Rainbow Islands - The Story of Bubble Bobble 2 © 1991 Ocean Europe, Ltd.
European release. Game developed in Japan. See the original Famicom version for more information; "Rainbow Islands - The Story of Bubble Bobble 2 [Model DTF-RL]
Description from back cover:
Bug & Bob the heroes of Bubble Bobble are back!
This time negotiating the hazards of seven Rainbow Islands.
A myriad of creatures conspire to impede your progress at every level until you face the GUARDIAN... the ultimate test of your abilities.