BowLeven plc
68-70 George Street
Edinburgh  EH2 2LT
United Kingdom
+ 44 (0) 131 260 5100 www.bowleven.com
ANNUAL REPORT & ACCOUNTS 
FOR THE YEAR ENDED 30 JUNE 
2005
BowLeven plc Annual Report & Accounts 2005 CONTENTS
1 HIGHLIGHTS
2 AT A GLANCE
4 CHAIRMAN’S STATEMENT
6 CHIEF EXECUTIVE’S REVIEW
8 FINANCIAL REVIEW
9 CORPORATE AND SOCIAL
RESPONSIBILITY
10 BOARD OF DIRECTORS AND
ADVISERS
13 DIRECTORS’ REPORT
16 DIRECTORS’ RESPONSIBILITIES
17 INDEPENDENT AUDITORS’ REPORT
18 GROUP PROFIT AND LOSS ACCOUNT
19 GROUP BALANCE SHEET
20 BALANCE SHEET
21 GROUP CASH FLOW STATEMENT
22 NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
IBC GLOSSARY
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.
It controls in Cameroon, via its wholly owned operating
subsidiary EurOil Limited, three shallow offshore blocks
comprising the Etinde Permit area, which contains proved and
probable (P50) recoverable reserves (independently assessed) 
of 60.3 million barrels of oil equivalent (“mmboe”) plus P50
contingent resources of 58.2 mmboe i.e. a total of 118.5 mmboe
of recoverable hydrocarbon volumes. As well as P50 hydrocarbon
reserves and contingent resources the 2,300 sq km acreage,
which has had 9 wells drilled in it, has very attractive exploration
potential. The Company has operated in Cameroon since 1999.
BowLeven was admitted to AIM in December 2004.
ABOUT BOWLEVEN
118.5
million barrels of oil
equivalent
2,300sqkm
of very attractive 
exploration potential
B BBL or bbl: Barrel of oil.
BCF or bcf: Billion cubic feet of gas.
Biafra Field or Biafra Sands: The Biafra formation gas and condensate reserves in Block MLHP-7.
BOE or boe: Barrels of oil equivalent.
BOPD or bopd: Barrels of oil produced per day.
C Condensate: A light oil, often discovered with significant volumes of natural gas, which is gaseous under
certain reservoir conditions.
COS factors: Chances of success.
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 sq km which
includes Block MLHP-5, Block MLHP-6 and Block MLHP-7, all within the Rio del Rey Basin and the Douala Basin.
I Isongo Field or Isongo Sands: The Isongo formation gas and condensate reserves 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 per cent. 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 Sanaga Sud Field: A gas reserve located offshore in the southern territorial waters of Cameroon.
2D seismic data: Data resulting from 2 dimensional seismic acquisition.
3D seismic data: Data resulting from 3 dimensional seismic acquisition.
STOIIP: Stock Tank Oil Initially In Place.
Unrisked recoverable reserves: Estimated reserves of hydrocarbons before applying the COS factor as to 
their recoverability.
GLOSSARY 1  BOWLEVEN PLC Annual Report & Accounts 2005
OUR MAIN ACHIEVEMENTS SINCE AIM LISTING
acquisition and processing of 575 sq km of 3D seismic data over 
block MLHP-7
acquisition of 206 sq km of 3D seismic over block MLHP-5
started contract negotiations for gas to electricity
significant additional equity funding secured in October 2005
strengthened Board composition
two well exploration drilling programme started in October 2005
OUR OBJECTIVES FOR 2006/07
acquire and interpret 3D seismic over blocks MLHP-5 & 6
drill up to 6 exploration and appraisal wells
continue to develop GTE business
implement our farm-in strategy
HIGHLIGHTS 2  BOWLEVEN PLC Annual Report & Accounts 2005
AT A GLANCE
ASSET LOCATION
118.5
million barrels of oil 
equivalent
2,300 sq km
of very attractive 
exploration potential
CAMEROON
Cameroon is a politically stable 
and relatively developed country,
located in the middle of the West
African hydrocarbon province.
Cameroon is sub-Saharan Africa’s 6th 
largest oil producer. The democratically
elected government of President Paul Biya
was re-elected for a further seven year term
on 11 October 2004.
In 2003 Cameroon’s GDP was US $12 billion,
with current growth of 4.2% per annum.
Hydrocarbon development is central to 
the country’s sustained prosperity plans. 
This includes the development of power
projects with compound annual growth in
electricity demand of 5% expected over the
next 20 years.
Over the years BowLeven has established 
a strong relationship with the Cameroon
Government.
ASSET LOCATION 3  BOWLEVEN PLC Annual Report & Accounts 2005
GEOLOGY AND RESERVES
In the late 1960s through to the early
1980s, eight wells were drilled in the
northern Block MLHP-7 by Total Oil
(‘‘Total’’), Société Nationale Elf Aquitaine
(‘‘Elf’’) and Mobil Corporation (‘‘Mobil’’).
these wells discovered reserves of gas
and associated condensate in the Isongo
Sands which the Directors consider to be
commercially exploitable.
Estimated P50 risked recoverable
Reserves and Contingent Resources of
discoveries and prospects in the Isongo
and Biafra Sands in the northern Block
MLHP-7 of the Etinde Permit are 447 bcf
of gas and 44 mmbbls of condensate,
equivalent to 118.5 mmboe; of which 60.3
mmboe are classed as P50 reserves.
ETINDE PERMIT
BowLeven controls a 100% working
interest in three shallow blocks offshore
Cameroon, which comprise the Etinde
Permit. The Blocks are located across
the Rio del Rey basin (part of the
southern margin of the Niger Delta
oilfield basin) and the Douala Basin
(which contains large undrilled
seismically identified structures),
together referred to as the ‘‘Area of
Association’’. The Area of Association
covers approximately 2,314 sq km. 
The water depths are shallow, from the
shoreline up to approximately 70 metres
maximum depth.
Numerous exploration prospects, leads
and plays have been identified 
in the Etinde Permit acreage.
Cameroon is in the hydrocarbon fairway
of West Africa and is adjacent to Nigeria,
Equatorial Guinea and Gabon.
Rio Del
Rey Basin
Malabo
MLHP-7
MLHP-6
MLHP-5
Kribi
Kribi
Douala
Limbe
Alba
Km
GEOLOGY
ETINDE PERMIT
Gulf of Guinea
Gulf of Guinea
Kribi
0            25            50                          100
Km
0               25               50                                 100
Alba Pipeline
Etinde Permits
MHLP-5,6 and 7
Equatorial 
Guinea border
Nigerian border
Field discoveries
Chad Cameroon
Pipeline
Volcanic
Etinde Permit
Equatorial 
Guinea border
Nigerian border
Field discoveries
Cretaceous
Cameroon
Cameroon • THE COMPANY HAS AN ATTRACTIVE ASSET
BASE WITH CONSIDERABLE EXPLORATION
AND DEVELOPMENT POTENTIAL
• THE BOARD HAS BEEN STRENGTHENED
4 BOWLEVEN PLC Annual Report & Accounts 2005
It is now just over ten months since
BowLeven was admitted to the Alternative
Investment Market (“AIM”). Since then,
substantial progress has been made:
high quality 3D seismic over block
MLHP-7 has been acquired, processed
and interpreted;
a two well drilling programme has
begun; 
discussions with the Cameroon
authorities, on economic and fiscal
terms for oil and gas developments in
the Etinde Permit, have started;
funding, for an ongoing drilling
programme in 2006 and new 3D seismic
over blocks MLHP-5 and 6, has been
secured by a £55 million institutional
equity placing; and
the Boards of BowLeven and EurOil 
have been strengthened.
3D SEISMIC
The January 2005 acquisition of 3D seismic
over 575 sq km in block MLHP-7, has proved
to be an excellent investment. The seismic
data has revealed that the known Isongo
gas/condensate discoveries, which were
drilled by previous operators many years ago,
were located on the flanks of three large
channel sand systems that congregate in a
“hydrocarbon depocentre” in the southern
portion of this block. These three channels
cover around two thirds of the areal extent of
the block and the prospects in this area, for
exploration and appraisal drilling, are exciting. 
