Bowleven owns three shallow blocks in the Etinde Permit area. Located near hydrocarbon-bearing regions on the West African coast including offshore Nigeria, Equatorial Guinea and Angola are Blocks MLHP-5, MLHP-6 and MLHP-7. 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 km2. The water depths are shallow, from the shoreline up to approximately 70 meters maximum depth.

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.

In 2004 and 2005 Bowleven drilled three more wells in Block MLHP-7: one of these wells was unsuccessful, one was a small gas discovery and the results of the third are being incorporated into an overall evaluation of the block

In 2007, the Company drilled a successful appraisal well on Block 7 (IE-2) and a successful exploration well on Block 5 (D-1). It also drilled an exploration well on Block 7 (IF-1) that had to be abandoned due to well control issues following a significant gas kick.

As at the end of 2006, 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 530 bcf of gas and 20.7 mmbbls of condensate, equivalent to 109 mmboe.

The Cameroon Government has announced a cooperation agreement with the Government of Equatorial Guinea to investigate a project to export gas from Cameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea. It is proposed that Limbe would be the gathering hub for any such scheme. The close proximity (approximately 27km) of the Company’s resource base to Limbe should help ensure that Bowleven is ideally positioned to participate in any future gas expat projects.

Numerous other additional prospects, leads and plays have been identified in the Etinde Permit acreage.

Since the end of 2004, Bowleven through its subsidiary EurOil has acquired over 1,600 km2 of 3D seismic data in the Etinde permit, with the most recent survey completed in July 2006.

Most of the data was acquired through conventional marine seismic acquisition techniques. However, due to the shallow waters in MLHP-5&6, it was necessary to acquire some of the data through 'Transition Zone' survey techniques, where the recorders are laid out on the sea bed and a conventional airgun energy source is used to provide the sonic signal.

The surveys were acquired with minimal environmental disturbance and Marine Mammal Observers were used on all surveys.

Bowleven is proud of the safety record of the contractors (Western Geco, Veritas and RPS Energy) and company personnel responsible for the data acquisition. Zero lost time incidents were reported throughout all of the surveys.