Up 10% today any interest.

moving on up now caused a but of interest

Looks like it has broken out of the fund selling.

33p finish up 30% today I guess the funds have sold out now.

Should add 12 p Tuesday if the trend continues will watch .

Rbs cuts BowLeven PLC price target to 200P from 320P; rating buy

Still a huge price nevertheless I'll be happy with 50p.

up 205 in last mins should pass 40p today I guess the FT comment has no doubt.

Date: Tuesday 09 Dec 2008

LONDON (ShareCast) - Bosses at Bowleven have bought into the West Africa focused oil firm, led by chief executive Kevin Hart, who took 900,000 shares at 27p a time.

Hart spent a total of 243,000 on shares. He was joined by chairman Ronnie Hanna, who acquired 110,000 shares at 27p each.

In addition, Chief Tabetando, Chairman of EurOil, bought 36,000 shares, exploration director Ed Willett took 40,000 shares, Commercial Director/Company Secretary Peter Wilson acquired 64,000 shares and non-executive director Caroline Cook purchased 50,000 shares, all for 27p each.

Top Director Buys

BowLeven (BLVN)
Director name: Mr Kevin Hart
Amount purchased: 900,000 @ 27.00p
Value: 243,000

BowLeven (BLVN)
Director name: Mr Ronnie Hanna
Amount purchased: 110,000 @ 27.00p
Value: 29,700

RNS Number : 7487L
BowLeven Plc
16 January 2009


16 January 2009

Bowleven plc ('Bowleven' or the 'Company')

DIRECTORS' INTERESTS

The Company announces that on 15 January 2009 the following share purchases were made by Directors of Bowleven plc:-

Ronnie Hanna, Chairman of the Company, acquired 50,000 ordinary shares in the Company at a price of 34.67p per share. Following this transaction, Ronnie Hanna's total shareholding in the Company is 310,125 shares, representing 0.35% of the issued share capital of the Company.

Kevin Hart, Chief Executive of the Company, acquired 350,000 ordinary shares in the Company at a price of 34.67p per share. Following this transaction, Kevin Hart's total shareholding in the Company is 1,650,000 shares, representing 1.89% of the issued share capital of the Company.

Peter Wilson, General Counsel, acquired 50,000 ordinary shares in the Company at a price of 34.67p per share. Following this transaction, Peter Wilson's total shareholding in the Company is 189,000 shares, representing 0.21% of the issued share capital of the Company.

ENQUIRIES

For further information please contact:

Bowleven plc
Kevin Hart, Chief Executive Officer Tel: +44 131 524 5656
Kerry Crawford, Deputy Finance Director/ Tel: +44 131 524 5673
Head of Investor Relations

Brunswick Group LLP
Patrick Handley Tel: +44 207 404 5959
Deborah Spencer

RBS Hoare Govett Limited
Andrew Foster Tel: +44 207 678 80


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2006 MoneyAM

It has been announced that Corran Morrow, Executive Director has bought 34,894 shares in the company on the 19th January 2009 at a price of 42.50p. Corran Morrow now holds 63,663 shares representing 0.07% of the shares in issue.



For more Director Deals, visit Director Deals

MoneyAM
"Oil explorer Bowleven has confirmed that it has received a possible cash offer which the directors would recommend.

The firm said the possible 150p per share offer is subject to customary waivable pre-conditions, including satisfactory completion of due diligence and final board approval of the potential offeror.

It said there can be no certainty that any offer will ultimately be made for the company or as to the terms on which any such offer might be made, even if the pre-conditions are satisfied or waived."

Best take the money off the table.

Best who takes what money off which table?

Sell in the Market Harry take a profit.

good call mitzy

Up another 10%

If the target price is 150p, I couldn't understand selling at 107p. But what do I know???

could be a bidding war......150p seems a certainty as credit suisse got big holding and now peter levine in on the game

should say 150p a certainty but could go much higher

MoneyAM
"African focused oil and gas company Bowleven reports a first half pre-tax profit of $82.7m compared with a loss of $6.6m in 2007.
Profit per share in the six months to the end of December was $0.95 compared with a loss of $0.09 last time.

It said the last six months ha dseen a stark continuation of the global slowdown but amid these extremely challenging conditions the group has continued to perform well, with substantial progress on the evaluation of its asset portfolio and the preparations for its forthcoming exploration and appraisal programme.

Last week Bowleven received a possible cash offer of 150 pence per ordinary share. "

so whats happening now, where will this go ....?

"On 18 March 2009, the board of directors of Bowleven announced that it had received a possible cash offer for the entire issued and to be issued share capital of the Company at a price of 150 pence per ordinary share.

The board of Bowleven has today (27th) received a revised possible offer from the potential offeror of 100 pence per ordinary share. The revised possible offer is not subject to due diligence and has received the necessary approval from the offeror's board of directors, but is subject to other customary (waivable) pre-conditions.

The board of directors of Bowleven is not aware of any reason, whether arising from the due diligence or otherwise, that would explain the difference between the offer price approved by the potential offeror's board and the indicative offer price contained in the original approach.

The board of directors of Bowleven is currently considering the possible offer in consultation with certain major shareholders and a further update will be provided in due course.

This announcement has not been made with the agreement or approval of the potential offeror and there can be no certainty an offer will be made or as to the terms of any offer."

End of Offer Period
On 27th March 2009, Bowleven announced that it had received a revised possible offer for the Company. These discussions have now terminated and Bowleven is no longer in discussions with any party regarding a potential offer for the Company. As such, following consultation with the Panel on Takeovers and Mergers, the company is no longer in an offer period.

As was noted on 23 March 2009 in the Company's interim results statement, the board of directors of Bowleven continues to believe that, despite the challenging market conditions, the outlook for the business remains extremely positive. In the last six months, the group has made significant progress in enhancing the value of its portfolio, particularly through the signing of the new Etinde PSC with full exploitation fiscal terms and the completion of high quality in-house technical evaluation and interpretation of Block MLHP-7 in the Etinde Permit.

In addition, from the perspective of maximising shareholder value and delivering business progression, the board believes that the immediate priority for the business is the drilling of an appraisal well on the IF oil discovery. A successful appraisal well would underpin a phased development of all the major MLHP-7 fields, with the possibility of an initial fast track development of IF and the obvious potential for synergy through integration of IE, ID and IM field developments in later phases.

Bowleven continues to review all available funding options to progress the business and increase shareholder value. These include the potential farmout of part of the group's existing positions in Cameroon and Gabon and the raising of equity and debt finance. The group remains fully funded for its committed work programme during 2009. "

serious "OUCH!!!" ...... sure glad i never had any of these as am sure i would have been caught out badly

commiserations to all who were

"Bowleven announces today its intention to raise approximately US$110 million by way of a placing of new ordinary shares (the 'Placing Shares') in the Company (the 'Placing'), with both new and existing institutional investors.

The Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated book-building process to be carried out by Merrill Lynch International and RBS Hoare Govett Limited ('RBS Hoare Govett'), who are acting as joint bookrunners (the 'Joint Bookrunners').

It is expected that Admission will take place and that trading will commence on 29 June 2009.

The Placing is conditional upon, amongst other things, the passing of the Resolution (without amendment) at the EGM scheduled for 26 June 2009 and Admission becoming effective."

Hi there guys--I have been recommended to purchase some shares in this company by a friend of mine a few days ago--I would welcome any advice or sound opinions as to whether now is the right time for me to make a purchase or to wait until the shares are ex/rights--assuming the shares will then be trading at a much lower price!--i am considering buy about 10,000 worth shares--any sensible sound comments would be most welcome--thanks in advance.

Business Financial Newswire
"African-focused oil and gas company firm Bowleven has entered into a farm-out agreement with Vitol E&P at the Etinde permit in Cameroon.

VEP will acquire an initial 25% interest in Etinde, in return for funding a $100m gross work programme.

It also has the option to acquire a further 25% interest, in return for funding an additional $100m gross work programme plus the payment of $25m in cash to Bowleven to progress Etinde activities.

This funding coupled with the proceeds from the recent placing provides Bowleven with increased financing flexibility to pursue the various exploration and development opportunities identified in its portfolio. "

"Bowleven is scheduled to announce its preliminary results for the year to 30 June 2009 on 4 November 2009. In advance of these results Bowleven is providing information on recent operations since the last update on the 23 March 2009.

HIGHLIGHTS
Results of independent assessment by TRACS on the IF oil discovery in Block MLHP-7 on Etinde completed June 2009.

Etinde Permit farm-out transaction entered into with Vitol E&P Limited (VEP) in August 2009.

Planning for extensive 3D seismic acquisition and reprocessing on Etinde acreage underway.

Continuous drilling programme of up to four wells planned on Etinde commencing in early 2010; plans are being finalised with farm-out partner.

Significant progress made towards monetisation of Cameroon gas reserves; phase one of feasibility study for Cameroon LNG project completed by Gaz de France Suez (GdF Suez) and SNH.

Epaemeno seismic interpretation ongoing; drilling activity due to commence in 2010.

Tender process initiated for 2D seismic work on Bomono Permit.

Group cash balance circa $130 million at 30 June 2009; VEP carry provides additional financial flexibility.

Kevin Hart, Chief Executive said:
'The recent farm-out agreement reached with Vitol for our Etinde PSC is a significant milestone for Bowleven in delivering our strategy for Cameroon. This new partnership brings together considerable expertise, and provides access to additional finance that will enable us to accelerate the multiple exploration and development opportunities that exist across our acreage. In addition to the acquisition of further seismic data, an intensive drilling campaign of up to four wells is being planned on Etinde, and drilling is also envisaged on Epaemeno. With financing now in place, primary focus can now return to the optimisation of our asset base and we look forward to exploiting our opportunities into 2010.' "

Any personal thoughts on this comp, harry??

Looks like any kind of takeover is dead in the water, which is what initially boosted the sp. Company has plenty of cash & is due to start drilling in 2010. I broke my own rule of not investing in unstable (?), african enterprises, but got suckered in on t/o rumours.
Am happy to sit on this one for 12 months, but my feeling is that this is going to be slow & steady. Initial target for me is 110p & will review the situation if & when the sp gets there. If I didn't hold stock however, I wouldn't be over interested in this one at present. Lots of possibles though in 2010. All imo.

Thanks harry.

Business Financial Newswire
African-focused oil and gas exploration group Bowleven posts a FY loss of $10.2m.

This was compared with $10.9m last time.

