaghan Approved 8,264 – – 8,264	 £3.63 17.12.07 16.12.14
 Unapproved 212,122 – – 212,122	 £3.63 17.12.06 16.12.14
J. D. Brown Unapproved 150,000 – – 150,000	 £3.30 22.11.06 21.11.14
 Approved 8,264 – – 8,264	 £3.63 17.12.07 16.12.14
 Unapproved 20,662 – – 20,662	 £3.63 17.12.06 16.12.14
 
Chief Tabetando Unapproved 110,193 – – 110,193	 £3.63 17.12.06 16.12.14
 Unapproved 55,097 – – 55,097	 £3.825 28.04.07 27.04.15
P. G. Wilson Approved 7,843 – – 7,843	 £3.825 28.04.08 27.04.15
 Unapproved 156,540 – – 156,540	 £3.825 28.04.07 27.04.15
     	 	 	
J.A.C. Morrow Approved – 8,163 – 8,163	 £3.675 05.04.09 04.04.16
 Unapproved – 266,837 – 266,837	 £5.30 26.10.07 25.10.15
J.S. Anthony Approved – 17,143 – 17,143	 £1.75 05.04.09 04.04.16
 Unapproved – 267,857 – 267,857	 £1.75 05.04.08 04.04.16
  728,985 560,000 – 1,288,985	
26 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 Approved options are granted under the BowLeven plc Approved CSOP Scheme. Unapproved options were granted under the Company’s Unapproved 
Share Option Scheme. 
On 26 October 2005, the Company granted unapproved share options to J.A.C. Morrow at £5.30 per Ordinary Share.
On 5 April 2006, the Company granted approved share options to J.S. Anthony at £1.75 per Ordinary Share and unapproved share options at £1.75 per 
Ordinary Share. In addition, the Company granted approved share options to J.A.C. Morrow at £3.675 per Ordinary Share. 
Approved options are exercisable within the period beginning on the third anniversary of the Date of Grant and ending on the day prior to the tenth 
anniversary. Unapproved options are exercisable within the period beginning on the second anniversary of the Date of Grant and ending on the day 
prior to the tenth anniversary.
The share price at 30 June 2006 was 227p and the highest and lowest prices during the year were 815p and 162p respectively.
 
4  SEGMENTAL ANALYSIS
 
For the purposes of segmental information, the operations of the Group comprise one class of business: oil and gas exploration.
The major areas of operation are the United Kingdom and the Republic of Cameroon. The turnover, operating losses and Group net assets are split  
as follows:
    2006 2005
    £’000 £’000
Turnover  
United Kingdom    –	 –
Cameroon    –	 –
    	 –	 –
Loss on ordinary activities before taxation   
United Kingdom    (1,169)	 (1,715)
Cameroon    (575)	 (417)
    	 (1,744)	 (2,132)
Net assets
United Kingdom    42,644	 20,638
Cameroon    41,385	 11,843
    	 84,029	 32,679
5 INTEREST PAYABLE AND SIMILAR CHARGES
    2006 2005
    £’000 £’000
Debenture loan redemption premiums    –	 411
Redemption premium on other loans    –	 860
Bank interest    2	 –
    	 2	 1,271
The redemption premiums in the previous year were converted into Ordinary 10p Shares of BowLeven plc.
6 LOSS ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY
 The loss dealt with in the accounts of the parent company was £1,167,842 (2005: £1,719,000).
27 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 7 TAXATION ON ORDINARY ACTIVITIES
 Current tax:
    2006 2005
    £’000 £’000
In respect of the year:  
UK corporation tax based on the results for the year at 19% (2005 – 19%)    Nil	 Nil
 
 The tax assessed on the loss on ordinary activities for the year has been affected by the following factors:
    2006 2005
    £’000 £’000
 
Loss on ordinary activities before taxation    (1,744)	 (2,132)
Loss on ordinary activities by rate of tax (19%)    (331)	 (405)
Effects of:
Expenses not deductible for tax purposes    307	 9
Amounts written off investments    109	 79
Depreciation in excess of capital allowances    4	 (8)
Tax losses (utilised)/not utilised    (89)	 325
Total current tax     –	 –
The Group has not recognised a deferred tax asset of £924,000 (Company £640,000), which would only be recoverable if the Group/Company makes 
sufficient taxable profits.
8 BASIC AND DILUTED EARNINGS PER SHARE (EPS)
    2006 2005
    £ £
Basic EPS – Ordinary Shares of £0.10 each    (0.06)	 (0.13)
  