DRILLING
A jack-up drilling rig (Adriatic IX) was secured
from GlobalSantaFe to drill two high impact
exploration wells in block MLHP-7.
Drilling started on 10 October 2005 and 
the first exploration well (Manyikebi-1), a
multi reservoir Biafra sands oil target, was
drilled to total depth. The well encountered
high quality reservoir sands, discovered gas
but did not find oil. The well will be plugged
and abandoned as a small gas discovery;
recoverable volumes have yet to be
determined. We are obviously disappointed
with this result, which is a setback for our
technical analysis of the Biafra sands, but 
the basic depositional model is confirmed. 
The results of Manyikebi-1 have no impact 
on the Group’s previously stated recoverable
hydrocarbon volumes and the technical
interpretation of the Isongo sands is
unaffected. Our asset base in Cameroon has
considerable exploration and development
potential. 
The second well, Bachuo-1, which will
immediately follow on from the initial well, 
is a gas/condensate exploration target in the
Upper Isongo sands, within the hydrocarbon
depocentre in the southern part of this block.
The result of this well will be announced as
soon as possible after technical assessment
has been concluded.
FISCAL AND ECONOMIC TERMS
Discussions have begun with the Cameroon
authorities in regard to new fiscal and
economic terms applicable to oil and gas
developments in the Etinde Permit. These
discussions are ongoing and we will report
any significant developments to shareholders
in due course.
FARM-IN STRATEGY
Your Directors recognise the likely advantages
of securing an oil and gas joint venture
partner in order to further de-risk the
technical and financial exposure to the
business. 
Our criteria for partners are:
we will retain Operatorship of our assets,
and our selected partner will ideally have:
West African Experience,
a fast track development record,
gas as well as oil experience, and
access to other licence areas in Africa.
Our objectives are to:
reduce risk,
obtain additional technical capability,
provide funds for future developments, and
reduce future cash requirements from
shareholders.
Should we decide to form a joint venture
partnership, we would aim to conclude a deal
during summer 2006.
ADDITIONAL EQUITY FUNDING
On 18 October 2005, BowLeven issued 8.5
million new ordinary 10p shares, by way of a
private placing to certain financial institutions,
at a price of £6.50 per share, to raise new
equity funds of £55.25 million before
expenses. The net proceeds of £53.09 million
will be used to fund a planned 2006-07
exploration, appraisal and development
drilling programme, 3D seismic acquisition
over Blocks MLHP-5 and 6 and provide
additional working capital.
BOARD CHANGES
With immediate effect, Don Vandergrift 
(Group Operations Director and CEO of EurOil)
is retiring from the Boards of BowLeven plc
and all of its subsidiaries. 
Terry Heneaghan
Executive Chairman
CHAIRMAN’S STATEMENT
Dear Shareholder, 5 BOWLEVEN PLC Annual Report & Accounts 2005
For a period of twelve months Don will act as
a consultant to the BowLeven Group, in order
to ensure a smooth handover of his
responsibilities to our new Technical Director,
John Morrow, and other Executive Directors.
On behalf of the shareholders and the other
Directors, I thank him for his tremendous
services to the BowLeven Group over the past
several years, often in a very difficult and
precarious business environment. We wish
him well for the future.
Dr. Easton Wren has indicated his 
willingness to retire from the Board once
another Non-Executive Director has been 
recruited to replace him.
The operations function is now within the
responsibility of John Morrow. John, age 51
and formerly Project Director (Middle East),
BG Group, joined BowLeven plc on 
7 September 2005 and is appointed to the
Board as Technical Director of the BowLeven
Group with immediate effect. Philip Rhind,
Group CEO, takes over the position of CEO 
of EurOil. 
The Board of BowLeven plc has been
strengthened by the appointment of two 
Non- Executive Directors:
Mr. Robert Walvis is appointed with immediate
effect to the Board as Senior Non-Executive
Director and Deputy Chairman. Robert, age
58, spent his entire full-time business career
from 1971 until 2001 with Royal Dutch Shell.
When he retired from Shell International
Limited, he was Director and Chairman of the
Global Corporate Centre with responsibility
for worldwide planning, external and
environmental affairs. Robert will be
appointed Chairman of the Audit,
Remuneration and Nomination committees.
With immediate effect, Mr. Steve Lowden is
appointed to the Board of BowLeven plc as a
Non-Executive Director. Steve, age 47, has had
over 24 years experience in the international
oil and gas business, mainly with Premier Oil
and Marathon Oil Corporation. When he
resigned from Marathon in June 2005, Steve
was Senior Vice President for Business
Development and Integrated Gas.
I am delighted that we have been able to
recruit people of such high calibre and wide
ranging experience. 
In July 2006 I will be 60 years old. It has
always been my plan to retire from full-time
executive life at that age and I will retire as
Executive Chairman sometime during the next
twelve months. When I retire, Robert Walvis
will take on the role of Chairman (Non-
Executive).
We are actively looking to recruit an
Exploration Director with a proven track
record of finding hydrocarbons and we are
also seeking a Non-Executive Director with 
a City/financial background.
FINANCIAL RESULTS 
The Group reported a loss of £2.1 million for
the twelve months ended 30 June 2005. The
main reasons for the loss are interest payable
of £1.3 million (relating to the premium
payable on the redemption and conversion of
certain loans during the financial year) and an
increase in administrative expenses to £1.4
million, reflecting the necessary increase in
the scale of the Group’s operations in order to
properly manage and develop its asset base.
The balance sheet is healthy and the post-
balance sheet event of the institutional equity
placing has considerably strengthened our
financial resources and significantly de-risked
the business going forward.
SUMMARY
BowLeven has an attractive asset base in
Cameroon with considerable exploration and
development potential.
Our business plan to optimise shareholder
value remains unchanged and it is management’s
mission to drive this Company forward with
drill-bit success.
We are now well funded and our plan to form
a strategic alliance with a quality industry
partner will provide additional financial and
corporate strength. 
The quality of the experienced professionals
that we have managed to attract onto this
Board is a tribute to the potential of our asset
base and our business ambitions.
The Company is moving forward.
Yours sincerely,
Terry Heneaghan
Executive Chairman 6 BOWLEVEN PLC Annual Report & Accounts 2005
The transformation of BowLeven into a
focused African independent operator is 
firmly on track.
In the relatively short time period since the
Company was admitted to AIM in December
2004 and with limited resources, BowLeven and
its wholly owned Cameroonian subsidiary EurOil
have moved forward aggressively as a new
operator in the competitive African E&P arena.
This has been achieved by a great deal of hard
work by all involved, including the management
team and staff, and with the active support of
our advisers and shareholders. 
During the past year particular attention has
been devoted to building up the management
team. I am delighted that we have been able
to attract top industry talent into our team
both at the Executive and Non-Executive level.
We are actively seeking to recruit an
Exploration Director. I am confident that we
have in place the necessary resources to
accelerate delivery of value for shareholders.
EurOil as an indigenous company is focused
on Cameroon and has the resources (both
financial and technical) to explore, appraise
and develop the Etinde Permit and to provide
a viable gas fuelled power generation industry
in Cameroon. It is also well placed to leverage
other opportunities in the region and
elsewhere on the African continent. The clear
goal remains for BowLeven and EurOil to be
identified as an African player, with quality
assets and a talented and experienced
management team that deliver results.
Cameroon is a key area of activity for EurOil,
with the future success of the company
aligned to that of the Government and people
of Cameroon. 
The key business priority remains the rapid
evaluation of the Etinde Permit comprising 
an area of 2,314 sq km in relatively shallow
waters offshore Cameroon and monetising 
the reserves that are known to exist in the
acreage. 