Results for the year to the end of June include a reduction of $6.5m in administrative expenses to $9.8m, primarily as a result of a strengthening US dollar exchange rate on principally sterling expenditure.

There was a foreign exchange gain of $48.8m in 2009 (2008: $1.6m) primarily due to the treatment under IFRS of exchange movements on intra-group funding.

There was an impairment charge of $50.5m in the period in relation to the EOV asset in Gabon, reflecting the decision to defer the activities in 2010 required to realise project sanction for the field. Capital expenditure cashflows in the period were $69.9m (2008: $73.5m).

The majority of the expenditure was on exploration and appraisal activities on Etinde including completion of the IF-1r well.

Bowleven strengthened its balance sheet by raising approximately $113m (net of expenses) via an equity placing in June.

Net assets at 30 June were $426m - up from $377m last time. "

From FT today:
"Interesting moves in BLVN yesterday - despite finishing up 5% at 97.75, it had been much higher, peaking at 104.75 intraday. Largely driven by one of two rumours: Total in for it (because Cameroonians speak French, it's obvious, isnt it? Much like when Kevin Hart said last year that he was learning Spanish, so the Repsol for BLVN rumours started) or a mystery Chinese buyer.

Even if we're wrong about the specifics - we dont believe a word of it - it's worth using this as an opportunity to review what cash-rich buyers are really going for, beyond the hype and fluff. And the answer is simple: cash buyers are looking for PRODUCTION and RESERVES. Not rocket science, is it?

We haven't seen these buyers go for pure exploration (although we're convinced they will eventually) - they wait for things to be drilled, proved up a bit, and then get involved, using a low-to-nonexistent cost of capital to pay through for the discoveries. Evidence? Well: Sinopec / Tanganyika, Sinopec / Addax, KNOC / Harvest, Sinochem / Emerald would be a good start. Looking further back, PetroKazakhstan, Karazhanbas, lots of Kazakh stuff. They dont need to take the risk on pure exploration yet, so they don't.

Whatever the truth or otherwise of the current rumours, BLVN will be a core BUY for 2010, and we'd expect it to get taken out on drilling success. BUY BLVN - but maybe wait for a more attractive entry point towards the end of the year."

i take it this is chat room stuff and not the real mccoy

Apologies, yes. I usually put 'FT chat'.

does the fact that that chat room has FT as a hanger make it any more reliable than ADVFN or even this one? ....... i would doubt it greatly, and this reads like a typical touting exercise

The usual contributors to the FT comment side are employees of the FT. Those who post on the public side of the screen are of various & unknown origin and as such should be read with caution (& often amusement!) It's only a 1 hour slot between 11.03 hrs & noon.

This 'Boring' company was touted on CNBC Friday as a 'sleeping giant' and has risen 4% since then. I have found that these little gems usually do well for a few weeks then sink slowly back. Anyone else hear this?

Broker note from Canaccord today:
"Initial news from the IE-3 appraisal well offshore Cameroon looks encouraging although the release is fairly light on detail. Whilst the company says that the well encountered multiple hydrocarbon-bearing reservoirs, there is no mention of gross or net pay and no indication of size or whether or not the well met pre-drill expectations. However it is encouraging to note that BLVN is planning to run four separate Drill Stem Tests (DSTs), implying an expectation of reasonable flow-rates. Whilst our current NAV for BLVN is only 123p/share (vs 136p close yesterday) this assumes only a risked valuation for the IF discovery. On an unrisked basis we reach a NAV in excess of 300p/share if we include both IE and IF. Hence on the basis of today's news we are cautiously optimistic on BLVN and continue to be BUYers"

Very happy with this result.
cyri

l9 November 2010



Bowleven plc ('Bowleven' or 'the Company')



Two Potentially Significant Discoveries, Offshore Cameroon



Sapele-1 Exploration Well, Block MLHP-5, Etinde Permit, Cameroon



Bowleven, the West Africa focused oil and gas exploration group listed on AIM, announces that the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon has made two potentially significant hydrocarbon discoveries in Miocene reservoirs based on the results of drilling and initial wireline logs and pressure data. The first discovery, Lower Omicron, encountered light oil/gas condensate in moderate quality reservoir units. The second, Deep Omicron, encountered oil in high quality sands. This well was designed to intersect multiple stacked objectives through Miocene and Cretaceous horizons. As a result, it is believed to have penetrated the extremities of both Miocene prospects at sub-optimal locations.





Highlights



Two potentially significant Miocene discoveries, offshore Cameroon.

Preliminary log evaluation indicates 25 to 35 metres of net pay intersected to date, with continued drilling through Deep Omicron set to recommence shortly.

Cross-cut event and the Cretaceous Epsilon Complex still to be drilled.

Preparing for immediate testing and subsequent appraisal sidetrack(s) post completion of current well.





Drilling update



The targets of the Sapele-1 exploration well, on block MLHP-5, Etinde Permit, are a series of vertically stacked reservoir objectives, from the proven Miocene fairway down to the deeper Cretaceous fairway that is proving prolific elsewhere in West Africa.



The well, which is drilling in water depths of around 20 metres, has so far been drilled to a depth of 3,360 metres and has intersected two of the three identified Miocene reservoir targets.



The initial results from the three separate reservoir sections are outlined below:



Upper Omicron

Although there were indications of gas whilst drilling, reservoir development was limited at this location.



Lower Omicron

The well has intersected a log evaluated gross hydrocarbon interval of approximately 106 metres in what are believed to be moderate quality interbedded units. The provisional net pay is estimated to be approximately 15 to 20 metres, with an average porosity of 16%. The well is believed to be located in a sub-optimal location on the extreme edge of the Lower Omicron prospect.



Deep Omicron

The well has intersected a log evaluated gross hydrocarbon interval of approximately 64 metres in high quality reservoir sands. The provisional net pay is estimated to be approximately 10 to 15 metres, with an average porosity of 21%. The well is believed to be located in a sub-optimal location on the edge of the Deep Omicron prospect. Drilling through the remainder of Deep Omicron will continue upon completion of the current logging run. Evaluation of fluid samples and pressure data suggests oil being present down to the current well depth.



The well location was selected to access multiple targets from a single location. By necessity, the resulting locations for both the Lower and Deep Omicron objectives were significantly compromised. Consequently, given the extremely encouraging results it is likely sidetracks will be drilled to appraise both prospects at better locations. Maps relating to Sapele-1 are available on our website www.bowleven.com under the heading presentations; the presentation is titled "Sapele-1 announcement - 9 November 2010".





Initial in place estimates



Based on the better than prognosed reservoir quality the revised preliminary in place volumetrics on a P90 to P10 range are estimated to be for Lower Omicron 40 to 290 mmbbls or, in the event that the hydrocarbons at that interval are determined to be gas condensate, 75 to 595 bcf, and for Deep Omicron 55 to 380 mmbbls. These numbers remain provisional. Due to the stratigraphic nature of these prospects further appraisal will be required and is being planned.





Forward exploration and appraisal programme



Wireline logging operations are ongoing over the Omicron reservoir objectives. Once completed, it is planned to drill to a total depth of approximately 4,450 metres to test further prospective horizons, including the deeper Cretaceous, a new play untested within this part of the Douala Basin. Drilling activity is expected to take a further 30 to 40 days (excluding testing). The forward plan will be reviewed on reaching the target depth and when the results from the additional targets are obtained. Meanwhile, planning for testing and sidetrack activities on the Miocene discoveries is underway.





Further update announcements on drilling activities will be made as appropriate.



Kevin Hart, Chief Executive of Bowleven plc, commented:



"We are delighted with the results so far on our high potential Sapele-1 exploration well, offshore Cameroon. The discovery of hydrocarbons in two separate Miocene reservoir intervals is a significant event for Bowleven. Whilst further evaluation and appraisal is required, we are confident that these are potentially transformational. Sapele-1 is already demonstrating the significant prospectivity of our acreage in the Douala Basin, with the high potential deeper Cretaceous target still to be drilled. The Douala Basin is a major emerging hydrocarbon bearing province. We believe that the Sapele-1 well is only the beginning of Bowleven unlocking the full potential of our Cameroon acreage. This is a very exciting time for the Company. "

Very nice cyril.

mitzy a whole lot nore than nice(although understand your ref)
" as the CEO states,Whilst further evaluation and appraisal is required, we are confident that these are potentially transformational".

TRANSFORMATIONAL IS BRIILLIENT.

cyril

Here is a summing up by possibly the best and most respected of oil researchers.
cyril

Great initial results from the Miocence which as they say could be potentially significant.

The Lower Omicron encountered light oil/gas condensate (net pay 15-20m estimate).
This was initially estimated as being gas (Sept 2010 Deutsche Bank 10th O&G Conference) so could be a significant improvement in this zone already with it being light oil/gas condensate.

Also, Pre drill the Deep Omicron estimate was -
P90 27 mmbo, P50 84 mmbo, P10 259 mmbo.

10-15m of net pay estimate of oil in higher quality sands encountered.

This announcement puts the deep omnicron estimate range at up to 380 mmbls and they are still drilling it.
---------------------------------------------------

Beyond drilling the remainder of the deep omnicron are -

Cross Cut Zone - potential
(Gas case P50 94 bcf - P10 185 bcf or Oil case P50 32 mmbo - P90 63 mmbo).

Folllowed by the deeper Epsilon complex.
(Gas case P50 887 bcf - P10 5.28 TCF or Oil case P50 628 mmbo - P90 3.7 billion bls).

All from the current Sapele well.

Numerous exploration targets elsewhere over additional blocks.

None of this potential was included in the previous value estimates.

Circa 400p+ value estimated on previous July 2010 guidance on $80/b oil for their existing discoveries.

With the recent IE-3 appraisal drilling in late August which made additional discoveries, the potential remains immense on top of what they have announced today.

$110m cash confirmed after this Sapele well (including expected $35m proceeds from EOV sale).

No wonder Kevin Harte says they are confident that these discoveries are potentially transformational.

Biggest mover today.

Peter Hitchens, analyst at Panmure Gordon, commented: "The company has significant other prospects to drill in the area. We maintain our Buy recommendation with a price target of 250p, although as we signalled earlier this looks increasingly conservative now."

Still to complete the Primary target,along with those sidetracks,dont understandwhy so little interest?
cyril

In as well....regret selling out a few months ago now...

Top share.

Comments (0)
Bowleven, the oil explorer focused on Africa, has gained nearly a third after it moved into profit and unveiled two potentially significant discoveries at its Sapele-1 well.

