Gulf Oil and Gas accountACCOUNT

Energem Announces Disposal of Interest in BowLeven and Acquisition of Remaining Interest in GGPC

Source: www.gulfoilandgas.com 8/2/2007, Location: Africa

Energem Resources acquired the remaining 14% minority interest in subsidiary Gulf of Guinea Petroleum Corporation Inc. and has disposed of its investment interest in the ordinary shares of AIM listed company BowLeven plc.

Prior to this acquisition and disposal, Energem held a total of 4,070,676 BowLeven ordinary shares, an approximate 5.5% interest in the issued equity of BowLeven. Of the BowLeven shares 3,587,231 were held in 86% owned GGPC - GGPC's sole asset - and 483,445 through wholly owned subsidiary Energem Petroleum Corporation Limited (EPCL).

Energem, through wholly owned subsidiary EPCL, has acquired the remaining 14% interest in GGPC in exchange for the 483,445 BowLeven shares held by EPCL resulting in GGPC becoming an indirectly held wholly owned subsidiary of Energem.

Energem, through wholly owned subsidiary GGPC, has disposed of its remaining BowLeven shares to two institutional investors, for a consideration of US$14.54 million.

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