OPERATIONS REVIEW
Since the Company’s shares were admitted 
to trading on AIM on 7 December 2004, the
Company has made substantial progress with
limited financial resources. It has:
acquired 575 sq km of new 3D seismic data
over Block MLHP-7 and 204 sq km over the
deeper water sections of Blocks MLHP-5
and 6 of the Etinde Permit; 
completed fast track interpretation of the
newly acquired 3D seismic data and
existing seismic and drilling data within
Block MLHP-7; ongoing processing and
interpretation of that data continues; 
contracted the GlobalSantaFe rig Adriatic
IX to drill two exploration wells;
selected two exploration drilling prospects
for the 2005 drilling programme, the
Manyikebi prospect which, at time of
reporting, has reached total depth and the
Bachuo prospect;
established an operations base in Douala
and commenced drilling operations as
planned on 10 October 2005; and
opened negotiations with the relevant
Cameroon authorities in respect of fiscal
and economic terms for gas developments
in the Etinde Permit, which we intend to
conclude as soon as possible.
From the IPO, to acquiring, processing and
interpreting the 3D data over a large area to
spudding the first well within 9 months is
indicative of the pace that BowLeven has 
set itself.
DRILLING UPDATE
The 2005 drilling programme comprises two
exploration wells. Previously, nine wells were
drilled in Block MLHP-7 by other companies.
Of the eight wells drilled by the previous
operators, seven encountered hydrocarbons on
the flanks of the channel systems in the Block.
One well was a dry hole. In March 2004, the
Group drilled a commitment well, Manyu-1,
which also encountered hydrocarbons. The
combination of these wells and the newly-
acquired 3D seismic has provided a clearer
understanding of the depositional model and
the expected reservoir characteristics of the
Isongo channel systems. The two wells in the
2005 programme will also provide new data to
assist in the interpretation of the 3D seismic
covering previously undrilled prospects in this
Block. This data, when evaluated in conjunction
with data on the previously drilled wells, will
provide the basis for planning the 2006 and
2007 exploration and appraisal drilling
programme for Block MLHP-7.
MANYIKEBI-1
Drilling commenced at Manyikebi-1 on 10
October 2005 and reached a total depth of
5050 feet. At the time of this report wireline
logging was underway. As expected the well
encountered gas. However the well was drilled
primarily to target multi level oil sands in the
Biafra formations. The final results of the well
are subject to a thorough post well analysis
but can be summarised as follows. The well
confirmed our understanding of the
depositional model. The well encountered a
total of 985 feet of good quality reservoir sands
in 9 separate sand packages, varying in
thickness between 50 feet and 220 feet. The
indicated reservoir parameters are good in
terms of porosity and permeability. Some 40
feet of net gas bearing pay was discovered in
the main sand unit. The volumetrics are yet to
be confirmed but will probably be of the order
of 80 Bcf. The Company has determined this to
be non commercial in view of the current
reserves contained within the acreage. On the
positive side, the well was drilled well within
budget and ahead of schedule and without
lost time incidents. Whilst the result is
disappointing, the well is regarded as a
temporary setback. The team remain
confident in our ability to add material value
with drill-bit success. 
The well has no impact on the Company’s
reserves position and has only a minor impact
on our forward drilling plans for 2006 and
2007. A possible Manyikebi appraisal well has
been deleted from the programme.
Philip Rhind
Chief Executive Officer
CHIEF EXECUTIVE’S REVIEW
• WE PLAN TO OPTIMISE SHAREHOLDER
VALUE WITH DRILL-BIT SUCCESS
• WE ARE BUILDING A TOP CLASS TEAM 7 BOWLEVEN PLC Annual Report & Accounts 2005
The next well, Bachuo-1 will be spudded
within the next 7-10 days and will target 
large gas condensate reservoirs in the 
Upper Isongo. This well is within the main
depocentre in the Southern part of block
MLHP-7. Drilling is expected to take
approximately 45 days. 
The Company signed a Letter of Intent to contract
a specific drilling unit for 2006 and expects to
execute the contract within the next month.
Similarly, the plans to commence the 3D seismic
acquisition programme for the remainder of
Blocks MLHP-5 and 6 are on track.
GAS TO ELECTRICITY (“GTE”)
On Admission to AIM the Group advised of its
plans to negotiate a gas supply contract for a
proposed GTE power plant project. The Group
has since appointed the Energy Contract
Company, in Twickenham, Middlesex, to begin
negotiations with regards to the commercial
contracts to support GTE. A considerable
amount of preparatory work has been done
both in-house and by our consultants in
respect of the various options that are open to
us. Firm decisions as to which route to follow
will be taken as soon as the results of the
current drilling programme are available. It is
however clear that gas exploitation is extremely
important for Cameroon and EurOil aims to act
as a prime mover in accelerating GTE delivery.
The Group believes that a phased approach to
gas and power development is desirable and
the Etinde Permit is ideally positioned to
provide the initial infrastructure and to act as a
regional hub. EurOil will continue an active
dialogue with the Cameroonian authorities and
within the framework of the Gas Master Plan.
FARM-IN STRATEGY
The Company announced in its AIM Admission
Document that it intended to develop
partnerships with other oil and gas companies in
order to further develop its business. Discussions
with a select group of operating companies have
been held. It has been decided to progress any
farm-in discussions after the 2005 two well
drilling programme has been completed and
thoroughly evaluated.
WORK PROGRAMME FOR 2006 AND 2007
The outlook for 2006 and 2007 is encouraging.
Our programme is focused on completing the
interpretation of the 3D seismic data over
Block MLHP-7 and the acquisition, processing
and interpretation of seismic data over Blocks
MLHP-5 and 6.
Subject to the results of the 2005 drilling
programme, the Company will consider
several appraisal and development drilling
options, including:
Bachuo prospect appraisal
(gas/condensate);
Manyu-2 discovery/appraisal (oil);
Isongo D and E appraisal (gas/condensate);
Isongo C appraisal (gas/condensate); and
Sanaga Sud: one gas appraisal well and a
development well (if the award of this
licence area to EurOil Limited is confirmed
by the Government of Cameroon or EurOil
gains a meaningful participation).
Possible exploration targets identified so far
by the Company include:
additional Biafra sands oil prospects/plays
in Block MLHP-7;
additional Isongo gas/condensate
prospects/plays in Block MLHP-7; and
oil and gas exploration in Blocks MLHP-5
and 6 (subject to the acquisition and
interpretation of 3D seismic data).
In order to finance the Group’s work
programme beyond the end of the 2005
drilling campaign, a Placing of new Ordinary
shares took place in October 2005.
Approximately £53 million was raised and it is
planned that these funds will be used to:
acquire additional 3D seismic over Blocks 5
and 6 of the Etinde Permit;
process and interpret the seismic data
acquired; 
secure at least one drilling rig for the 2006
and 2007 drilling programme;
drill up to six wells on the Etinde Permit
area;
fund further GTE planning; and
provide additional working capital.
Since clarity over the status of the award of
the Sanaga Sud gas field in MLHP-4 has not
yet been forthcoming, the Company is moving
ahead with the evaluation of various models
for the development of regional gas and
power projects. Whilst considerable work has
been performed on the Isongo Marine
discovery in Block MLHP-7, it is considered
sensible to await the results of the two 2005
exploration wells, before taking key decisions
on development.
To conclude, there is the potential for a 
US$ 200 million work programme comprising
seismic and exploration and appraisal drilling
activities in the permit for the period 2006 and
2007. At this stage we envisage a firm 4 well
drilling programme and discussions are
underway to contract an already identified rig
for the second half of 2006. There is also the
potential work for an additional rig to be
contracted early in 2006, should one become
available.
My team and I look forward with confidence to
the year ahead.
Philip Rhind
Chief Executive Officer • STRONG 
BALANCE SHEET
• CASH RICH AND 
NO DEBT
8 BOWLEVEN PLC Annual Report & Accounts 2005
John Brown
Finance Director
FINANCIAL REVIEW
Year ended 30 June
2005 2004
£’000 £’000
Operating loss 1,373 590
Retained loss 2,132 2,767
Cash outflow from 
operating activities 2,905 178
Net cash/(debt) 20,518 (4,782)
Net assets 32,679 161
FINANCIAL SUMMARY
I am pleased to report a healthy financial
position for the Group. The equity placing
in October has further strengthened the
financial resources needed to develop our
business.
RESULTS FOR THE YEAR
The Group recorded a loss of £2.1 million for
the year ended 30 June 2005 compared to a
loss of £2.8 million for the previous financial
year. Administrative expenses increased by
£0.8 million to £1.4 million, reflecting the
increase in the scale of the Group’s
operations following the admission of the
Company to AIM on 7 December 2004.