The company moved from full year losses of $10.2m to a $19.5m profit and, more importantly, announce it has found hydrocarbons at its exploration well in the Douala Basin, offshore Cameroon. Kevin Hart, the company's chief executive, said:

Whilst further evaluation and appraisal is required, we are confident that these are potentially transformational. We believe the Sapele-1 well is only the beginning of Bowleven unlocking the full potential of our Cameroon acreage.
Shares in the company - a favourite of private investors - have jumped 68p to 267.5p on the news. Phil Corbett, analyst at the company's broker RBS Hoare Govett, said:
The focus of the 2010 results is the disclosure that the Sapele-1 well has encountered potentially significant hydrocarbon bearing sands offshore Cameroon. These horizons will be tested via sidetracks after the well has been deepened to main Cretaceous target.

After [this] BowLeven is planning to sidetrack the well and test both the Lower Omicron and Deep Omicron discoveries. That the management is looking to accelerate an appraisal campaign is a positive sign, and could be a material event for the company if the drilling can push the oil in place ranges even higher.

We wouldn't focus on these two discoveries in isolation - the company has identified a number of tertiary leads and prospects on its acreage, and this well could potentially be the key that unlocks the upside prospectivity.
http://www.guardian.co.uk/business/marketforceslive/2010/nov/09/bowleven-oil-discovery-cameroon

cyril

From ZENGAS,typical quality research.

Finally had a good look over all the licences/blocks after the latest updates/results and there really is without doubt amazing potential.

7 Blocks (5 in Cameroon + 2 in Gabon).

163 mmboe 'contingent' P50 net resources in the process of being moved to reserves.
========================

Etinde Permit offshore Cameroon 2316 km2 (Blvn 75% Vitol 25%).

MLHP-7 Block consists of -

Isongo Marine field 466 bcf + 8 mmbls NGL.
Isongo E Field (known as IE) 496 bcf, 95 mmbl NGL + 7 mmbls oil.
Isongo F Field (known as IF) 225 mmbls oil.
Manyikebi Field 56 bcf.
Isongo C and D discovery,

Total discovered resource = 533 mmboe.

Isongo Marine, C, D + E exploration and Isongo G cluster account for a further potential estimate of 366 mmboe.

Vitol have option to acquire a further 10% in this block only for $50m gross work programme.
--------------------------------

MLHP-6 Block under seismic.
-------------------------------

MLHP-7 Block consists of -

Sapele well currently drilling -

Lower Omicron target found 106m gross of 15 - 20m net pay estimate of 75 - 595 bcf or 40 - 290 mmbo potential.

Deeper Omicron target found better quality sands with 64m gross of 10 - 15m net pay estimate of 55 - 380 mmbo potential.

At 3360m (9/11/2010). Target depth a further 1100m at 4450m.

To intersect the up coming Cross-Cut interval (Gas case P50/90 94 - 185 bcf or oil case 32 - 63 mmbo).
Followed by the deeper Epilson complex in the Cretaceous with potential for P50/90 of 887 bcf - 5.28 tcf gas or 628m - 3.7 billion bls oil in this same well. Just weeks away and could be absolutely huge to the company if partially successful.

Management say "further prospects with analogous characteristics have already been identified, highlighting the additional potential on the acreage in the event of a successful outcome on this well" - similarly then there is further potential for billion+ barrel finds if only partially successful at Sapele.
--------------------------------------

Bomono Permit onshore Cameroon 2328 km2. (Blvn 100%).
Comprises Blocks OLHP-1 + OLHP-2.

Still under seismic with substantial amount/interpretation acquired.
2 wells planned for H2 2011.

Multiple prospects with individual sizes ranging from 10 - 250 mmbls oip each.

Page 24 of the Nov 2010 presentation shows at least 19 prospects so far from about 2/3rds of the blocks seismic/interpretation. So again billions of barrel potential here.

Multiple seeps/shows on this 2328 km2 permit and it should be noted that Victoria Oil and Gas' ringfenced 60km2 mini block with the Logbaba field is inside Blvns permit - has 35.2 mmboe P2 confirmed in October 2010 from 2 wells - No1 flowing 10,100 boepd (1,000 bls being condensate) and No 2 well flowing 3600 boepd. Some of the Blvn prospects are in close analogous proximity and VOG estimate that Logbaba has up to 1 tcf of undiscovered resources as well. Many of the Blvn prospects dwarf Logbaba - and as can be seen from the presentation at least 19 prospects so far and likely more when the seismic is completed.
-----------------------------

EOV 105 km2 Permit - Gabon (expecting $35m from sale).

Epaemno 1340 km2 Permit - Gabon (Blvn and Addax 50% each).

Multiple prospects with 10 - 350 mmbls OIP "consistent with field sizes in the area" Sub Salt fields and Discoveries east and south of the block.
Drilling by Addax about 1 year away.
--------------------------------------------------

Valuation in current November 2010 presentation 555p at $80/b - 696p at $100/b based only on IE/IF fields in block MLHP-7, Vitol carry, EOV sale and current cash.

*** It does not include the further finds made in the IE-3 appraisal drilling on 28th August 2010 just 10 weeks ago which tested a total of 22,909 boepd in MLHP-7.
14,576 bpd of liquids produced (condensate and oil 36 - 43 API). Two other intervals were not tested. Analysis is taking place and any upside is not included - the rig was moved to Sapele which is currently drilling.

*** No upside included for Sapele (2 zones of net pay) currently drilling on MLHP-5.

*** Extensive and multiple prospects in a proven hydrocarbon area.

Ex Cairn Oil people at Bowleven.

193.5m shares @ 260p = 501m GBP m/cap ($115m/70m pounds cash incl EOV $35m proceeds to come - all post Sapele well drill).

Continuous drill programme after Sapele-1.

F-Davies had 1800p potential (433p risked) which will need revision due to large number of new additional prospects emerging from seismic and interpretation - so therefore potential for 2000p+ exists.

Borke through the 3 barrier,before taking a breather.
cyril

Well done cyril...400p beckons.

400p would be a nice for starters as this hasgreat potential,a copy of a post containing Fox Davis's report,18 mentioned.
cyril

Fox Davies Capital estimate a risked NAV of 317p based on net risked resources of 77MMboe, with unrisked values of 1,807p and 500MMboe respectively.

Now note this: The estimates of the combined size of the combined discoveries so far range from 95 million barrels oil equivalent (boe) to 670 million boe. The low case scenario is now estimated at 95 million barrels of oil as opposed to 77 million barrels of oil at a risked NAV of 3.17 pence per share. The upside for the initial discovery is now 670 million boe, which would give us a share price in excess of 18.00 per share.

The actual TARGET of the drill is potentially 3.7 Billion Barrels of OIL. YES potentially 3.7 Billion Barrels of OIL! Can you imagine selling and in a few weeks time an RNS stating a billion barrel ++ find!! What would the share price potentially be on 3.7 Billion Barrels of OIL +++!!!

This is a VERY rare opportunity indeed and theres absolutely no way Id be out of this NO WAY!!!! Life changing possibility stock indeed!!!

Could be another gem.....

Testing 3 again,could be the besr x mas present ever(30/40days)?
cyril

Nice write up.
cyril

Bowleven.
160 mmboe contingent resources moving to reserves from existing discoveries.

Plans for floating production with Vitol one of the largest oil traders in the world http://www.vitol.com/about-vitol.html ($143b revenues in 2009). "The Etinde project is a core component of Vitol E&Ps West Africa portfolio. We are confident that, if we exercise the option to increase our interest and take over operatorship, Etinde will establish Vitol E&P as a significant upstream participant in the region".

Does not include upside fromj IE appraisal result where there were additional finds in late August announced.

Does not include latest 2 zone Sapele results potential 40-290 mmbls (or 75 - 595 bcf ie 12.5 - 100 mmboe) in lower omicon or 55 - 380 mmbls (all in place) in deeper Omicron.

Targgetting up to 3.7 billion bls in the Cretaceous Sapele well (+ also Cross Cut section).

Analogous prospects already mentioned close to Sapele which will be targetted and now somewhat derisked.

Numerous other prospects (19 min) adjacent to Vogs Logbaba field similar and many much greater in size each varying from 10 - 350 mmbls in size.

Partnered with Addax on Gabon licence.

Market cap just 540m pounds (70m pounds cash) at 280p.

Ratchet up reserves similar to Addax (which were bought by Sinopec) and you can get a 5.4 billion pound company which is about 28 pounds per share.

Turn up reserves similar to Tullow and you could be looking at 50 quid+ pounds/share.

12 - 20 pounds per share would satisfy me if they make additional discoveries and is far from madness. (Fox Davies 1800p unrisked and imo in light of latest news and emerging prospects from seismic on a number of permits will need upward revision).

The fact that they say that just the 2 omicron zones alone to date may be transformational for the company is significant and should not be missed - regardless of the Sapele Cretaceous. Where Blvn are drilling is potentially company making on a grand scale.

Another of Zens analysts,
cyril

Just updating my earlier post from last week.

I've updated this with info available from the farm out document for the Bomono Permit Onshore Cameroon which shows 1.7 - 4.7 billion bls potential from 10 of circa 30 prospects/leads.

Please see section below - updated in CAPITALS in Bomono.

Finally had a good look over all the licences/blocks after the latest updates/results and there really is without doubt amazing potential.

7 Blocks (5 in Cameroon + 2 in Gabon).

163 mmboe 'contingent' P50 net resources in the process of being moved to reserves.
========================

Etinde Permit offshore Cameroon 2316 km2 (Blvn 75% Vitol 25%).

MLHP-7 Block consists of -

Isongo Marine field 466 bcf + 8 mmbls NGL.
Isongo E Field (known as IE) 496 bcf, 95 mmbl NGL + 7 mmbls oil.
Isongo F Field (known as IF) 225 mmbls oil.
Manyikebi Field 56 bcf.
Isongo C and D discovery,

Total discovered resource = 533 mmboe.

Isongo Marine, C, D + E exploration and Isongo G cluster account for a further potential estimate of 366 mmboe.

Vitol have option to acquire a further 10% in this block only for $50m gross work programme.
--------------------------------

MLHP-6 Block under seismic.
-------------------------------

MLHP-7 Block consists of -

Sapele well currently drilling -

Lower Omicron target found 106m gross of 15 - 20m net pay estimate of 75 - 595 bcf or 40 - 290 mmbo potential.

Deeper Omicron target found better quality sands with 64m gross of 10 - 15m net pay estimate of 55 - 380 mmbo potential.

