THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

25 January 2024

Bowleven plc ('Bowleven' or 'the Company')

Termination of Transaction between Perenco and NewAge (African Global Energy) Limited

Bowleven, the Africa focused oil and gas group with a key interests in Cameroon, announces that it has today been informed by New Age (African Global Energy) Limited ('New Age'), the operator of the Etinde JV, that New Age has received a Notification of Termination from a subsidiary of Perenco S.A. ('Perenco') which terminates the conditional sale of New Age's participating interests in the Etinde permit, and operatorship of the Etinde JV, to Perenco, which was announced by Bowleven on 7 June 2022 (the 'Transaction').

The Company has commenced discussions with its Etinde Joint Venture partners with the aim of agreeing an updated development plan and work programme for Etinde.

Eli Chahin, Chief Executive Officer of Bowleven plc, said:

"The termination of the Transaction between New Age and Perenco, is unfortunate as we believed it could have represented an opportunity to accelerate development progress at Etinde. We will now need to re-address the proposed development plan with our Joint Venture partners, as well as with the regulatory authorities, to assess the efforts now required to secure FID. We will update shareholders in relation to Etinde developments in due course."

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

The information contained within this announcement is considered to constitute inside information as stipulated under Article 7 of the Market Abuse Regulations (EU) No.596/2014 as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").  Upon the publication of this announcement via a regulatory information service, this inside information will be considered to be in the public domain.  For the purposes of UK MAR, the person responsible for arranging for the release of this information on behalf of the Company is Eli Chahin.

Notes to Editors:

Bowleven plc is an African focused oil and gas group, based in London and traded on AIM. It is dedicated to realising material shareholder value from its Etinde asset in Cameroon, whilst maintaining capital discipline and employing a rigorously selective approach to other value-enhancing opportunities. Bowleven holds a strategic equity interest in the offshore, shallow water Etinde permit (operated by New Age) in Cameroon.