Interest payable of £1.3 million primarily
relates to the premium payable on the
redemption and conversion of debentures
and other loans during the year.
Loss per share was 0.13 pence compared to
0.27 pence for the previous year.
CASH FLOW AND CAPITAL EXPENDITURE
There was a Group cash outflow from
operating activities (cash operating loss,
adjusted for movements in current assets
and liabilities) of £2.9 million for the year
against a cash outflow of £0.2 million for 
the 2003/04 year.
Servicing of finance costs (net of interest
received) totalled £0.8 million in the year 
to 30 June 2005.
In the year under review, £5.7 million of cash
flow was invested in capital expenditure 
(£2.2 million for the comparative period); 
the principal component of this was the
acquisition and interpretation of the 3D
seismic over Block-7 in the Etinde Permit. 
The most significant financial activities in the
year were the issue of equity share capital
for £34.7 million (net of expenses) and the
repayment of loans totalling £7.0 million. 
The funds raised are being used primarily to
finance the costs of the Group’s 2005 work
programme, which is aimed at exploiting the
hydrocarbon potential of the Etinde Permit.
The £34.7 million of ordinary shares issued
by the Company during the year were applied
for the following purposes:
£ Million
Issued for cash 32.2
Debt conversion 4.8
Expenses of issuance (2.3)
Total 34.7
BALANCE SHEET AND FINANCING
The balance sheet was considerably
strengthened by the net £29.9 million of
equity finance received during the year.
Shareholders funds had increased by 
£32.5 million to £32.7 million as at 
30 June 2005.
The Group is well funded for its forthcoming
drilling programme in the latter part of 2005,
being debt free and having cash resources of
approximately £20.5 million as at 30 June 2005.
On 18 October 2005, the Company raised 
an additional £53.1 million net of expenses
by the issue of 8,500,000 new ordinary
shares. The capital raised will provide the
Group with additional funds to further
develop its business.
FINANCIAL INSTRUMENTS
The Group’s financial instruments comprise
cash and liquid resources, and various items,
such as trade creditors, which arise directly
from its operations. It is, and has been
throughout the year under review, the
Group’s policy that there is no trading in
financial instruments.
The main risks currently coming from the
Group’s financial instruments are foreign
currency risk, interest risk and liquidity risk.
The Board reviews and agrees policies for
managing each of these risks and monitors
them on a regular basis.
No derivates or hedges were entered into
during the year under review.
John Brown
Finance Director 9 BOWLEVEN PLC Annual Report & Accounts 2005
CORPORATE AND SOCIAL RESPONSIBILITY
The Group supports the growing
awareness of social, environmental
and ethical matters when considering
business practices. This statement
provides an outline of the policies in
place that guide the Group and its
employees when dealing with social,
environmental and ethical matters 
in the workplace. 
CODE OF CONDUCT
The Group maintains and requires the
highest ethical standards in carrying out 
its business activities and has specific
guidelines for dealing with corruption, 
fraud, the use of inside information and
whistle-blowing. 
EQUAL OPPORTUNITY AND DIVERSITY
The Group promotes and supports the rights
and opportunities of all people to seek, obtain
and hold employment without discrimination.
It is our policy to make every effort to provide
a working environment free from bullying,
harassment, intimidation and discrimination
on the basis of disability, nationality, race,
sex, sexual orientation, religion or belief.
EMPLOYEE WELFARE
The Group aims to assist employees at 
all levels to improve their professional
abilities and to develop their skills. 
This may take the form of on-the-job
coaching, counselling and attendance 
at external courses or seminars.
Manpower and succession planning exists at
corporate level to forecast the quantity and
type of employee resources that will be
required in the future. Individual career
progression activities will be developed with
this in mind. Annual appraisals will provide
employees with the opportunity to consider
past performance and to discuss their goals
and aspirations for the short and 
medium-term.
The Group provides a medical insurance
scheme for its employees.
Staff security is an area of major
importance. We carry out regular security
reviews of those areas in which our staff
work and travel and make special security
provisions for staff in areas perceived to 
have a high security risk.
JOINT VENTURE PARTNERS,
CONTRACTORS AND SUPPLIERS
The Group is committed to being honest 
and fair in all its dealings with its partners,
contractors and suppliers. The terms of
business used by the Group aim to provide
clarity and protection, and to ensure the
delivery and receipt of products and services
at agreed standards. The Group also closely
guards information entrusted to it by its joint
venture partners, contractors and suppliers,
and seeks to ensure that it is never used
improperly. 10 BOWLEVEN PLC Annual Report & Accounts 2005
Aged 59, has had over 30 years of experience
in the oil and gas business. He spent three
years with British Gas, seven years with the
Elf Aquitaine Group in various finance and
general management positions and most
recently he was CEO of Pittencrieff plc for
approximately 10 years until 1997. He has an
honours degree in Physics and an MBA
degree. He is a founder of the Company and
its Chairman.
1 Terry Heneaghan
Executive Chairman
BOARD OF DIRECTORS AND ADVISERS
Aged 52, has 28 years experience in the
international energy sector. He began his
career with Schlumberger, followed by
assignments in petroleum engineering 
with Shell International Petroleum in the
Netherlands, the United Kingdom, and
Pakistan. During the last 12 years he has held
senior positions with HSBC Investment Bank
followed by CEO of Mvelaphanda Energy, a
leading South African resources Group. His
experience includes both upstream and
downstream sectors of the energy businesses.
He has an honours degree in Physics and 
an MBA.
2 Philip Rhind
Chief Executive Officer
Aged 57, a Cameroon citizen, he is a qualified
lawyer with a degree in law from the
University of London. He has been a senior
attorney with a prominent law firm in
Cameroon since 1975. He is also a legal
adviser and Director of Fakoship Company
Limited, a shipping and marine services
company, and one of the largest cement
importers in Cameroon. He is a founder of 
the Company and EurOil. 
3 Chief Tabetando
Chairman of EurOil
2
1
3
Nominated Adviser & Broker
Noble & Company Limited
76 George Street
Edinburgh  EH2 3BU 
Solicitors
McClure Naismith
49 Queen Street
Edinburgh  EH2 3NH 
Auditors
Baker Tilly
23 Queen Street
Edinburgh  EH2 1JX
Competent Person
Scott Pickford Limited
4th Floor, Leon House
233 High Street
Croydon  CR0 9XT 
Bankers
The Royal Bank of Scotland
36 St Andrew Square
Edinburgh  EH2 2YB
Registrars and Receiving Agents
Park Circus Registrars Limited
James Sellars House
144-146 West George Street
Glasgow  G2 2HG  11 BOWLEVEN PLC Annual Report & Accounts 2005
Aged 42, has been advising BowLeven on
general corporate and contractual issues for a
number of years and has considerable
experience of oil and gas commercial matters.
He joined from McClure Naismith, the
company’s solicitors, where he was a
corporate partner. His role there involved
advising on a wide spectrum of corporate and
commercial matters including acquisitions
and disposals, the raising of capital and the
structure and form of joint ventures.
4 Peter Wilson
Commercial Director
Aged 58, a Canadian citizen, has over 30 years
experience in the oil and gas industry. 
Since graduating with a B.Sc. in Petroleum
Engineering in 1971, he has held several
positions both onshore and offshore. Of
particular relevance is his experience in West
Africa with Phillips Petroleum, Petro Canada
International Assistance and Gulf Oil. He is a
founder of the Company and EurOil.
6 Donald Vandergrift
CEO of EurOil and Operations Director
Aged 67, a British and Canadian citizen, is
recognised internationally as an innovative
geophysicist. He is an independent consultant
and visiting professor to the University of
Calgary, Canada and currently lectures at US
and Canadian universities on state-of-the-art
seismic methods. His professional experience
includes positions with Ray Geophysical
Company in Libya, the United Nations in
Uganda, Amoco Canada and Pan Canadian in
Calgary.