Diluted EPS – Ordinary Shares of £0.10 each    (0.06)	 (0.13)
Loss for the financial year    1,743,517	 2,132,145
  
Weighted average number of Ordinary Shares in the period – basic EPS    27,138,432	 16,788,012
  
Weighted average number of Ordinary Shares in the period – diluted EPS    27,285,274	 16,788,012
9 INTANGIBLE FIXED ASSETS
Gr oup     £’000 
Exploration and appraisal expenditure 
 
Cost
At 1 July 2005      11,289
Additions     	 29,664
At 30 June 2006     40,953
Amortisation    	 –
Net book value
At 30 June 2006    	 40,953
At 30 June 2005     11,289
No intangible assets were capitalised by the individual Company at the balance sheet date.
28 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 10 TANGIBLE FIXED ASSETS
 Leasehold  Plant and  Computer  Motor
 Improvements Machinery Equipment Vehicles Total
Gr oup £’000  £’000  £’000  £’000 £’000 
     
Cost    	
At 1 July 2005 184 71 40 	65 	 360
Additions 8 24 40 101 	 173
At 30 June 2006 192 95 80 166 	 533
    	 	
Depreciation    	
At 1 July 2005 6 6 5 7 	 24
Charge for year 56 22 22 28 	 128
At 30 June 2006 62 28 27 35 	 152
    	
Net book value    	
At 30 June 2006 130 67 53 131 	 381
At 30 June 2005 178 65 35 58 	 336
 Leasehold  Plant and  Computer  Motor 
 Improvements Machinery Equipment Vehicles Total
Company £’000  £’000  £’000  £’000 £’000 
  
Cost
At 1 July 2005 62 63 30 – 155
Additions – 3 16 – 19
At 30 June 2006 62 66 46 – 174
     
Depreciation     
At 1 July 2005 3 5 4 – 12
Charge for year 12 17 12 – 41
At 30 June 2006 15 22 16 – 53
     
Net book value     
At 30 June 2006 47 44 30 – 121
At 30 June 2005 59 58 26 – 143
11 INVESTMENTS
Fixed assets investments
     Shares in
      Group Companies
Company     £’000 
 
Cost
At 1 July 2005 and 30 June 2006    	 1,018
Net book value
At 30 June 2006    	 1,018
At 30 June 2005    	 1,018
29 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 11 INVESTMENTS (continued)
Tangible assets investments comprise:
   Country of   Class of 
Company   Incorporation Holding Share
BowLeven Resources Limited   Scotland 100% Ordinary 
     10p
EurOil Limited   Cameroon 100% 	 Ordinary 
     500,000 CFA
BowLeven Resources Limited owns 100% of EurOil Limited, thereby the figures stated above incorporate this investment.
The principal activity of BowLeven Resources Limited is as an intermediate holding company for the operating subsidiary in Cameroon.
The principal activity of EurOil Limited is to procure and analyse scientific and technical data in order to assess exploration and development potential 
for oil and gas production in Cameroon.
12 STOCKS
 Group Company
  2006  2005  2006  2005 
  £’000  £’000  £’000  £’000 
Stock  810 853 –	 –
The stock relates to the casing, tubular goods and other equipment that was purchased in preparation for the drilling programme in the Etinde 
Permit.
13 DEBTORS
 Group Company
  2006  2005  2006  2005 
  £’000  £’000  £’000  £’000 
Amounts owed by Group undertakings  – – 40,265	 10,196
Other debtors  250 435 142	 269
Prepayments and accrued income  185 92 147	 63
   435 527 40,554 10,528
14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
 Group Company
  2006  2005  2006  2005 
  £’000  £’000  £’000  £’000 
Trade creditors   450 467 61	 69
Other creditors  66 69 66	 69
Accruals and deferred income  487 308 85	 61
   1,003 844 	 212 199
 
