REG - BowLeven Plc - Interim Results Announcement <Origin Href="QuoteRef">BLVN.L</Origin> - Part 2

BowlevenAnnouncement

25/03/2015 07:01

- Part 2: For the preceding part double click  ID:nRSY3681Ia 

account of Bowleven plc (£422 million)
cancelled, thus creating distributable reserves in Bowleven plc, on that
date. 
 
5. Electronic Shareholder Communication 
 
Alongside other initiatives to reduce costs within the business and
recognising increased automation in shareholder communications, Bowleven has
reviewed the interim and annual report distribution process. Consequently a
hard copy interim report will no longer be produced and the annual report will
be distributed electronically unless shareholders specifically elect to
receive a hard copy. Shareholders will soon receive a letter advising them of
the revised process and the options available to them. 
 
6. Interim Report 
 
This announcement represents the Interim Report and half yearly results of
Bowleven plc. The announcement will be available to download from the Company
website www.bowleven.com. 
 
GLOSSARY 
 
 Adamantine                    Adamantine Energy (Kenya) Limited, the current operator of, and holder of a 50% participating interest in block 11B                                                                                                                                                                                                                                
 AODL                          Africa Onshore Drilling LDC, the entity which has entered into the rig contract with Bowleven with respect to the Bomono Permit                                                                                                                                                                                                                    
 AGM                           annual general meeting                                                                                                                                                                                                                                                                                                                             
 AIM                           the market of that name operated by the London Stock Exchange                                                                                                                                                                                                                                                                                      
 block 11B                     the production sharing contract between the Republic of Kenya, Adamantine Energy (Kenya) Limited and Bowleven (Kenya) Limited dated 30 May 2012 in respect of the area of approximately 14,287 km² onshore Kenya and designated as block 11B; or, as the context may require, the contract area to which this production sharing contract relates  
 Board of Directors            the Directors of the Company                                                                                                                                                                                                                                                                                                                       
 Bomono Permit                 the production sharing contract between the Republic of Cameroon and EurOil, dated 12 December 2007 in respect of the area of approximately 2,328km² comprising former blocks OLHP-1 and OLHP-2 onshore Cameroon; or, as the context may require, the contract area to which that production sharing contract relates                              
 Bowleven                      Bowleven plc (LSE: BLVN) and/or its subsidiaries as appropriate                                                                                                                                                                                                                                                                                    
 Bowleven (Kenya) Limited      Bowleven (Kenya) Limited, an affiliate of the Company, incorporated in Scotland                                                                                                                                                                                                                                                                    
 CLNG                          Cameroon LNG, the GDF Suez S.A and SNH strategic partnership to advance the monetisation of the substantial undeveloped gas resource within Cameroon, via an in-country gas aggregation scheme to supply a LNG facility                                                                                                                            
 Companies Act 2006            the United Kingdom Companies Act 2006 (as amended)                                                                                                                                                                                                                                                                                                 
 Company                       Bowleven plc                                                                                                                                                                                                                                                                                                                                       
 condensate                    a light oil that is gaseous under certain reservoir conditions, often discovered with significant volumes of natural gas                                                                                                                                                                                                                           
 contingent resources          those quantities of hydrocarbons that are estimated to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable                                                                                                                                                                  
 EA                            Exploitation Authorisation                                                                                                                                                                                                                                                                                                                         
 Etinde Permit                 the Etinde Exploitation Authorisation (EA) area. The Etinde EA, granted on 29 July 2014, covers an area of approximately 461km² (formerly block MLHP-7) and is valid for an initial period of 20 years                                                                                                                                             
 EurOil                        EurOil Limited, an indirectly wholly owned subsidiary of Bowleven plc, incorporated in Cameroon                                                                                                                                                                                                                                                    
 Ferrostaal                    Ferrostaal GmbH, a global provider of industrial services in plant construction and engineering services, headquartered in Essen, Germany                                                                                                                                                                                                          
 FID                           final investment decision                                                                                                                                                                                                                                                                                                                          
 First Oil                     First Oil plc, a private UK independent exploration and production company based in Aberdeen                                                                                                                                                                                                                                                       
 Fortesa                       Africa Fortesa Corp Ltd (AFC), the entity which, with its wholly-owned subsidiary Africa Onshore Drilling LDC, entered into a conditional drill-to-earn arrangement with Bowleven with respect to the Bomono Permit                                                                                                                                
 FTG                           full tensor gravity gradiometry                                                                                                                                                                                                                                                                                                                    
 G&A                           general and administration                                                                                                                                                                                                                                                                                                                         
 GDF                           GDF Suez S.A.                                                                                                                                                                                                                                                                                                                                      
 Group                         the Company and its direct and indirect subsidiaries                                                                                                                                                                                                                                                                                               
 GSA                           gas sales agreement                                                                                                                                                                                                                                                                                                                                
 H1                            first half                                                                                                                                                                                                                                                                                                                                         
 IFRS                          International Financial Reporting Standards                                                                                                                                                                                                                                                                                                        
 IM                            the Isongo Marine Field area, block MLHP-7, Etinde Permit                                                                                                                                                                                                                                                                                          
 km                            kilometres                                                                                                                                                                                                                                                                                                                                         
 km²                           square kilometres                                                                                                                                                                                                                                                                                                                                  
 LNG                           liquefied natural gas                                                                                                                                                                                                                                                                                                                              
 LUKOIL                        LUKOIL Overseas West Project Ltd, a subsidiary undertaking of OAO LUKOIL                                                                                                                                                                                                                                                                           
 Macquarie Bank                Macquarie Bank Limited                                                                                                                                                                                                                                                                                                                             
 mmboe                         million barrels of oil equivalent                                                                                                                                                                                                                                                                                                                  
 mmscfd                        million standard cubic feet of gas per day                                                                                                                                                                                                                                                                                                         
 NewAge                        New Age (African Global Energy) Limited                                                                                                                                                                                                                                                                                                            
 ordinary shares               ordinary shares of 10p each in the capital of the Company                                                                                                                                                                                                                                                                                          
 Petrofac                      Petrofac Energy Developments West Africa Limited, an indirect subsidiary of Petrofac Limited (LSE: PFC)                                                                                                                                                                                                                                            
 PSC                           production sharing contract                                                                                                                                                                                                                                                                                                                        
 P50                           50% probability that volumes will be equal to or greater than stated volumes                                                                                                                                                                                                                                                                       
 SNH                           Société Nationale des Hydrocarbures, the national oil and gas company of Cameroon                                                                                                                                                                                                                                                                  
 strategic alliance            the proposed strategic alliance between Bowleven and Petrofac in respect of the Etinde development on the terms set out in the Strategic Alliance Agreement                                                                                                                                                                                        
 Strategic Alliance Agreement  the agreement of that name dated 6 November 2012 between Bowleven and Petrofac                                                                                                                                                                                                                                                                     
 2D                            two dimensional                                                                                                                                                                                                                                                                                                                                    
 $                             United States of America Dollars                                                                                                                                                                                                                                                                                                                   
 £                             Great Britain Pounds Sterling                                                                                                                                                                                                                                                                                                                      
 
 
Notes: 
 
Prospective resources, contingent resources and reserves shall have the
meanings given to them by the guidance on petroleum resources classification
contained in the 2007 SPE Petroleum Management System published jointly by the
Society of Petroleum Engineers, The American Association of Petroleum
Geologists, the World Petroleum Council and the Society of Petroleum
Evaluation Engineers