7 Easton Wren
Non-Executive Director
4
5
7
6
Aged 41, was previously the Group Finance
Director for Thistle Mining Inc, the Canadian
gold mining company. He was a Director of
British Linen Advisers for four years before
joining Thistle Mining. Prior to this he was
Finance Director for Paladin Resources, the
UK independent oil and gas exploration and
production company. He is a fully qualified
Scottish Chartered Accountant.
5 John Brown
Finance Director
Financial PR Consultants
The Maitland Consultancy
Orion House
5 Upper St. Martin's Lane
London  WC2H 9EA
Secretary and Registered Office
Peter G Wilson
68/70 George Street
Edinburgh  EH2 2LT
Company number
SC225242 12 BOWLEVEN PLC Annual Report & Accounts 2005
Aged 51, John Morrow joined the management
team on 7 September 2005 and was appointed
to the boards of BowLeven plc and all of its
subsidiaries, as Group Technical Director, 
on 20 October.
Immediately prior to joining the BowLeven
Group, John was employed by the BG Group 
as Project Director (Middle East). He was
responsible for developing BG Group’s
liquefied natural gas project in Iran. Prior to
this he was responsible for BG Group’s
technical effort in the Mediterranean Basin
and its Africa assets. John was also Venture
Director for the Karachagnak project in
Kazakhstan. While at BG Group he was a
Director of BG International Ltd and BG
Karachagnak Ltd. John was with BG for a 
total of 10 years.
Before joining BG, John was an employee of
Royal Dutch Shell where he worked for 15
years in a variety of operational and
commercial roles in the UK, Malaysia and 
the Netherlands. 
8 John Morrow
Technical Director
BOARD OF DIRECTORS AND ADVISERS CONTINUED
Aged 58, Robert Walvis has spent almost his
entire business career with the Royal Dutch
Shell Group (“Shell”). Robert joined Shell in
1971 as a graduate trainee and gained his first
general management appointment in 1983.
Since then he progressed through the Shell
ranks to various Director positions including:
• Shell UK Ltd: Director responsible for oil
supply and distribution.
• Shell Companies Singapore: Chairman and
CEO of one of Shell’s largest operating
companies and all of Shell’s oil trading
Asia/Pacific.
• Showa Shell Sekiyu KK, Japan:
Representative Director and Senior 
Non-Executive.
• Shell International Trading and Shipping:
President and responsible for trading and 
a fleet of 50 ocean going tankers.
His last position before leaving the Shell
Group was with Shell International Ltd as
Chairman of Global Corporate Centre with 
responsibility for worldwide planning, external
and environmental affairs.
Robert is also a Non-Executive Director of two
quoted companies Johnson Matthey plc, and
Balfour Beatty plc, is the Non-Executive
Chairman of the Supervisory Board of Allianz
Nederland Group NV and acts as a business
adviser to Amerada Hess Corporation Inc and
E.ON UK plc.
Aged 47, Steve Lowden has had a highly
successful career in operations and business
development during his 24 years in the oil and
gas business. As a Petroleum Engineer he
worked in the North Sea, Middle East, South
East Asia and North Africa, before joining
Premier Oil as Chief Petroleum Engineer in
1987. He joined the board of Premier in 1996
with responsibility for Exploration and
Production and created a number of world
scale gas projects.
In 2000 Steve joined Marathon Oil Company 
as Senior Vice President of Business
Development. He has developed close working
relationships with National Oil companies of
Russia, Middle East and West Africa. He was
primarily responsible for Marathon’s entry into
the integrated gas business in Equatorial
Guinea, Norway and Western Siberia. He left
Marathon in June 2005 to look for the next
challenge.
10 Steve Lowden
Non-Executive Director
9 Robert Walvis
Deputy Chairman and 
Senior Non-Executive Director
Since the year end, three new Directors 
have been appointed: 13 BOWLEVEN PLC Annual Report & Accounts 2005
The Directors submit their report and Group financial statements of BowLeven plc for the year ended 30 June 2005.
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
Despite incurring losses the Directors are satisfied with the results for the year. Two significant capital raisings were
completed for £30 million (net of expenses), to carry out the ongoing work programme and exploit the potential of the
hydrocarbon assets. The Company made considerable progress on the Etinde Permit with the acquisition and interpretation
of seismic data on Block MHLP-7 prior to drilling two well locations later this year.
The Company’s shares were admitted to the AIM market on 7 December 2004.
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 page 4, there have been a number of events since the year end that place the
Group in a strong position to continue to explore, appraise and develop its asset base.
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 2005 At 1 July 2004
Terence A. Heneaghan 795,800 795,800
Mark Lironi (i) – 900,000
James Lockhart (i) – 100,000
Chief Ndieb-Nso Tabetando 950,000 950,000
Donald Vandergrift 1,000,000 1,000,000
Dr. Andrew Easton Wren 100,000 100,000
Philip B. Rhind (ii) 30,303 –
John D. Brown (ii) 1,500 –
Peter G. Wilson (iii) 8,700 –
2,886,303 3,845,800
In addition to the Ordinary Shares attributed to Mr. Heneaghan above, there are a further 250,000 Ordinary Shares owned by
his children or held in trust for the beneficial interests of his children, all of whom are over 18.
(i) resigned 1 December 2004
(ii) appointed 1 December 2004
(iii) appointed 1 April 2005
Donald Vandergrift resigned on 20 October 2005.
SUBSTANTIAL INTERESTS
As of 12 October 2005, 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 %
Fidelity International Limited 1,716,200 8.1%
FMR Corporation 1,258,150 6.0%
Goldman Sachs Securities (Nominees) Limited 1,018,198 4.8%
Credit Suisse First Boston (Europe) Limited 682,000 3.2%
The Company has not been notified of any other person who is interested in 3% or more of the Company’s share capital.
DIRECTORS’ REPORT 14 BOWLEVEN PLC Annual Report & Accounts 2005
SHAREHOLDER INFORMATION
The ordinary shares of the Company are listed on AIM under the symbol “BLVN”. As at 12 October 2005, the broad
distribution of the ordinary shares in issue was as follows:
Shares %
Institutions 10,040,944 47.7
Directors and management 2,886,303 13.7
Other individuals 8,179,678 38.6
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 all 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 comprises six Executive Directors, including the Chairman, and one Non-Executive Director. The Board meets 
at least six times throughout the year and as issues arise which require board attention. It is the intention of the Board to
recruit additional suitably qualified Non-Executive Directors.
Since the year end, three new Directors have been appointed: John Morrow as Technical Director, Robert Walvis as Deputy
Chairman and Senior Non-Executive Director and Steve Lowden as a Non-Executive Director.
Biographies of the new Directors are set out on page 12 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. Terms of reference
for the Committees are available on request from the Company. The Company has established Audit, Nomination and
Remuneration Committees.
AUDIT COMMITTEE
An Audit Committee has been established and currently comprises the Chairman and Dr. 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 and Dr. Easton Wren. It reviews and
recommends to the Board the appointment of Directors.
REMUNERATION COMMITTEE
A Remuneration Committee has been established and currently comprises the Chairman and Dr. Easton Wren. 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
options to employees. Directors of the Group are not permitted to participate in discussions or decisions of the committee
concerning their own remuneration.
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 keeping 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.
DIRECTORS’ REPORT   CONTINUED 15 BOWLEVEN PLC Annual Report & Accounts 2005
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’ REMUNERATION AND INTEREST IN SHARES
Details of the annual remuneration of the Directors and their interests in shares are set out in Note 3 on pages 23 and 24 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 arrangements
negotiated with suppliers and then to pay according to those terms based upon receipt of an accurate invoice. 
DONATIONS
During the year the Group made no donations to political parties (2004: £10,000).
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 disabled persons is, a 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
Baker Tilly, Chartered Accountants, were re-appointed as the Company’s auditors during the period and are willing to
continue in office. A resolution for their re-appointment and authorising the Directors to fix their remuneration will be
submitted at the Annual General Meeting.
On behalf of the Board
Peter Wilson
Director
20 October 2005
DIRECTORS’ REPORT  CONTINUED 16 BOWLEVEN PLC Annual Report & Accounts 2005
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. state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; and
d. 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 responsible for ensuring website access to
the financial statements.