At 3360m (9/11/2010). Target depth a further 1100m at 4450m.

To intersect the up coming Cross-Cut interval (Gas case P50/90 94 - 185 bcf or oil case 32 - 63 mmbo).
Followed by the deeper Epilson complex in the Cretaceous with potential for P50/90 of 887 bcf - 5.28 tcf gas or 628m - 3.7 billion bls oil in this same well. Just weeks away and could be absolutely huge to the company if partially successful.

Management say "further prospects with analogous characteristics have already been identified, highlighting the additional potential on the acreage in the event of a successful outcome on this well" - similarly then there is further potential for billion+ barrel finds if only partially successful at Sapele.
--------------------------------------

Bomono Permit onshore Cameroon 2328 km2. (Blvn 100%).
Comprises Blocks OLHP-1 + OLHP-2.

Still under seismic with substantial amount/interpretation acquired.
2 wells planned for H2 2011.

Multiple prospects with individual sizes ranging from 10 - 250 mmbls oip each.

Page 24 of the Nov 2010 presentation shows at least 19 prospects so far from about 2/3rds of the blocks seismic/interpretation. So again billions of barrel potential here.

Multiple seeps/shows on this 2328 km2 permit and it should be noted that Victoria Oil and Gas' ringfenced 60km2 mini block with the Logbaba field is inside Blvns permit - has 35.2 mmboe P2 confirmed in October 2010 from 2 wells - No1 flowing 10,100 boepd (1,000 bls being condensate) and No 2 well flowing 3600 boepd. Some of the Blvn prospects are in close analogous proximity and VOG estimate that Logbaba has up to 1 tcf of undiscovered resources as well. Many of the Blvn prospects dwarf Logbaba - and as can be seen from the presentation at least 19 prospects so far and likely more when the seismic is completed.

UPDATED WITH THE FOLLOWING FROM THE FARM OUT DOC WHERE BLVN ARE OFFERING 20% OF THE BOMONO PERMIT.

From Jan 2010 - To date at least 10 robust leads have been identified. At least 20 additional potential leads are evident. 1.7 - 4.7 billion bls in place estimates. This figure appears to be from the 10 robust leads so in effect the other leads could increase that figure significantly. This was pre latest seismic so that figure may be enhanced. Wells drilled prior to proper seismic over 50 years ago based on the Bomono oil seeps found oil and gas in Tertiary reservoirs.
-----------------------------

EOV 105 km2 Permit - Gabon (expecting $35m from sale).

Epaemno 1340 km2 Permit - Gabon (Blvn and Addax 50% each).

Multiple prospects with 10 - 350 mmbls OIP "consistent with field sizes in the area" Sub Salt fields and Discoveries east and south of the block.
Drilling by Addax about 1 year away.
--------------------------------------------------

Valuation in current November 2010 presentation 555p at $80/b - 696p at $100/b based only on IE/IF fields in block MLHP-7, Vitol carry, EOV sale and current cash.

*** It does not include the further finds made in the IE-3 appraisal drilling on 28th August 2010 just 10 weeks ago which tested a total of 22,909 boepd in MLHP-7.
14,576 bpd of liquids produced (condensate and oil 36 - 43 API). Two other intervals were not tested. Analysis is taking place and any upside is not included - the rig was moved to Sapele which is currently drilling.

*** No upside included for Sapele (2 zones of net pay) currently drilling on MLHP-5.

*** Extensive and multiple prospects in a proven hydrocarbon area.

Ex Cairn Oil people at Bowleven.

193.5m shares @ 260p = 501m GBP m/cap ($115m/70m pounds cash incl EOV $35m proceeds to come - all post Sapele well drill).

Continuous drill programme after Sapele-1.

F-Davies had 1800p potential (433p risked) which will need revision due to large number of new additional prospects emerging from seismic and interpretation - so therefore potential for 2000p+ exists.

Doing very well here today...good climber....

It's goner do a lot better today thats for sure.
cyril

25 November 2010



Bowleven plc ('Bowleven' or 'the Company')



Additional hydrocarbon pay identified at Sapele-1



Sapele-1 Exploration Well, Block MLHP-5, Etinde Permit, Offshore Cameroon



Bowleven, the West Africa focused oil and gas exploration group traded on AIM, announces that the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon has encountered further log evaluated pay in the Miocene reservoir objective. This pay is in addition to that encountered at the Lower and Deep Omicron discoveries announced on 9 November 2010.



Highlights



Preliminary log evaluation indicates an additional 6 to 8 metres of net hydrocarbon pay beneath the previously logged section in Deep Omicron

Total net pay across the Omicron discoveries now 31 to 43 metres

Cross-cut event and the Cretaceous Epsilon Complex still to be drilled

Preparing for testing and subsequent appraisal drilling/sidetrack(s) post completion of current well



Drilling update



The targets of the Sapele-1 exploration well, on block MLHP-5 in the Etinde Permit, are a series of vertically stacked reservoir objectives, from the proven Miocene fairway down to the deeper Cretaceous fairway proven to be prolific elsewhere in West Africa.



Since the announcement on 9 November 2010, the well, which is drilling in water depths of around 20 metres, has been deepened by a further 123 metres to a current total depth of 3,483 metres in order to find a suitable point to set casing before drilling ahead into the cross-cut event.



The initial results from this section indicate that the well has intersected additional net hydrocarbon pay of 6 to 8 metres in high quality reservoir sands with an average porosity of 21%.





Forward exploration and appraisal programme



It is now planned to drill to a target depth (TD) of approximately 4,450 metres to test further prospective horizons, including the deeper Cretaceous, a play untested within this part of the Douala Basin.



Drilling activity is expected to take a further 20 to 30 days (excluding testing). In the meantime planning for testing and appraisal drilling/sidetracking activities on the Omicron discoveries is underway. The forward plan will be reviewed by the joint venture on reaching TD.



The Company plans to issue an update announcement on reaching the target depth of the well or, as appropriate, on completion of logging activities.





Kevin Hart, Chief Executive of Bowleven plc, commented:



"Whilst we recognise that further evaluation and appraisal are required, the additional pay encountered in the Miocene section provides further support to our view that the Omicron discoveries are potentially transformational. We look forward with anticipation to recommencing drilling and intersecting the deeper cross-cut event and Cretaceous Epsilon targets."





Maps relating to Sapele-1 are available on our website www.bowleven.com under the heading "Presentations". The presentation is titled "Sapele-1 announcement - 25 November 2010".

From the above
" Transfoemable."

"Whilst we recognise that further evaluation and appraisal are required, the additional pay encountered in the Miocene section provides further support to our view that the Omicron discoveries are potentially transformational. We look forward with anticipation to recommencing drilling and intersecting the deeper cross-cut event and Cretaceous Epsilon targets."

curil

nice jump to 3.46+ in the money.,.

Doing well...goody...goody....

BLVN to issue 22m new shares and SP rises,i think that says it all?
cyril

yes cyril had finger poised to sell some if drop looked likely, nice to see it go north instead.,.

Well i'm not letting any of mine go,read these couple of posts carefully to understand why and remember just 3 days of trading to take up options.

"Whilst we recognise that further evaluation and appraisal are required, the additional pay encountered in the Miocene section provides further support to our view that the Omicron discoveries are potentially transformational. We look forward with anticipation to recommencing drilling and intersecting the deeper cross-cut event and Cretaceous Epsilon targets."

Hang on guys have we missed something. Have they just announced the Omicron find?

Why is Hart saying that the Omicron discoveries are potentially tranformational and not the deeper cross-cut event and Cretaceous Epsilon targets."

To me he is teling us we have hit it but not all of it.

And the follow up,

And may I add they have not finished with Omicron,

Drilling activity is expected to take a further 20 to 30 days (excluding testing). In the meantime planning for testing and appraisal drilling/sidetracking activities on the Omicron discoveries is underway. The forward plan will be reviewed by the joint venture on reaching TD.

Sidetracking how many? Is this the tranformational

cyril
ps Could be a great Christmas present?

Sector Watcher Comment from FT Alphaville just out.


An opportunistic fund-raising by BLVN today, following the 70% increase in its share price in the last three weeks. The group plans to place 22m shares, or 11% of the issued share capital, with institutions today. At yesterday's close of 338p/share this equates to around 74m, so even allowing for an assumed discount of say 5% the group should raise around 70m (pre-expenses

Along with the $80m of cash we assumed the group would have following the drilling of the successful Sapele-1 well (the reason for the recent share price strength), this should leave BLVN well-financed for the next 12 months to appraise and develop it's Cameroon asset base. As I said yesterday, I'd be a bit nervous of buying at these levels, especially given the amount of risk that the Sapele well still carries

Whilst undoubtedly good news, i.e. that the well has identified 31-43 metres of net oil pay within three Miocene zones, these are apparently in sub-optimal locations within the mapped structure and have yet to be tested. There is further upside in the deeper Cretaceous horizon, although this is much higher risk as the Cretaceous hasn't been drilled before. Our NAV for BLVN, prior to making any adjustments for Sapele, is only 208p/share. Best case Sapele may add on a further 170p/share. As much as I like CEO Kevin Hart and his technical team, I'd be an outright seller of BLVN at these lofty levels.


.

What ?.....no new thread ?.

Its a sell RF.

Way over priced now.

Bowleven announces the completion of the placing announced earlier today (the "Placing"). A total of 22,000,000 new ordinary shares (the "Placing Shares") have been placed at a price of 327 pence per Placing Share (the "Placing Price"). Based on the Placing Price, the gross proceeds of the Placing will be GBP72 million (approx. US$113 million). The Placing Shares being issued represent an increase of approximately 11 per cent. in Bowleven's existing issued ordinary share capital.

cyril

Just a few hours to raise 22m,take me longer to borrow 22,lol
cyril

Topped up this am,news could be on us 2 weeks?
cyril

Mentioned in yesterdays telegraph.
I'm hoping for news next week?
cyril

"....Named as one of BofA Merrill Lynch's preferred picks, Tullow put on 19p to 1,197p. Also benefiting from being picked as M&A contenders by the broker were Premier Oil, which made 33p to 1,915p, and BowLeven, gaining 8.5p to 357p, with their "unique sets of assets", in the North Sea and Cameroon respectively."

Summary of yesterdays AGM,looks like we wait another fortnight?
cyril

Bowleven promises active drilling campaign off West Africa coast
Mark Williamson

Share 16 Dec 2010

Bowleven is set for an exciting year in 2011 when the West Africa-focused oil and gas company hopes to maintain the good progress it made during 2010, investors were told.