30 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 15 SHARE CAPITAL
    2006 2005
    £’000 £’000
Authorised:
50,000,000 Ordinary Shares of £0.10 each (2005: 30,000,000)    5,000	 3,000
Allotted and called up:
 29,606,925 Ordinary Shares of £0.10 each (2005: 21,106,925)    2,961	 2,111
On 14 October 2005, the Company completed an institutional placement share issue of 8,500,000 Ordinary Shares at a price of £6.50 per share, 
with a nominal value of £850,000. The total aggregate increase in the share premium reserve regarding this issue was £52,243,903, after deducting 
£2,156,097 in expenses.
16 RESERVES
   Share Premium Other Reserve Profit and Loss
Gr oup   £’000 £’000 £’000
Balance brought forward   33,758 2,883 (6,073)
Loss for the year   – – (1,744)
Premium arising on shares issued in the year   52,244 – –
Balance carried forward   86,002 2,883 (7,817)
The other reserve results from a Group reconstruction by way of share exchange.
   Share Premium  Profit and Loss
Company   £’000  £’000
Balance brought forward   33,758  (3,861)
Loss for the year   –  (1,168)
Premium arising on shares issued in the year   52,244  –
Balance carried forward   86,002  (5,029)
17 RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS’ FUNDS
    2006 2005
    £’000 £’000
Loss for the financial year    	 (1,744)	 (2,132)
New equity share capital subscribed    850	 1,081
Premium on new share capital subscribed    52,244	 33,569
    	 53,094	 34,650
Net increase to funds    51,350	 32,518
Opening shareholders’ equity funds    32,679	 161
Closing shareholders’ equity funds    84,029	 32,679
18 CAPITAL COMMITMENTS
At 30 June 2006, EurOil Limited, a subsidiary of the Company, had contracted a drilling rig for a four-well programme commencing late 2006 or early 
2007. The estimated cost of this contract at 30 June 2006 was approximately $23.2 million. 
 
19 CONTINGENT LIABILITIES
As announced on 4 January 2006, the Company was served a claim by Addax Petroleum NV (‘Addax’) seeking repayment of a non-refundable deposit 
of $3 million. This sum was paid as part of an agreement in which a farm-in arrangement was contemplated. Addax subsequently indicated that it 
would not proceed with this arrangement. The Directors, having taken legal advice, are defending the claim.
31 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 20 CASH FLOWS
a. Reconciliation of operating loss to net cash outflow from operating activities
    2006 2005
    £’000 £’000
Operating loss    (3,429)	 (1,373)
Depreciation    128	 24
Decrease/(Increase) in stocks    43	 (616)
Decrease/(Increase) in debtors    68	 (392)
Decrease in creditors    (221)	 (548)
Net cash outflow from operating activities    (3,411)	 (2,905)
b. Analysis of cash flows for headings netted in the cash flow
 Returns on investment and servicing of finance
    2006 2005
    £’000 £’000
Interest received    1,687	 512
Interest paid    (2)	 (1,271)
Net cash inflow from returns on investments and servicing of finance    1,685	 (759)
Capital expenditure
    2006 2005
    £’000 £’000
Payments to acquire tangible fixed assets    (173)	 (360)
Payments to acquire intangible fixed assets    (29,260)	 (5,326)
Net cash outflow from capital expenditure    (29,433)	 (5,686)
 Financing
    2006 2005
    £’000 £’000
Issue of equity share capital    53,094	 34,651
Advance of other loans    –	 2,100
Repayment of loans    –	 (7,045)
Net cash inflow from financing    53,094	 29,706
c. Analysis of net debt
 
  At 1 July 2005 Cash Flows Non-Cash Flows At 30 June 2006
  £’000  £’000  £’000 £’000 
Cash in hand and at bank  20,518 21,935 – 42,453
Total  20,518 21,935 – 42,453
d. Major non-cash transactions
During the year, the Group had material non-cash flow transactions in relation to the premiums on loan redemptions of £nil (2005: £775,000).
32 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 21 FINANCIAL INSTRUMENTS
The Group’s financial instruments principally comprise cash at bank, and various items such as trade debtors and creditors that arise directly from 
operations. The main purpose of these financial instruments is to raise finance for BowLeven’s operations.
BowLeven has taken advantage of the exemption of the disclosures in respect of short-term debtors and creditors.
Financial assets and liabilities
BowLeven policy is to ensure that adequate cash is available and BowLeven does not trade in financial instruments and has not entered into any 
derivative transactions.
BowLeven had no financial assets that do not fall under the exemption of short-term debtors or short-term creditors and are therefore due within  
one year.
Interest rate risk profile of financial assets
  2004 2005 2006 Interest
  £’000 £’000 £’000 Rates
Financial assets:  
Cash at bank  162 20,518 42,453	 Variable
   