DIRECTORS’ RESPONSIBILITIES
IN THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS 17 BOWLEVEN PLC Annual Report & Accounts 2005
We have audited the consolidated financial statements on pages 18 to 32 for the year ended 30 June 2005. 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 auditors' 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 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
United Kingdom Auditing Standards.
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
transactions with the Company 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 only the Directors' Report. 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 United Kingdom Auditing Standards issued by the United Kingdom 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
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 of the state of affairs of the Company and of the Group at 
30 June 2005 and of the loss of the Group for the year then ended and have been properly prepared in accordance with the
Companies Act 1985.
Baker Tilly
Registered Auditor
Chartered Accountants
Breckenridge House
274 Sauchiehall Street
Glasgow
G2 3EH
20 October 2005
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF BOWLEVEN PLC 18 BOWLEVEN PLC Annual Report & Accounts 2005
2005 2004
Notes £’000 £’000)
TURNOVER – –
Distribution costs – –
Administrative expenses (1,373) (590)
OPERATING LOSS 1 (1,373) (590)
Interest receivable and similar income 512 7
Interest payable and similar charges 5 (1,271) (2,184)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (2,132) (2,767)
Tax on loss on ordinary activities 7 – –)
LOSS FOR THE FINANCIAL YEAR 6 (2,132) (2,767)
Basic and diluted Earnings Per Share (£/share) 8 (0.13) (0.27)
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.
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2005 19 BOWLEVEN PLC Annual Report & Accounts 2005
2005 2004
Notes £’000 £’000)
FIXED ASSETS
Intangible assets 9 11,289 7,447
Tangible assets 10 336 –)
11,625 7,447
CURRENT ASSETS
Stocks 12 853 238
Debtors 13 527 69
Cash at bank 20,518 162)
21,898 469
CREDITORS
Amounts falling due within one year 14 (844) (7,755)
NET CURRENT ASSETS/(LIABILITIES) 21,054 (7,286)
TOTAL ASSETS LESS CURRENT LIABILITIES 32,679 161)
CAPITAL AND RESERVES
Called up equity share capital 15 2,111 1,030
Share premium account 16 33,758 189
Other reserves 16 2,883 2,883
Profit and loss account 16 (6,073) (3,941)
SHAREHOLDERS' FUNDS 16 32,679 161)
These Group financial statements were approved by the Directors on 20 October 2005 and are signed on their behalf by:
John D Brown
Director
GROUP BALANCE SHEET
30 JUNE 2005 20 BOWLEVEN PLC Annual Report & Accounts 2005
2005 2004
Notes £’000 £’000)
FIXED ASSETS
Tangible assets 10 143 –
Investments 11 1,018 1,018)
1,161 1,018)
CURRENT ASSETS
Stocks 12 – 238
Debtors 13 10,528 2,766
Bank and cash 20,518 –)
31,046 3,004
CREDITORS
Amounts falling due within one year 14 (199) (4,945)
NET CURRENT ASSETS/(LIABILITIES) 30,847 (1,941)
TOTAL ASSETS LESS CURRENT LIABILITIES 32,008 (923)
CAPITAL AND RESERVES
Called up equity share capital 15 2,111 1,030
Share premium account 16 33,758 189
Profit and loss account 16 (3,861) (2,142)
SHAREHOLDERS' FUNDS 32,008 (923)
These financial statements were approved by the Directors on 20 October 2005 and are signed on their behalf by:
John D Brown
Director
BALANCE SHEET
30 JUNE 2005 21 BOWLEVEN PLC Annual Report & Accounts 2005
2005 2004
Notes £’000 £’000
Net cash flow from operating activities 20 (2,905) (178)
Returns on investments and servicing of finance 20 (759) (5)
Capital expenditure and financial investment 20 (5,686) (2,166)
CASH OUTFLOW BEFORE FINANCING (9,350) (2,349)
Financing 20 29,706 2,497)
INCREASE IN CASH IN THE PERIOD 20,356 148)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2005 2004
Notes £’000 £’000
Increase in cash in the period 20,356 148
Net cash inflow/(outflow) from loan instruments 4,945 (2,347)
Net non cash movement in loan instruments – (2,122)
CHANGE IN NET DEBT 20 25,300 (4,321)
NET DEBT AT 1 JULY 2004 20 (4,782) (461)
NET FUNDS AT 30 JUNE 2005 20 20,518 (4,782)
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2005 22 BOWLEVEN PLC Annual Report & Accounts 2005
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. Acquisitions are accounted for under the
acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition.
The results of companies acquired or disposed of are included in the Group profit and loss account after or up to the date
that control passes respectively.
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.
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 raw materials purchased in preparation for the planned drilling programme in late 2005 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 an non-discounted basis.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2005 23 BOWLEVEN PLC Annual Report & Accounts 2005
RECOGNITION OF REDEMPTION PREMIUM
Redemption premium is charged to the profit and loss account evenly over the period of the redemption.
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.
1 OPERATING LOSS
2005 2004 
£’000 £’000 
Operating loss is stated after charging/(crediting):
Depreciation of owned assets 24 –
Auditors’ remuneration
- as auditors 37 16
Net (profit)/loss on foreign currency translation (172) 50
2 PARTICULARS OF EMPLOYEES
The average number of staff employed by the Group during the financial year amounted to:
2005 2004 
No No 
Number of administrative staff 4 1
Number of management staff 6 2
Number of other staff 5 5
15 8
The aggregate payroll costs of the above were:
2005 2004 
£’000 £’000 
Wages and salaries 717 569
Social security costs – –
717 569
Certain payroll costs are capitalised in EurOil Limited since the amounts represent exploration and development costs.
Further details are disclosed in note 3 to the financial statements.
3 DIRECTORS’ EMOLUMENTS
The Directors' aggregate emoluments in respect of qualifying services were:
2005 2004 
£’000 £’000 
Emoluments receivable 568 544
Emoluments of highest paid Director:
Total emoluments (excluding pension contributions): 120 124
£155,971 (2004 £260,000) of Directors’ remuneration was capitalised in EurOil Limited.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 24 BOWLEVEN PLC Annual Report & Accounts 2005
DIRECTORS’ REMUNERATION
The remuneration of the Directors was as follows:
Total Total
Salary Benefits Fees 2005 2004
£’000 £’000 £’000 £’000 £’000
Executives
T. A . Heneaghan 116 1 3 120 124
P. B. Rhind 102 – – 102 –
J. D. Brown 86 – – 86 –
Chief Tabetando 88 – 10 98 124
D. B. Vandergrift 88 2 4 94 124
P. G. Wilson 37 1 – 38 –
Subtotal 517 4 17 538 372
Total Total
Salary Benefits Fees 2005 2004
£’000 £’000 £’000 £’000 £’000
Non-Executives
Dr. E. A. Wren – – 24 24 57
Former Directors
M. Lironi* ––3 3 57
J. Lockhart* ––3 3 57
Total 517 4 47 568 544
* Resigned 1 December 2004
The Group makes no contributions to Directors’ pension schemes.
DIRECTORS’ SHARE OPTIONS
The options of the Directors at 30 June 2005 over the existing share capital of the Company were as undernoted, for which
£Nil has been paid.
As at Date Exercised/ As at Exercise Exercisable Exercisable
1 June 2004 Granted Granted Lapsed 1 June 2005 Price From To
T. A. Heneaghan Approved – 8,264 17.12.04 – 8,264 £3.63 17.12.07 16.12.14
Unapproved – 212,122 17.12.04 – 212,122 £3.63 17.12.06 16.12.14
P. B. Rhind Unapproved – 325,000 22.11.04 – 325,000 £3.30 22.11.06 21.11.14
Approved – 8,264 17.12.04 – 8,264 £3.63 17.12.07 16.12.14
Unapproved – 184,574 17.12.04 – 184,574 £3.63 17.12.06 16.12.14
J. D. Brown Unapproved – 150,000 22.11.04 – 150,000 £3.30 22.11.06 21.11.14
Approved – 8,264 17.12.04 – 8,264 £3.63 17.12.07 16.12.14
Unapproved – 20,662 17.12.04 – 20,662 £3.63 17.12.06 16.12.14
Chief Tabetando Unapproved – 110,193 17.12.04 – 110,193 £3.63 17.12.06 16.12.14
Unapproved – 55,097 28.04.05 – 55,097 £3.825 28.04.07 27.04.15
D. B. Vandergrift Approved – 8,264 17.12.04 – 8,264 £3.63 17.12.07 16.12.14
Unapproved – 157,026 17.12.04 – 157,026 £3.63 17.12.06 16.12.14
P. G. Wilson Approved – 7,843 28.04.05 – 7,843 £3.825 28.04.08 27.04.15
Unapproved – 156,540 28.04.05 – 156,540 £3.825 28.04.07 27.04.15
1,412,113 1,412,113
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 25 BOWLEVEN PLC Annual Report & Accounts 2005
DIRECTORS’ SHARE OPTIONS continued
Approved options are granted under the BowLeven plc Approved CSOP Scheme. Unapproved options were granted under the
Company’s Unapproved Share Option Scheme. 