Bowlevens chief executive, Kevin Hart, told the companys general meeting that it is well funded to continue with an active drilling campaign off Cameroon. Directors expect this will deliver big results.

Edinburgh-based Bowleven will continue appraisal work on the IE and IF finds on block seven off Cameroon in the hope of confirming that these discoveries are on a commercial scale.

If drilling goes well, Mr Hart believes Bowleven may be able to book reserves in respect of these finds in 2012.

Before reserves can be booked companies must establish that a find is big enough to be commercially viable, develop a plan to bring it into production and establish that the necessary work can be financed.

Bowleven will continue drilling the under-explored Douala basin, where it has made three finds in recent weeks with the Sapele well. The company expects to announce the final results by the end of 2010.

The strategy for this year and next is to really try to prove up the resource base on block seven and to get after the Douala basin, said Mr Hart.

He added that having won backing from Vitol the Swiss oil trader and raised $113m (72m) from investors through a placing that was completed last month, Bowleven has plenty of cash to fund an active work programme.

Terry Heneaghan, a former chief executive of Bowleven, told delegates at the meeting: I want to compliment Kevin and his team.

I think the work they have done is absolutely first class.

He said Mr Harts team seemed to have found the key to the complex geology of the region.

All resolutions at the AGM passed comfortably.

Have got small holding since 295p so am quite happy to continue to hold and hopr for more profit.,.

Look at them go today,381p,c;osed my t trade at 375p for a very handsome profit.
With news imminent,perhaps someone knows u know?
cyril

another good day here as you say cyril.,.

BB yes still got my long term positions,so although i sold early,very happy with this company. AGQ is also doing me pround with a large position in my ISA,making it a real bonus.
cyril

Nice chart.

Has all the signs of a leak,won'tmind though as if so, then it's positive?
cyril

http://thesharehub.com//?p=360

Thanks for that cyril.

Broken through 4 barrier.....onwards and up wards.,.

Can it break through and hold 4 today???

Well done everyone.

My 2nd success of the day,along with AAZ.

unfortunately short lived 4+ back to normal now.

Baeclays top tip for 2011.

Barclays note:

Bowleven for 11
In a sector based on the search for hitherto undiscovered value, with just 13% risked
upside potential, the sector appears to be starting the year on tight valuations. We
therefore re-iterate our 2-Neutral sector stance. In this context, we believe that
better value can be found in those companies where existing exploration has opened
a new door to underexplored areas, offering material upside, with the bonus of
further de-risked exploration. Hence, following its recent discovery in Cameroon,
Bowleven (1-OW, PT 500p) becomes our top pick for 2011, as we believe its new
Miocene play could provide a sweet exploration surprise. Afren (1-OW, PT 185p),
Tullow (1-OW, PT 15.75) and Premier (1-OW, PT 23.00) are our other key ideas
for the year.
Oil price to support valuations: Our macro outlook is positive; our oil price forecast for
this year is $90/bl, increasing to $100/bl in 2012. To this we see upside risk, which
could further underpin sector performance, in particular for those companies with
existing production.
Corporate activity to be less: M&A in 2011 is likely to be a recurring theme, but with
tightening valuations it may not provide the same tailwind as in 2010. However, a
sector catalyst is likely to be Cairns H1 11 potential redistribution, when c.$3bn of cash
could be looking for a new home within the sector.
Bowleven our top pick: Until recently, Bowleven had been confined to the realm of
sector specialists, but after its recent discovery offshore Cameroon, we believe it is now
ready for the wider generalist investor community looking for exploration-driven alpha
opportunities. Following the 2010 discovery, we think the company has opened up a
new play fairway, where similar exploration success could potentially be repeated. In
our view, its 2010 performance, up 191% in H2 10, should not be considered a
deterrent. As is often the case for E&P companies, the full value of a new geological play
takes time to be revealed. With potential upside on our estimates of 28% vs. a sector
average of 13%, Bowleven offers the highest upside in our E&P sector.
Afren, Tullow and Premier all 1-OW stocks: 2011 looks set to be a transformational
year for Afren (PT 185p), with the first oil in its Ebok field and with likely upward
revision of its reserves, exploration in West Africa (Ghana, Nigeria) and in East Africa
(Kenya), and possible new acquisitions in Nigeria. Tullow (PT 15.75) has finally
commenced its high-impact exploration programme, with 10 wells planned in West
Africa and Latin America, coupled with an ongoing appraisal campaign. We also expect
to see the resolution of its tax dispute in Uganda. Premier (PT 23), in the short term,
has a busy exploration schedule and we expect more positive newsflow from its
Catcher follow-on drilling programme.

Bowleven (BLVN)

Another performer from 2010, up from 180p to now 400p. Recent news on the Sapele-1 drill has confirmed further zones which just await confirmation plus the upside that they believed drilling further will discover even more oil. The market took it badly on an overall down day, but I believe it was fundamentally miss understood. Yes the drill is said to be in a sub-optimal location, but when the full results are in it will prove up the incredible licence area BLVN are drilling.

As it was said by someone much better than me: Make no mistake about it, the acreage BLVN are operating in is highly, highly prospective. These same geological plays have proven to be cash cows time and time again across the region. As most are aware, it was the cretaceous play (Jubilee) just up the street in Ghana that was the protagonist for Tullows leap into the FTSE100 index.

Here we are again, like GKP, talking billions instead of the usual millions up to 5-6 billion barrels. Potentially hugely exciting, this has further to go and is a long term hold (at least until they are taken over).

TOKYO, Feb 02, 2011 (Dow Jones Commodities News via Comtex) -- Cameroon expects its crude oil output to fall slightly in 2011 and then accelerate substantially in 2012, the country's minister of industry and mines said Wednesday.

Oil output in 2011 will fall to 22.1 million barrels, or just over 60,000 barrels a day, down from 65,000 barrels a day last year, Badel Ndanga Ndinga told an investment seminar.

However, for 2012 the government is forecasting output of 31.1 million barrels, or 85,000 barrels a day, due to "certain fields we've discovered which we'll put into production."

The minister and a team of officials are in Japan to publicise Cameroon's first oil and gas investment round since 2003, which comes in the wake of recent offshore discoveries in Cameroon waters and in nearby West African countries.

A lack of investment has resulted in a steady decline in Cameroon's output, from its peak in 1984 of 182,000 barrels a day.

Last year, Cameroon state oil company National Hydrocarbons Co. attributed declining output to the "combined effects of natural depletion of fields and ageing of production equipment, as well as deferment of several developmental projects."

The minister told Japanese oil executives that they needed to be aggressive if they wanted to compete for the blocks with other companies, including possibly from China and India.

Cameroon isn't thinking about joining its neighbor Nigeria in becoming a member of the Organization of Petroleum Exporting Countries, he said.

In the new round, a pre-selection of 10-15 companies is due to be made by Feb. 18, and formal bids will then invited between April and end-June, with the winners to be announced July 22, the roadshow was told.

Among the five oil and gas blocks included in the round are two that were ceded to Cameroon by Nigeria under an International Court of Justice in 2002 ruling, specialist industry newsletter Upstream reported recently.

On Jan. 10, U.K. oil and gas explorer BowLeven PLC (BLVN.LN) said it made further discoveries during drilling at the Douala basin off the coast of Cameroon, and increased its estimates for how much oil is in place at an earlier discovery called Deep Omicron.

It said there is now a 90% chance Deep Omicron contains 65 million barrels of oil and an outside chance it could contain as much as 430 million barrels. Earlier estimates ranged from 55 million barrels to 380 million barrels.

In November last year, another London-listed company, Victoria Oil & Gas PLC (VOG.LN), met Cameroon officials to request a production license to exploit gas reserves it had found in the onshore Logbada area, where it had been active since 2008.

Another of my that looks like taking a kicking,gas found at lower levels?

Quitr pleased with the market reaction to todays news,but upto 460p.

Merrills take:

Sapele discovery offers room
to dream
Bowleven encounters significant gas column at deep Sapele
BLVN announced that the deepened Sapele (block 5; offsh Cameroon) well hit a
significant high pressure/high temperature (HP/HT) gas column. Whilst drilling has
to be stopped due to the equipment limitations (the rig could not deal with the well
pressure), the data available and the strength of the column point to a material
gas find in the deep (4,733m total depth) Cretaceous target. We acknowledge that
there is still much more work to do in Block 5s Cretaceous targets but we believe
that the results validate the prospectivity of this fairway and open a significant
opportunity for BLVN. Now the rig is due to drill a 2km sidetrack to appraise the
earlier oil/condensate Omicron (Miocene) find in shallower sands. Given the
limited data available, we keep our NAV/PO unchanged at 460p. BUY.
Additional rig capacity to accelerate Sapele delineation
As expected BLVN has secured extra rig capacity for up to 4 wells (3 firm + 1
option) at a dayrate of US$120k/d in-line with recent rig deals - to accelerate the
appraisal/delineation of the finds. Importantly, this rig (Vantages Sapphire jack
up) boasts a much higher spec than the unit currently used, enabling BLVN to drill
deeper and cope better with HP/HT targets. The appraisal plan is set to focus on
the shallower Miocene sands as the similarities between Sapele and the nearby
Belinda/Alen (Noble Energy; Eq Guinea) field point to Sapele potentially offering a
similar areal extent (14 miles) that could make Sapele into a much larger field.
Routes to monetisation come to the fore front
Given the mix (oil/gas/condensate) of the finds, investors will rightly start to focus
on the monetisation options for Sapele, particularly regarding gas. Given that GdF
and Cameroons National Oil co (SHN) are already carrying the FEED study for
an LNG plant in the country, we believe that a two stage monetisation plan (as
Noble is pursuing in Eq Guinea) could be the best option for BLVN. The first stage
could produce the liquids via an FPSO with the second stage (gas production)
sharing the infrastructure and feeding the gas into the LNG facility.

After the early disappointment of gas at the deepest depth, the market seems to have cottoned on to 2rgf and the CEO's remarks concerning significant and transformational
with some relish?

