FIRST AFRICA OIL PLC

BREAKING NEWS 23rd NOVEMBER 2006

LONDON (AFX) - BowLeven PLC said it has reached an agreement with the board
of FirstAfrica Oil PLC for a 30.1 mln stg all-share takeover bid for the African
oil explorer.
Under the offer, FirstAfrica shareholders will get one new BowLeven share
for every 190 shares they own. There will be no cash alternative.
BowLeven will be issuing up to 14.1 mln new shares to cover the bid, which
values FirstAfrica at around 1.13 pence a share.
Separately, BowLeven announced it will raise 45.9 mln stg through a placing
of 20.86 mln new shares.
Proceeds from the fundraising will finance the development of the East
Orivinyare field, it said.




Company Website http://www.firstafricaoil.com/
http://www.firstafricaoil.com/UserFiles/File/Reports/Placing_Presentation_May_06.pdf
http://www.firstafricaoil.com/UserFiles/File/Reports/First_Africa_Accounts_30_November_2005.pdf


FUNDRAISING CIRCULAR DATED 3RD OCTOBER 2006
http://www.firstafricaoil.com/UserFiles/File/Reports/October_fundraising_circular.pdf