Cash at bank earns interest at floating rates related to the published rate of the bank.
Fair values of financial assets and liabilities
The Directors consider that the fair values of BowLeven’s financial assets and liabilities are not considered to be materially different from their book 
values.
The Group has outstanding forward contracts to hedge foreign currencies, as follows:
Commitment to buy US$3 million per month at $1.8625 from 1 January 2007 to 30 June 2007. 
 
 In Currency  Sterling Equivalents
Maturing	 within	 one	 y ear:  2006 2005 2006 2005
– to hedge future operating payments against US dollars   US$18m – £9.664m	 –
22 POST-BALANCE SHEET EVENTS
Placing of 4,438,000 new Ordinary Shares, raising £10.9 million at a price of 245.63p per share
BowLeven announced, on 3 July 2006, that Suntera Resources Ltd had made a strategic investment in the Company by way of a placing of  
4,438,000 new Ordinary Shares of 10p each at an issue price of 245.63p per Ordinary Share, raising £10.9 million (before expenses). Mr. S. Lowden, 
Non-Executive Director of BowLeven plc, is also the CEO of Suntera Resources Ltd.
 
33 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006
 FOR THE YEAR ENDED 30 JUNE 2006 Notice is hereby given that the 2006 Annual General Meeting of BowLeven plc (“the Company”) will be held at The George Hotel, George Street, 
Edinburgh, EH2 2PB, on Wednesday 6 December 2006 at 11.30am, to consider the following business:
ORDINARY BUSINESS
To consider, and if thought fit, to pass the following resolutions, which will be proposed as ordinary resolutions:
1.   To receive the Company’s annual accounts for the financial year ended 30 June 2006, together with the reports of the Directors and the auditors 
thereon.
2.  To re-appoint Baker Tilly as auditors to hold office from the conclusion of the meeting to the conclusion of the next meeting at which the accounts 
are laid before the Company, at a remuneration to be determined by the Directors.
SPECIAL BUSINESS
To consider, and if thought fit, to pass the following resolution which will be proposed as a special resolution:
3.  That in addition to all existing authority under that Section, the Directors be generally empowered, pursuant to Section 95 of the Companies Act, 
1985, to allot equity securities (within the meaning of Section 94(2) of the Companies Act) as if Section 89(1) of the Companies Act did not apply to 
the allotment, provided that this power:
 3.1  shall expire on the conclusion of the next AGM of the Company after the passing of this resolution, but provided that the Company may make  
an offer or enter into an agreement which would or might require equity securities to be allotted, after expiry of this authority, and the Directors 
may allot equity securities in pursuance of that offer or agreement; and
 3.2   shall be limited to allotments of equity securities for cash (otherwise that pursuant to (i) the exercise of any outstanding share options in the 
capital of the Company at the date of this resolution; (ii) the exercise of any options granted pursuant to the BowLeven plc Approved CSOP 
Scheme (with Unapproved Schedule); and (iii) any shares allotted to the trustee of any employee benefit trust established by the Company for 
the purposes of the BowLeven Long Term Incentive Plan) up to a maximum aggregate nominal amount equal to 15% of the issued Ordinary 
Share Capital of the Company. 
Dated 2 November 2006
By Order of the Board
Peter G. Wilson
Company Secretary
Registered Office:
68/70 George Street
Edinburgh EH2 2LT
 