CS presentaion,

DRILLING SCHEDULE:

Q1:
Immediate:
Existing rig 1: Appraisal (sidetrack) into Tertiary at Sapele-1
New rig 2: New Tertiary Exploration well MLHP-5

Q2-Q4:
2 x further MLHP-5 Tertiary Exploration wells
1 x MLHP-5 Cretaceous Exploration well
1 x MHLP-7 Appraisal well (following IE-3 from Q3/2010 - this is the IE-4 well mentioned in the November IE-3 test results rns - already flow tested @ 22,909 boepd)

Firm plan to move contingent resources to reserves:

Current overall P50 contingent resources 163mmboe
Target IE and IF 100mmboe reserves

PLUS

Sapele-1 needs to be tested and counted in:
IIPE for Lower Omicron: STOIIP P90-P10 of 40-290 mmbblswith a mean 140 mmbbls, alternative WGIIP case P90-P10 of 75-595 bcf, with a mean of 290 bcf

IIPE for Deep Omicron increased: STOIIP P90-P10 of 65-430 mmbblswith a mean 217 mmbbls.

Potential value of discoveries so far easily commending potential multiple current sp.

Plus significant Cretaceous potential of X.

Plus plan to drill one well on Bomono 2011 - Gabon licence with Addax extended to 2012.

Existing discoveries make this an excellent investment, the potential to be unlocked in coming months, makes it an outstanding one.

The TA case for a BLVN Buy first target 410p

.....

Fox Davies Capital

Monday, Feb 28 2011 by Fox Davies Capital

Oil & Gas Corporate News

Bowleven (LON:BLVN) (BUY, 4.50) (BLVN, 335.5p, ▲ (2.52%))

announced that drilling has commenced on the Sapele-1 sidetrack (Sapele-1ST), Douala Basin, offshore Cameroon with the Noble Tommy Craighead jack-up rig.

The principal objective of Sapele-1ST is to appraise the Deep Omicron oil discovery encountered in the Sapele-1 exploration well.

The well is to be drilled to an estimated vertical depth of circa 3,682m or 4,761m measured depth, approximately 2 km South East from the Deep Omicron oil discovery in the original vertical well. Drilling is expected to take approximately 40 to 50 days (excluding testing).

The Vantage Sapphire jack-up rig has now been contracted and consequently the Sapele-2 well is expected to spud mid-March 2011 as a material step-out down dip from the Sapele-1 location.

Comment: This sidetrack is a very important well as it will appraise the only oil leg found in Sapele-1. We remain positive on the prospectivity of the Douala basin.

http://www.stockopedia.co.uk/content/fox-davies-capital-update-featuring-avocet-mining-norseman-gold-solomon-gold-stratex-tanzanite-one-bowleven-empyrean-energy-ithaca-energy-xcite-energy-54423/ --------------------------------------------------------------------------------

http://www.fox-davies.com/media/346674/blvnflashnotemar022011.pdf

http://www.investegate.co.uk/Article.aspx?id=201103180700091647D

Report from McCall Aitken McKenzie & Co:

Bowleven (BLVN LN / BLVN.L) Buy
Ahead of Bowlevens H1 numbers on Monday 28 we take the
opportunity to reiterate our positive view on the stock and update our
target price to 418p.
Underlying the value in the portfolio are the recent results of the
Sapele-1 well confirming hydrocarbon presence across the
Cretaceous interval and possibly opening up a hydrocarbon column in
the Tertiary. Contracting of the Vantage Sapphire rig will allow
testing of these deeper, high pressure intervals.
The Deep Omicron (76p/sh risked; 109p/sh unrisked) interval has
attracted the most interest as an oil discovery, recently upgraded to
225mmbls STOIIP. We have assumed a 30% recovery rate for oil and
70% for gas in our resource base.
The Lower Omicron has yet to be conclusively appraised in terms of
the presence of oil or gas. We attribute a 50:50 value to each case in
our valuation leaving a further 24.5p/sh risked upside/downside in the
case of oil or gas respectively.
The MLHP-7 Isongo field also provides significant support to our
valuation, the majority of this in the IF oil field and IE gas/condensate
fields. Both are the subject of a joint development plan, pending
approval, along with a Vitol option for a further 10% and potential
government back-in of 20%. We assume that both of these are
exercised in our 136p/sh risked, 194p unrisked valuation of the IE
development.
The company has already announced a cash figure in the region of
$190m at 31st December which leaves it with a large funding pile for
the further wells on the Sapele field and pre-development of the IE/IF
fields.
The main risks to this view come in the form of disappointing results
in the upcoming Sapele appraisal campaign along with problems on
the Isongo field development. It should be noted that Bowleven has
yet to confirm that it will retain the Etinde permit beyond its expiry at
the end of 2011 although we expect this will be cleared up in due
course.
Activity in the area is picking up with Noble expecting first oil in
2012 and 2013 from two developments. Add to this Victorias
development drilling in Logbaba and Perencos drilling onshore
Gabon and the confidence in the Douala basin is clear. MLHP-7 sits
in the Rio del Rey basin where the company has managed to attract
one the worlds largest energy traders in Vitol.
On the financial performance front there is little room for surprise
given the lack of production and with funding in place for the
upcoming drilling programme we

HIGHLIGHTS

Operational

-- Sapele-1 exploration well targeting multiple stacked objectives delivered positive results:
o Significant prospectivity of the Douala Basin confirmed;
o Two potentially significant oil and gas condensate discoveries made in the Tertiary interval at Sapele-1;
o Presence of hydrocarbons in the Cretaceous, offshore Douala Basin confirmed.
-- Drilling on the Sapele-1ST (sidetrack) and Sapele-2 appraisal wells progressing on schedule.
-- P50 contingent resources for the Group increased by 31% to 213 mmboe (net) after incorporating initial Sapele-1 Tertiary results.
-- Multi-well drilling programme targeting both Tertiary and Cretaceous prospectivity is underway; forward programme is expected to evolve as drilling activity progresses.
-- Seismic coverage expanded over the Etinde and Bomono Permits in Cameroon; evaluation of further exploration upside is ongoing.
-- IE-3 appraisal well, offshore Cameroon, tested cumulative maximum rate of around 23,000 boepd; appraisal activities on the IE and IF discoveries are progressing.

Corporate

-- Successfully raised $112 million via equity placing in November 2010.
-- Group cash balance $189 million at 31 December 2010, no debt.
-- Fully funded for current drilling programme on Etinde; significant financing flexibility.

2011 OUTLOOK

-- Ongoing exploration and appraisal activity in Cameroon is likely to include:
o Completion of Sapele-1ST well and testing programme to appraise the Deep Omicron oil discovery;
o Completion of the Sapele-2 appraisal well targeting Lower and Deep Omicron fairways;
o Further exploration/appraisal wells targeting Tertiary and Cretaceous prospectivity in the Douala Basin;
o Identification of potential leads and prospects from newly acquired MLHP-6 3D seismic prior to formulating the 2012 Etinde drilling programme;
o Further appraisal activities on the block MLHP-7 discoveries; and
o Generation of leads and prospects from the new Bomono 2D seismic ahead of planned 2012 drilling programme.
-- Convert resources to reserves; progress IE and IF development projects towards sanction.

Come mondayi t wil be 49days since annoucement of drillupdates,which would suggest
that news next week is likely? Wouldn't be supprised to see SP tick up today,with traders not wishing to be out,that's if past patterns are repeated?

Stopped out this morning as expected. Goldman Sachs downgrading oil hasn't helped.
Full year results 06th June, in meantime could drift down to 140ish.
My strategy now FWIW, placed Limit Buy (SB) @ 162.0, if it drops below 150.0, will place another @ 152.0 catching it on the way back up. Initial Target 200.0
Could be totally wrong and it goes on a flyer this aft or tomorrow. Not holding my breath, happy to have large profits banked for now. OOOps wrong thread (Dick)

Chris wrong thread i beiieve?

Aye sorry cyril, did state that.

http://www.investegate.co.uk/Article.aspx?id=201104200700142434F


Although below market expectations the usual over sell imho,also Merrils as per the following report,lets see what happens in 3 weeks?

Merrill's take

Encouraging Sapele sidetrack results
Bowleven has announced that the sidetrack well of its Sapele discovery (Block 5; offsh Cameroon) has hit a combined 23 metres of net hydrocarbon pay in mainly thin bedded sands. The pay includes 11m of oil/condensate in the Lower Omicron horizon and 10m of oil in the Deep Omicron horizon (the main target of this well).
We see the results as encouraging given that they confirmed the presence of
hydrocarbons 2km away from the original find. That said, the Deep Omicron
reservoir appears less developed and thinner at the sidetrack location than at the original borehole.
Flow test is now key to assess volumes Whilst the thinner pay (23m at sidetrack vs 31-43m at the original discovery)comes below expectations, it does not change the resource range at Sapele yet.
The forthcoming flow test will be key to assess deliverability potential and
volumes of the discovery. Ultimately, we believe that the 1bn boe resources
potential prize of block 5 as previously indicated by management is still intact.
Next stop: Sapele-2 appraisal in 20 days
Meanwhile, the Sapele-2 appraisal (20p risked; 70p unrisked) due to test the
Lower & Deep Omicron horizons some 5km away from the original discovery
continues drilling ahead. Management indicate that it will take another 15-20 days to get results from this well.
Re-iterating Buy rating; NAV unchanged
Given that the sidetrack flow test will be critical to fully assess volumes, following todays announcement we maintain our NAV unchanged at 490p. We continue to believe that Bowleven offers one of the most compelling riskrisk/reward profiles amongst European E&Ps and re-iterate our Buy rating.

Shares of this company are nor for widows or orphans but could surge back up is they strike lucky. The share graph suggests a possible heavy fall may come soon if the news dissapoints or if priced-in good news does not come soon enough.

I would suggest to my granny to sell her house and invest the proceeds in the shares of this company but ......
only if her house stands at the edge of cliffs suffering from sea erosion about to tumble into the sea and if granny has a strong desire to take a big gamble .

Looking really strong and on the move in the right direction....360p here we come.,.

News of Sapele-2 due,15/20 days from 10th April.Tends to be a leaky share,so lets hope this rise is on a positive result?

Excellent news from this very leaky company.

11 May 2011



Bowleven plc ('Bowleven' or 'the Company')



Sapele-2 well, Block MLHP-5, Etinde Permit, Cameroon



Bowleven, the West Africa focused oil and gas exploration group traded on AIM is pleased to announce that the Sapele-2 well drilling in the Douala Basin, offshore Cameroon has encountered a total of approximately 35 metres of independently log evaluated net hydrocarbon-bearing pay in the Omicron objectives based on the results of drilling and conventional wireline logs. A testing programme is expected to commence, subject to attaining various approvals, on completion of the logging programme.





Highlights

Approximately 35 metres of independently log evaluated net hydrocarbon pay encountered in the Omicron objectives at Sapele-2.