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 2005 was 495p and the highest and lowest prices during the year were 510p and 265p 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:
2005 2004 
£’000 £’000)
Turnover
United Kingdom – –
Cameroon – –)
– –)
Loss on ordinary activities before taxation
United Kingdom (1,715) (2,547)
Cameroon (417) (220)
(2,132) (2,767)
Net assets
United Kingdom 20,836 (7,300)
Cameroon 11,843 7,461)
32,679 161)
5 INTEREST PAYABLE AND SIMILAR CHARGES
2005 2004 
£’000 £’000 
Debenture loan redemption premiums 411 456
Redemption premium on other loans 860 1,728
1,271 2,184
The redemption premiums 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 £1,719,000 (2004: £2,767,000).
7 TAX ON LOSS ON ORDINARY ACTIVITIES
Current Tax:
2005 2004 
£ £ 
In respect of the year:
UK Corporation tax based on the results for the year at 30% (2004 - 30%) Nil Nil
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 26 BOWLEVEN PLC Annual Report & Accounts 2005
8 BASIC AND DILUTED EARNINGS PER SHARE
2005 2004 
£ £)
Basic and diluted EPS – ordinary shares of £0.10 each (0.13) (0.27)
Basic and diluted calculation based on:
Loss for the financial year 2,132,145 2,767,227)
Weighted average number of ordinary shares in the period 16,788,012 10,248,321)
Basic and diluted loss per share are identical as there is no dilution.
9 INTANGIBLE FIXED ASSETS
Group £’000 
Exploration and appraisal expenditure
Cost
At 1 July 2004 7,447
Additions 3,842
At 30 June 2005 11,289
Amortisation –
Net book value
At 30 June 2005 11,289
At 30 June 2004 7,447
No intangible assets were capitalised by the parent company at the balance sheet date.
10 TANGIBLE FIXED ASSETS
Leasehold Improvements Plant and Machinery Computer Equipment Motor Vehicles Total
Group £’000 £’000 £’000 £’000 £’000 
Cost
At 1 July 2004 –––––
Additions 184 71 40 65 360
At 30 June 2005 184 71 40 65 360
Depreciation
At 1 July 2004 –––––
Charge for year 6657 24
At 30 June 2005 6657 24
Net Book Value
At 30 June 2005 178 65 35 58 336
At 30 June 2004 –––––
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 27 BOWLEVEN PLC Annual Report & Accounts 2005
10 TANGIBLE FIXED ASSETS continued
Leasehold Improvements Plant and Machinery Computer Equipment Motor Vehicles Total
Company £’000 £’000 £’000 £’000 £’000 
Cost
At 1 July 2004 –––––
Additions 62 63 30 – 155
At 30 June 2005 62 63 30 155
Depreciation
At 1 July 2004 –––––
Charge for year 354– 12
At 30 June 2005 354– 12
Net Book Value
At 30 June 2005 59 58 26 – 143
At 30 June 2004 –––––
11 INVESTMENTS
Fixed assets investments
Group companies
Company £’000 
Cost
At 1 July 2004 and 30 June 2005 1,018
Net book value
At 30 June 2005 1,018
At 30 June 2004 1,018
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, West Africa.
12 STOCKS
Group Group Company Company
2005 2004 2005 2004 
£’000 £’000 £’000 £’000 
Stocks 853 238 – 238
The stock relates to the casing, tubular goods and other equipment that was purchased in preparation for the planned
drilling programme in the second half of 2005 in the Etinde Permit.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 28 BOWLEVEN PLC Annual Report & Accounts 2005
13 DEBTORS
Group Group Company Company
2005 2004 2005 2004 
£’000 £’000 £’000 £’000 
Amounts owed by Group undertakings – – 10,196 2,766
Other debtors 435 – 269 –
Prepayments and accrued income 92 69 63 –
527 69 10,528 2,766
14 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Group Company Company
2005 2004 2005 2004 
£’000 £’000 £’000 £’000 
Trade creditors 467 – 69 –
Other creditors 69 92 69 –
Accruals and deferred income 308 2,718 61 –
Loan instruments:
£350,000 Convertible Secured Loan Stock 2003 – 288 – 288
£137,500 Convertible Secured Loan Stock 2003 A – 138 – 138
£100,000 Convertible Secured Loan Stock 2003 B – 42 – 42
Wakefield/Highland & Universal loans – 2,317 – 2,317
Accrued loan redemption premiums:
£125,000 Convertible Unsecured Loan Stock 2002 – – – –
£350,000 Convertible Secured Loan Stock 2003 – 288 – 288
£137,500 Convertible Secured Loan Stock 2003 A – 112 – 112
£100,000 Convertible Secured Loan Stock 2003 B – 32 – 32
Wakefield/Highland & Universal loans – 1,728 – 1,728
844 7,755 199 4,945
£125,000 Convertible Unsecured Loan Stock 2002 was created on 5 September 2002. This loan together with the premium 
of 10% of the subscription price was reconstituted into the £137,500 Convertible Secured Loan Stock 2003 A, created on 
12 September 2003. This was converted into 110,000 ordinary shares with a nominal value of £0.10 on 18 November 2004.
£350,000 Convertible Secured Loan Stock 2003 was created on 11 April 2003 and £288,000 of it remained outstanding at 
30 June 2004. The stock was redeemable at the principal amount plus a premium of 100% of the subscription price on 
11 April 2005. This was converted into 229,200 ordinary shares with a nominal value of £0.10 on 18 November 2004.
£100,000 of Convertible Secured Loan Stock 2003 B was created on 16 December 2003 but only £42,500 was issued all of
which remained outstanding at 30 June 2004. This was converted into 34,000 ordinary shares with a nominal value of £0.10
on 18 November 2004.
On 30 December 2003 the Company entered into a further unsecured loan agreement for $4,200,000 (£2,316,602) (“the
Wakefield/Highland & Universal Loans”). This was converted into 383,600 ordinary shares with a nominal value of £0.10 
on 18 November 2004.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 29 BOWLEVEN PLC Annual Report & Accounts 2005
15 SHARE CAPITAL
2005 2004 
£’000 £’000 
Authorised:
30,000,000 Ordinary shares of £0.10 each (2004: 20,000,000) 3,000 2,000
Allotted and called up:
21,106,925 Ordinary shares of £0.10 each (2004: 10,298,950) 2,111 1,030
On 15 November 2004, the Company completed a Pre-IPO share issue of 4,500,000 ordinary shares at a price of £3.30 per
share with a nominal value of £450,000. The total aggregate increase in the share premium reserve regarding this issue was
£13,565,034.
On 18 November 2004, the Company converted loan stock of £5,004,102 into 1,525,547 ordinary shares with a nominal value
of £152,555 and the aggregate increase in the share premium reserve was £4,511,594.
On 22 November 2004, a resolution was passed at the plc’s EGM to increase the authorised share capital from 20,000,000
ordinary shares to 30,000,000 ordinary shares with a nominal value of £0.10.
On 22 November 2004, a Director, Philip Rhind subscribed for 30,303 shares at a price of £3.30 per share. Other individuals
also subscribed for 12,121 shares at the same price. The shares had a nominal value of 10p, with a total increase in nominal
value of issued shares of £4,242. The increase in the share premium reserve was £96,970 and £38,788 respectively.