34 NOTICE OF ANNUAL GENERAL MEETING BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006 EXPLANATORY NOTES:
1. VOTING
    All shareholders who wish to attend and vote at the meeting must be entered on the Company’s register of members no later than 11.30am on  
4 December 2006 (being 48 hours prior to the time fixed for the meeting) or, in the case of an adjournment, as at 48 hours prior to the time of the 
adjourned meeting. Changes to entries on the register after that time will be disregarded in determining the rights of any person to attend or vote 
at the meeting.
2. PROXY
   Shareholders entitled to attend and vote at the meeting may appoint a proxy or proxies to attend on their behalf. A proxy need not be a member of the 
Company. Investors who hold their shares through a nominee may wish to attend the meeting as a proxy, or to arrange for someone else to do so for 
them, in which case they should discuss this with their nominee or stockbroker . While proxies may vote on a poll on any resolution, they are not entitled  
to vote on a show of hands. Proxies may ask questions at the meeting if, in his discretion, the Chairman of the meeting allows it. Shareholders are invited 
to complete and return the enclosed Proxy Form. Completion of the Proxy Form will not prevent a shareholder from attending and voting at the meeting  
if subsequently he/she finds they are able to do so. To be valid, completed Proxy Forms must be received at the offices of the Company’s registrars:  
Park Circus Registrars Limited, James Sellars House, 144-146 West George Street, Glasgow G2 2HG, by no later than 11.30am on 4 December 2006 
(being 48 hours prior to the time fixed for the meeting) or, in the case of an adjournment, as at 48 hours prior to the time of the adjourned meeting.
3. CORPORATE SHAREHOLDERS
   Representatives of shareholders which are corporations attending the meeting should produce evidence of their appointment by an instrument 
executed in accordance with Section 36A of the Companies Act, 1985, or signed on behalf of the corporation by a duly authorised officer or agent.
4. CREST
   The Company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specifies that only those holders of Ordinary Shares 
registered in the register of members of the Company at 11.30am on 4 December 2006 (being 48 hours prior to the time fixed for the meeting), 
shall be entitled to attend and vote at the Extraordinary General Meeting in respect of such number of shares registered in their name at that time. 
Changes to entries in the register of members after 11.30am on 4 December 2006 shall be disregarded in determining the rights of any person to 
attend or vote at the meeting.
EXPLANATORY NOTES:
1. VOTING
    All shareholders who wish to attend and vote at the meeting must be entered on the Company’s register of members no later than 11.30am on  
4 December 2006 (being 48 hours prior to the time fixed for the meeting) or, in the case of an adjournment, as at 48 hours prior to the time of the 
adjourned meeting. Changes to entries on the register after that time will be disregarded in determining the rights of any person to attend or vote 
at the meeting.
2. PROXY
   Shareholders entitled to attend and vote at the meeting may appoint a proxy or proxies to attend on their behalf. A proxy need not be a member of the 
Company. Investors who hold their shares through a nominee may wish to attend the meeting as a proxy, or to arrange for someone else to do so for 
them, in which case they should discuss this with their nominee or stockbroker . While proxies may vote on a poll on any resolution, they are not entitled  
to vote on a show of hands. Proxies may ask questions at the meeting if, in his discretion, the Chairman of the meeting allows it. Shareholders are invited 
to complete and return the enclosed Proxy Form. Completion of the Proxy Form will not prevent a shareholder from attending and voting at the meeting  
if subsequently he/she finds they are able to do so. To be valid, completed Proxy Forms must be received at the offices of the Company’s registrars:  
Park Circus Registrars Limited, James Sellars House, 144-146 West George Street, Glasgow G2 2HG, by no later than 11.30am on 4 December 2006 
(being 48 hours prior to the time fixed for the meeting) or, in the case of an adjournment, as at 48 hours prior to the time of the adjourned meeting.
3. CORPORATE SHAREHOLDERS