Preparing for testing programme at Sapele-2.

Sapele-1ST testing programme underway.





Sapele-2 drilling update



The principal objective of the Sapele-2 well was to appraise the Omicron discoveries encountered in the Sapele-1 exploration well. The well was drilled to a total depth (TD) of 3,749 metres as planned in water depths of 25 metres, penetrating both the Lower and Deep Omicron reservoir objectives at a location around five kilometres South West of the Sapele-1 location.



Bowleven, as operator, provides updates for the reservoir intervals encountered at Sapele-2 below:



Lower Omicron

Based on conventional wireline logs, provisional net pay is independently estimated to be approximately 19 metres, with an average porosity of 17%.

Deep Omicron

Based on conventional wireline logs, provisional net pay is independently estimated to be approximately 16 metres, based on conventional wireline logs, with an average porosity of 17%.



In both intervals the GC tracer indicates the probable presence of oil however due to borehole conditions it was not feasible to recover reservoir fluid samples at this stage. It is intended that both hydrocarbon type and formation pressure will be confirmed during the future test programme.







Forward plan



Further detailed analysis, including test data, is now required to assess the implications of both the Sapele-2 and Sapele-1ST wells on current resource estimates. A testing programme is currently underway on Sapele-1ST and the results are expected in the next two to three weeks. An update on Sapele-2 testing is expected in the next three to four weeks.



Due to the stratigraphic nature of the Omicron fields further drilling will likely be required to determine with greater confidence the potential size of these existing discoveries.



A map indicating the location of the Sapele-2 well is available on our website www.bowleven.com under the heading Presentations; the presentation is titled "Sapele drilling locations".

Back in the winners enclosure
- BUY
Successful Sapele-2 well results; No ifs, no buts
BLVN's Sapele-2 well in block 5 offshore Cameroon has successfully encountered
35 metres of net hydrocarbon pay (19m at the Lower Omicron level and 16m in
the Deep Omicron horizon). Importantly, initial logging/trace indications point to oil
(to be confirmed by a forthcoming flow-test) and much better reservoir quality than
that found at other well locations in the block. Given that this is the highest net
pay found in the block so far and that it has come ahead of expectations, we view
this result as unequivocally positive.
Proving connectivity between finds offers higher prize
Whilst management has provided no volumetric indications at this stage they
will come once the flow-tests are completed in 3-4 weeks time - we see the
Sapele-2 results potentially pushing resource estimates in the block significantly
higher. Sapele-2 was drilled 5km away from the original Sapele discovery in the
P20 polygon of the field. As such, we believe that if the forthcoming flow-test were
to prove that Sapele-2 is connected to the original find, we could see P90 in-place
resources for the Sapele field reaching 250-300mmboe (from the 105mmboe
originally indicated). Should the wells be connected, we would also expect a
material improvement in recovery factors. We expect more details at the
conference call with management today at 8.30am (BST): dial in: +44 (0)207 138
0819; pass code: 4137621.
Reiterating Buy rating; upping PO by 35p
Reflecting the discovery, we raise our NAV and PO by 35p to 525p. We note that
this increase in the NAV does not assume a fully connected reservoir covering
Sapele/Sapele-2, hence, a successful flow-test could still push our numbers
higher. Considering the c.30% drop in the stock over the past 40 days, we believe
that todays result should restore market confidence in the opportunity set that
Bowleven enjoys and significantly improve sentiment towards the stock. BUY.

Look at this go, glad I bought in yesterday and topped up first thing this morning.,.

We need flow rates and confirmation of oil,if so, this should really fly? I think at this level and with known news this is a bargain? imho

News expected a week ago still not released. Very suspicious.

No news is bad news.

Looks like market thinks so too!

In for a few at this price,worth the punt for what they already have,IMO?

Some healthy buys going through late day at 269p and 200k at 282p?

This was what happened in April this year with Bowleven... will it be the case with the muted response now?


Bowleven value hit by Cameroon drilling setback

21 Apr 2011


NEARLY 93 million was wiped off the market value of Edinburgh-based oil and gas firm Bowleven after the release of bad news about a promising sidetrack well at its closely watched exploration block off Cameroon.

The company is now worth 647.8m after the stock, which is listed on the junior AIM market, fell 43p, or 12.5%, to 300p, a five-month low.

It revealed to the market that it failed to recover drilling data and reservoir fluid samples from a sidetrack well from its Sapele-1 well where oil had been found in high quality sands in November.

The company said it needed to do more detailed analysis about the impact of its findings on resource estimates.

Kevin Hart, chief executive of Bowleven, said: We are pleased with the results so far on Sapele-1ST (sidetrack).

The initial log evaluation is encouraging as it endorses the presence of light oil and gas condensate in the Lower and Deep Omicron fairways encountered with the original Sapele-1 well.

Preparations are now under way for a testing programme at Sapele-1ST to assess connectivity and deliverability.

Given their stratigraphic nature, further evaluation, including appraisal drilling, is required to fully understand sand distribution within these tertiary fairways, however results to date are promising in the context of Sapele and the Douala Basin as a whole.

Bowlevens shares have more than doubled in the last year amid excitement in the City about the prospects for the Douala basin. Analysts warned yesterday that it might not be a straightforward prospect.

Bowlevens acreage offshore Cameroon, we believe, has significant potential but at this stage it looks like extracting that potential could take longer and be more complicated than perhaps the market was anticipating, said analysts at Evolution Securities.

Earlier this month Bowleven reported a pre-tax loss of $15m (9.36m) for the six months to December 31, 2010.

But the company is cash rich after conducting a 70m share placement in November to fund its exploration and drilling activities in the Douala Basin and Etinde areas in the waters off the coast of Cameroon.

Obviously investors are not impressed with the RNS today... flow rate not too impressive.

The falling knife is building momentum... Sell now at 248p.

234p... very grim

GRimmer now,making a good buy for the patient? imo

LOL.

Was this not pumped up by the same brokers pumping GKP ?


niceonecyril - 14 Jan 2011 09:22 - 87 of 121
Baeclays top tip for 2011.

Top tip has lost more than 50%.
That explains why Barclays profits dropped by a third.

crikey more south here!

Same type of chart as for AVN and PDX.

Pumped up when the market recovered and now falling to more realistic levels.

More bad news... Sell at all costs... 170p now.


Shares in the Aim-listed African explorer dropped by 14pc on Monday and a further 20pc on Tuesday, after revealing drilling results for its two Sapele wells. It was also affected by the news that its partner, Vitol, did not want to participate in any more exploration.

The company was worth just under 600m when the market opened on Monday, but closed on Tuesday valued at 392m.

Bowleven soared by 316pc last year on the back of its new discoveries and funded more exploration with a 74m fundraising in late-2010.

It had in May described the prospect as "extremely promising". With 40m barrels of oil discovered, it is understood that the company still believes its wells will produce oil at economically viable prices.

However, Charlie Sharp, an analyst at Matrix, described the results as "disappointing", since the amount likely to be recovered appears to have been revised downwards.

"Bowleven states that oil recovery rates are initially estimated to be 10pc to 30pc. This compares with previous indications of 30pc as being a potentially low-end estimate.

"The result is that Sapele looks to have around 10m to 20m barrels of recoverable potential, but this looks borderline commercial.

"Overall, this is a bleak update from Bowleven and raises questions about the forward programme."

140p now.

sp heading sub 100p.

hali - is this another of the crackers you chappies have dived into - you should have backed TLW like a sensible chap :-)

From citi recently:

Alert: Bowleven updates exploration and development plans
Looking into 2012 - Bowleven provided an update on its 2012 plans at an analyst
presentation. Following disappointing results from the 1H11 drilling campaign,
Bowleven plans to drill up to six wells across its Cameroon acreage before the end of
2012. However, this campaign remains unfunded (we see c. US$100m additional
financing required) and the Sapele-3 well remains critical for near-term sentiment
ahead of a possible equity raising. A farm out remains an option, but this process could
take time and is unlikely to be completed on attractive terms given the company's weak
financial position, in our view. We still see good potential from Bowleven's acreage
offshore Cameroon and with the shares trading at a discount to our core NAV of
190p/share (including only the IE/IF discoveries) retain our Buy. However, the shares
are unlikely to outperform in the short-term until the funding gap is addressed.
Outlining 2011-2012 drilling program Bowleven plans to drill up to six wells across
its Cameroon acreage position before the end of 2012. The Sapele-3 well is currently
drilling, targeting a gross recoverable resource of 50mboe in the sands encountered in
the D-1R discovery, which are shallower than the Omicron section targeted by the
Sapele 1 and 2 wells. We estimate that if successful, it could be worth up to 120p/share
unrisked and is very important for near-term sentiment. In 2012, Bowleven plans two
appraisal wells on the IE/IF complex, a well on the original Sapele discovery, and two
further exploration wells (MLHP-6, Bomono).
More details on a potential development plan Bowleven estimates its current P50
contingent resource base at 213mboe, of which c.160mboe is contained in the IE/IF
structures. Subject to successful appraisal, Bowleven is now targeting a phased joint
development, linking the MLHP 7 and MLHP 5 discoveries to a central production
facility onshore. We estimate this project would cost c. US$500-600m to develop,
assuming 3 wells per production hub and c. US$150m for the CPF. Phase 1 is
expected to deliver production of 10-15k boe/d, increasing to >50k boe/d in Phase 2
from the IE/IF complex and Sapele combined. However, timing remains dependent on
the outcome of the 2011-12 drilling appraisal campaign.
Funding gap needs to be addressed Bowleven forecasts a cash balance of
US$60-70m post Sapele-3 well, which includes US$35-40m of proceeds from EOV
sale (expected end-September). Bowleven currently includes five wells in its 2012 work
programme and net capex levels for 2012 are forecast at US$120-140m. We estimate
Bowleven needs to raise c. US$100m (accounting for contingencies) to fund the 2012
E&A programme, mostly likely through an equity raising. We believe this needs to be
completed by Q1 2012 to complete the planned 2012 drilling campaign. A farm out of
Bowleven's acreage position remains an option, but this could take time (and delay
2012 drilling) and in our view is unlikely to be completed on favourable terms given
Bowleven's weak funding position.