On 7 December 2004, the plc completed its IPO share offer. 4,740,000 shares were issued at a price of £3.63 per share with a
nominal value of £0.10. The aggregate increase in the share premium reserve was £15,357,351.
16 RESERVES
Share Premium Other Reserve Profit and loss 
Group £’000 £’000 £’000) 
Balance brought forward 189 2,883 (3,941)
Loss for the year – – (2,132)
Pre-IPO share issue 13,565 – –
Shares subscribed to by Directors 136 – –
Loan conversion into ordinary shares 4,511 – –
IPO Share offer 15,357 – –)
Balance carried forward 33,758 2,883 (6,073)
Share Premium Profit and loss 
Company £’000 £’000) 
Balance brought forward 189 (2,142)
Loss for the year – (1,719)
Pre-IPO share issue 13,565 –
Shares subscribed for by Directors 97 –
Shares subscribed for by other individuals 39 –
Loan conversion into ordinary shares 4,511 –
IPO Share offer 15,357 –)
Balance carried forward 33,758 (3,861)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 30 BOWLEVEN PLC Annual Report & Accounts 2005
17 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
2005 2004 
£’000 £’000)
Loss for the financial year (2,132) (2,767)
New equity share capital subscribed 1,081 12
Premium on new share capital subscribed 33,569 188)
34,650 200)
Net increase/(reduction) in funds 32,518 (2,567)
Opening shareholders' equity funds 161 2,728)
Closing shareholders' equity funds 32,679 161)
18 CAPITAL COMMITMENTS
At 30 June 2005 EurOil Limited, a subsidiary of the Company, had contracted a drilling rig for two wells commencing late
September/October 2005. The estimated committed cost of this contract at 30 June 2005 was $5.55million.
19 CONTINGENT LIABILITIES
There are no contingent liabilities as at the balance sheet date.
20 CASH FLOWS
a) Reconciliation of operating loss to net cash outflow from operating activities
2005 2004 
£’000 £’000)
Operating loss (1,373) (590)
Depreciation 24 –
Increase in stocks (616) –
(Increase) in debtors (392) (60)
(Decrease)/increase in creditors (548) 472)
Net cash outflow from operating activities (2,905) (178)
b) Analysis of cash flows for headings netted in the cash flow
Returns on investment and servicing of finance
2005 2004 
£’000 £’000)
Interest received 512 7
Interest paid (1,271) (12)
Net cash inflow from returns on investments and servicing of finance (759) (5)
Capital expenditure
2005 2004 
£’000 £’000)
Payments to acquire tangible fixed assets (360) –
Payments to acquire intangible fixed assets (5,326) (2,166)
Net cash outflow from capital expenditure (5,686) (2,166)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 31 BOWLEVEN PLC Annual Report & Accounts 2005
20 CASH FLOWS continued
Financing
2005 2004 
£’000 £’000)
Issue of equity share capital 34,651 150
Redemption of loan – (12)
Advance of debenture loans – 42
Advance of other loans 2,100 2,317
Repayment of loans (7,045) –)
Net cash inflow from financing 29,706 2,497)
c) Analysis of net debt
At 1 July 2004 Cash flows Non cash flows At 30 June 2005
£’000 £’000 £’000 £’000)
Cash in hand and at bank 162 20,356 – 20,518)
Debt due within 1 year (4,945) 4,945 – –)
Total (4,782) 25,300 – 20,518)
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
£775,000 (2004: £2,161,000).
21 POST BALANCE SHEET EVENTS
Placing of 8,500,000 new Ordinary Shares raising £55.25m at a price of 650p per share.
BowLeven announced on 12 October 2005 that it raised £55.25 million (before expenses) by way of a placing to new and
existing investors of 8,500,000 new Ordinary Shares of 10p each at an issue price of 650p per Ordinary Share to provide
additional funds to enhance the development of its business.
Board changes:
• John Morrow appointed Group Technical Director on 20 October 2005.
• Donald Vandergrift retires from Board on 20 October 2005.
• Robert Walvis appointed Non-Executive Director on 20 October 2005.
• Steve Lowden appointed Non-Executive Director on 20 October 2005.
Drilling update:
BowLeven announced on 19 October 2005 that the Manyikebi-1 well will be plugged and abandoned as a small gas discovery.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 32 BOWLEVEN PLC Annual Report & Accounts 2005
22 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 in respect of the disclosure of short-term debtors and creditors.
Financial assets
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 for short-term debtors or short-term creditors and
are therefore due within one year.
Interest rate risk profile of financial assets
2003 2004 2005 Interest 
£’000 £’000 £’000 rates
Financial assets:
Cash at bank 14 162 20,518 Variable
Cash at bank bears interest at floating rates related to the published rate of the bank.
Fair values of financial assets and liabilities held
The Directors consider that the fair value of BowLeven’s financial assets and liabilities are not materially different from their
book values.
Currency exposures
BowLeven’s objectives in managing the currency exposures are to match, to the extent practical, receipts and payments in
the same currency.
The sterling equivalent of net monetary liabilities, which give rise to the net currency gains:
2003 2004 2005
£’000 £’000 £’000 
Sterling – 4,044 –
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  CONTINUED
FOR THE YEAR ENDED 30 JUNE 2005 CONTENTS
1 HIGHLIGHTS
2 AT A GLANCE
4 CHAIRMAN’S STATEMENT
6 CHIEF EXECUTIVE’S REVIEW
8 FINANCIAL REVIEW
9 CORPORATE AND SOCIAL
RESPONSIBILITY
10 BOARD OF DIRECTORS AND
ADVISERS
13 DIRECTORS’ REPORT
16 DIRECTORS’ RESPONSIBILITIES
17 INDEPENDENT AUDITORS’ REPORT
18 GROUP PROFIT AND LOSS ACCOUNT
19 GROUP BALANCE SHEET
20 BALANCE SHEET
21 GROUP CASH FLOW STATEMENT
22 NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
IBC GLOSSARY
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.
It controls in Cameroon, via its wholly owned operating
subsidiary EurOil Limited, three shallow offshore blocks
comprising the Etinde Permit area, which contains proved and
probable (P50) recoverable reserves (independently assessed) 
of 60.3 million barrels of oil equivalent (“mmboe”) plus P50
contingent resources of 58.2 mmboe i.e. a total of 118.5 mmboe
of recoverable hydrocarbon volumes. As well as P50 hydrocarbon
reserves and contingent resources the 2,300 sq km acreage,
which has had 9 wells drilled in it, has very attractive exploration
potential. The Company has operated in Cameroon since 1999.
BowLeven was admitted to AIM in December 2004.
ABOUT BOWLEVEN
118.5
million barrels of oil
equivalent
2,300sqkm
of very attractive 
exploration potential
B BBL or bbl: Barrel of oil.
BCF or bcf: Billion cubic feet of gas.
Biafra Field or Biafra Sands: The Biafra formation gas and condensate reserves in Block MLHP-7.
BOE or boe: Barrels of oil equivalent.
BOPD or bopd: Barrels of oil produced per day.
C Condensate: A light oil, often discovered with significant volumes of natural gas, which is gaseous under
certain reservoir conditions.
COS factors: Chances of success.
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 sq km which
includes Block MLHP-5, Block MLHP-6 and Block MLHP-7, all within the Rio del Rey Basin and the Douala Basin.
I Isongo Field or Isongo Sands: The Isongo formation gas and condensate reserves 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 per cent. 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 Sanaga Sud Field: A gas reserve located offshore in the southern territorial waters of Cameroon.
2D seismic data: Data resulting from 2 dimensional seismic acquisition.
3D seismic data: Data resulting from 3 dimensional seismic acquisition.
STOIIP: Stock Tank Oil Initially In Place.
Unrisked recoverable reserves: Estimated reserves of hydrocarbons before applying the COS factor as to 
their recoverability.
GLOSSARY BowLeven plc
68-70 George Street
Edinburgh  EH2 2LT
United Kingdom
+ 44 (0) 131 260 5100 www.bowleven.com
ANNUAL REPORT & ACCOUNTS 
FOR THE YEAR ENDED 30 JUNE 
2005
BowLeven plc Annual Report & Accounts 2005