   Representatives of shareholders which are corporations attending the meeting should produce evidence of their appointment by an instrument 
executed in accordance with Section 36A of the Companies Act, 1985, or signed on behalf of the corporation by a duly authorised officer or agent.
4. CREST
   The Company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specifies that only those holders of Ordinary Shares 
registered in the register of members of the Company at 11.30am on 4 December 2006 (being 48 hours prior to the time fixed for the meeting), 
shall be entitled to attend and vote at the Extraordinary General Meeting in respect of such number of shares registered in their name at that time. 
Changes to entries in the register of members after 11.30am on 4 December 2006 shall be disregarded in determining the rights of any person to 
attend or vote at the meeting.
35 NOTICE OF ANNUAL GENERAL MEETING BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006 36 NOTES BOWLEVEN PLC ANNUAL REPORT & ACCOUNTS 2006  ABOUT BOWLEVEN
BASED IN EDINBURGH, BOWLEVEN 
OWNS A NUMBER OF VALUABLE 
ASSETS IN CAMEROON, ONE OF  
THE MOST ATTRACTIVE OIL AND 
GAS EXPLORATION REGIONS IN 
WEST AFRICA. 
BOWLEVEN c ONtr OLs, Via its WhOLLy-OWNEd OpErati Ng su Bsidiary EurOi L 
Limit Ed, thr EE sha LLOW-Wat Er Offsh Or E BLOcks i N th E Eti NdE pErmit ar Ea 
Of camErOON, With prOVEd aNd prOBaBLE (p50) rEcOVEraBLE rEsErVEs 
(iNdEpENdENtL y assEssEd) Of 33.7 miLLiON BarrELs Of OiL EquiV aLENt  
(“mmBOE”) pLus p50 cONtiNgENt rEsOurcEs, Of 75.3 mmBOE: i.E. a t OtaL  
Of 109 mmBOE Of rEcOVEraBLE hydrOcarBON VOL umEs. as WELL as p50 
hydrOcarBON rEsErVEs aNd cONtiNgENt rEsOurcEs, thE 2,314 squarE  
km acr Eag E, Withi N Which 11 WELLs ha VE BEEN dri LLEd, has VEry attracti VE 
Exp LOrati ON pOt ENtia L. t hE cO mpaNy has OpErat Ed i N c amEr OON siNc E 1999. 
BOWLEVEN Was admittEd t O aim iN dEcEmBEr 2004.
GLOSSARY
B 
BBL or bbl: Barrel of oil.
Bcf or bcf: Billion cubic feet of gas.
BOE or boe: Barrels of oil equivalent.
BOpd or bopd: Barrels of oil produced per day.
C 
ciip: condensate initially in place.
condensate: a light oil, often discovered with significant volumes of natural gas, which is 
gaseous under certain reservoir conditions.
cOs: chance of success
cpr: competent p erson’s report
D 
discovery: a discovery of hydrocarbons not previously evidenced by drilling, recoverable at  
the surface in a flow measurable by conventional petroleum  
industry testing methods.
E 
Etinde permit: the permit granted by the government of cameroon which covers  
the area of 2,314 square km and consists of block mLhp-5, block mLhp-6 and  
block mLhp-7, all within the rio del rey Basin and the douala Basin.
G
giip: gas initially in place.
gtE: gas to electricity.
gtL: gas to liquids.
H
hf O: heavy fuel oil.
I 
isongo marine: the isongo marine gas/condensate reserves field in block mLhp-7.
M 
mcf or mcf: thousand cubic feet of gas.
mmbbls or mmbbls: million barrels of oil.
mmBOE or mmboe: million barrels of oil equivalent.
mmcf or mmcf: million cubic feet of gas.
mW: a unit of electrical power equal to one million watts or one thousand kilowatts.
P 
p50 or 2p: means 50% probability that volumes will be equal to or greater than stated volumes.
prospect, lead and play: a play is an exploration concept or idea that is conducive to the 
identification of leads, which in turn may become prospects when they are ready to be drilled.
psc: production-sharing contract.
R 
risked recoverable reserves: unrisked reserves, which have been reduced in volume as a 
consequence of applying cOs factors to their recoverability.
S 
2d seismic data: data resulting from two-dimensional seismic acquisition.
3d seismic data: data resulting from three-dimensional seismic acquisition.
U
unrisked recoverable reserves: Estimated reserves of hydrocarbons before  
applying the cOs factor as to their recoverability.
 109
 MILLION BARRELS OF OIL EQUIVALENT
Printed on Revive 50:50 
revive 50:50 paper is composed of 50% recovered waste and 50% virgin 
fibre and is also 100% Elemental chlorine f ree (Ecf). the production mill 
is certified with the isO14001-1996 enviromental management standard.
this report has been printed with environmentally friendly, vegetable  
oil-based inks from renewable resources. ANNUAL REPORT & ACCOUNTS 
YEAR ENDED 30 JUNE 2006
WWW.BOWLEVEN.COM
68-70 GEORGE STREET
EDINBURGH 
EH2 2LT
UNITED KINGDOM
+ 44 (0) 131 260 5100
BOWLEVEN PLC  ANNUAL REPORT & ACCOUNTS 2006