Valuation
Our E&P sector valuations are driven off a net asset value (NAV) methodology. We feel
this method best captures the value of oil and gas assets at different stages of their lifecycle
(production, development and exploration) and the specific pricing, cost and fiscal
terms of each individual asset.
We calculate a base case NAV of 3.30, which assumes US$105/bbl in 2011,
US$86.3/bbl in 2012 and US$90/bbl from 2013 onwards and GBP/USD exchange rate
of 1:$1.65. We have used a 10% discount rate for our field models. Our base NAV
comprises a core value of 1.90 (1.71 for core reserves plus 0.19/share for financial
items), 0.67 of development/appraisal upside and 0.73/share of risked exploration.
Our price target of 2.64 is set at a 20% discount to our base case NAV, which
represents the long-run sector discount to base NAV.

gulp......she is sliding quickly

Oil and gas condensate discoveries at Sapele-3 exploration well

Sapele-3 exploration well, Block MLHP-5, Etinde Permit, Offshore Cameroon

Bowleven, the West Africa focused oil and gas exploration group traded on AIM, is delighted to announce the discovery of oil at the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon.

Highlights
11 metres of independently assessed net hydrocarbon pay intersected within upper part of Deep Omicron interval; up to further 11 metres (net) is currently interpreted as having either ahigh residual hydrocarbon or a hydrocarbon bearing response from logs.

Majority of reservoir located in two gross sand packages exhibiting high net to gross ratios and good quality reservoir; packages appear to correlate back to earlier Sapele wells.

Samples confirm excellent quality oil bearing sands encountered at current TD; intention to continue drilling to base of Deep Omicron interval.

Confirmed presence of oil in the Deep Omicron interval at Sapele-3 extends fairway significantly beyond current mapped area. Consequently, a significant upward revision to Deep Omicron volumetrics is now anticipated.

Additional gas/condensate discovery made in high quality reservoir at D1-r equivalent level; extent and size of discovery is worthy of further evaluation.


Sapele-3 drilling update

The Sapele-3 well is located circa 16 kilometres North West of Sapele-1 and circa thirteen kilometres North West of the D-1r wells. The well is drilling in water depths of approximately 30 metres.

The well was initially designed to target the shallower Miocene play including the reservoir interval previously encountered at D1-r. Due to optimised well design it has also been possible to deepen the well into what is the Deep Omicron equivalent interval encountered with previous Sapele wells.

Bowleven, as operator, provides updates for the reservoir intervals encountered at Sapele-3 below:

Deep Omicron interval (oil)
The well has encountered 11 metres of independently log evaluated hydrocarbon pay in high quality sandstone reservoirs within the Deep Omicron stratigraphic interval intersected by previous Sapele wells. In addition, a further 24 metres of net sand was encountered, of which up to 11 metres is currently interpreted as having either a high residual hydrocarbon or a hydrocarbon bearing response from logs. Further evaluation to determine whether this is pay or not is pending.

Wireline logs indicate that the majority of reservoir has been encountered within two distinct packages within the upper part of the Deep Omicron interval that can be correlated to the earlier Sapele discovery wells. The logs also indicate high net to gross ratios through these packages.

As the well is only two thirds of the way through the Deep Omicron interval and has encountered excellent quality oil bearing reservoir at current total depth (TD), the intention is to recommence drilling to the base of Deep Omicron. The presence of light oil at current TD has been confirmed by sampling. Testing plans will be assessed on reaching final TD.

The confirmed presence of oil in the Deep Omicron interval at Sapele-3, 16 kilometres from the original Deep Omicron discovery at Sapele-1, extends the currently mapped Deep Omicron fairway significantly Northwards into MLHP-6. Consequently a significant increase in current Deep Omicron in-place volumetrics is anticipated.

Miocene interval
At the shallower Miocene (D1-r) equivalent interval target, a 7 metre high quality sandstone was encountered with a 1 metre gas-condensate column. The extent and size of the discovery is worthy of further evaluation.


Additional information

Presentation slides relating to Sapele-3 are available on our website www.bowleven.com under the heading "Presentations"; the presentation is titled "Sapele-3 presentation - 14 October 2011".

Further announcements on drilling activities will be made as appropriate. Updated volumetrics will be provided in due course.

The joint venture partner, Vitol, elected not to participate in the drilling of the Sapele-3 exploration well. Consequently Bowleven, as operator, is drilling this well on a sole risk basis.

Kevin Hart, Chief Executive of Bowleven plc, commented:

"We are excited with results so far at Sapele-3. The Deep Omicron interval continues to deliver and the confirmed presence of oil and good quality reservoir at this location further emphasises the significance of this play within the Douala Basin. All four Sapele wells drilled have now encountered oil within the Deep Omicron interval, thus reinforcing the geological model and highlighting the overall development and exploration potential of the fairway. This well has also now shown that the Deep Omicron interval extends considerably beyond the currently mapped area which has significant implications in terms of both volumetrics and prospectivity potential on both block MLHP-5 and MLHP-6. In addition, the gas condensate discovery at the D1-r interval is promising and warrants further evaluation.

The results at Sapele-3 represent another step towards our overarching strategy of converting resources to reserves whilst highlighting the extensive exploration potential in the basin. We look forward with eager anticipation to the further drilling planned at Sapele-3."

From BarCap:

Fairway to heaven
The results of Sapele-3 constitute, in our view, a positive update for the oil prospectivity of
Bowlevens Block 5 and 6 offshore Cameron. The well has proven that the Deep Omicron
fairway, which includes a number of oil-bearing sands, extends 16km to the North of the
existing Sapele discoveries and beyond what the company considered to be the limits of
the fairway. Sapele-3 has penetrated two main zones. Although we believe that the uppermost
still requires a well-test to provide a definitive answer as to what type of hydrocarbon
fluid is present, the lower-most shows a typical light-oil response from the well-logs. This
is also supported by the pressure data and an oil sample, which the company has collected
at the bottom interval. Once the well results are integrated with the existing regional
dataset, we believe that volumes in place across the block could be revised upwards. In the
meantime, with a new price target of 405p, up from 385p, reflecting a higher confidence in
the volumes surrounding the new Sapele-3 discovery, we re-iterate our 1-OW rating.
Sapele-3, two main zones: Sapele-3 encountered two main zones, the Top and Middle
Omicron, both with a net thickness of 11m each and good reservoir properties. The company
is confident the bottom interval has several oil-bearing sands, given the log-response, the
pressure data and the oil sample collected. The log-interpretation of the top one, however, is
not definitive due to uncertainties of a key input parameter, the salinity of formation water.
A thinning cash position: Post Sapele-3, the company expects to have $60mn in cash,
assuming that the much delayed sale of the EOV field completes ($35mn). Give the companys
plans to undertake an additional phase of exploration in 2012 with up to four wells offshore
Cameroon, we expect Bowleven to require additional funds of at least $100mn to cover the
next 12 months of activities. This may be achieved through a farm-out to an industry partner
already operating in Cameroon, an equity issue or combination of the two.
Next catalysts: Bowleven has currently drilled two-thirds of Sapele-3; target depth is likely to
be reached over the next few days. At that point Bowleven may decide to perform a well-test,
whose results could be announced by the mid-Nov 11. This is likely to be the last exploration
newsflow for FY11. A follow-up campaign is currently scheduled to re-start in Q2 12, with two
exploration wells in Block 5 and 6 and two appraisal wells on the IE and IF discoveries.

what fantastic news - should hit 150 today imo gla

In the
meantime, with a new price target of 405p, up from 385p, reflecting a higher confidence inthe volumes surrounding the new Sapele-3 discovery, we re-iterate our 1-OW rating.

was walked down far too much

Help Bowleven
www.bowleven.com
Bowleven holds a 100% interest in the Etinde Permit and Bomomo Permit in Cameroon and has entered into a co-operation 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.

Bowleven also holds a 100% interest in the EOV offshore block in Gabon, which contains an existing oil discovery that it is seeking to develop, and a 50% equity interest in the Epaemeno Block, onshore Gabon and sits adjacent to a number of recent discoveries in surrounding blocks.


.Full Bowleven profile here
BowLeven rallies on Cameroon oil find
9:00 am by Sergei Balashov The Sapele-3 well has encountered 11 metres of log evaluated hydrocarbon pay in high quality sandstone reservoirs within the same interval intersected by previous Sapele wells BowLeven (LON:BLVN) saw its share price increase by over 20 percent this morning after its Sapele-3 well on the Etinde permit offshore Cameroon discovered oil and gas condensate.

Importantly, the well has shown that the Deep Omicron interval extends considerably beyond the currently mapped area, which BowLeven says has significant implications for the prospectivity potential of both block MLHP-5 and MLHP-6.

The Sapele-3 well has encountered 11 metres of log evaluated hydrocarbon pay in high quality sandstone reservoirs within the same interval intersected by previous Sapele wells.

In addition, the well encountered a further 24 metres of net sand, of which 11 metres is currently interpreted as having either a high residual hydrocarbon or a hydrocarbon bearing response from logs.

BowLeven is set to evaluate the interval to determinate whether it is hydrocarbon pay.

Sapele-3 has also made a promising gas condensate discovery at the D1-r interval, which warrants further evaluation.

The well is currently two thirds through the Deep Omicron interval and since the reservoir quality at the current total depth is excellent, BowLeven has decided to restart drilling to the base of the interval.

The results at Sapele-3 represent another step towards our overarching strategy of converting resources to reserves whilst highlighting the extensive exploration potential in the basin. We look forward with eager anticipation to the further drilling planned at Sapele-3, said chief executive of BowLeven Kevin Hart.

The well was initially designed to target the shallower Miocene play, but due to optimised well design it has also been possible to deepen the well into what is the Deep Omicron equivalent interval encountered with previous Sapele wells.

BowLeven noted that as its joint venture partner Vitol has elected not to participate in the drilling of the Sapele-3 exploration well, it is drilling the well on a sole risk basis.

Investors cheered the update, sending shares in BowLeven up 23 percent to trade at 92.5 pence, giving the company a market cap of 199.9 million.

fantastic end to the week - still going strong!!

They need another 100m!!!! Question is, at what price, assuming they go cap in hand to shareholders?

hc - this is true which is why i sold half my holding at 108 this morning - i think a lot of people have over looked this point - i am again looking for weakness here to get back in - nice business LOL!

but expecting some dilution here and now sp has risen that might be sooner than we thought maybe

on the bbc!!

http://www.bbc.co.uk/news/uk-scotland-scotland-business-15305482

still edging north

look like gonna stay strong to the bell - great stuff!! monday will bounce again imo
i would not want to be outta blvn this weekend LOL

&

14th October 2011

RBS BowLeven PLC 14/10/11 13:40

Retains

Buy Buy

250.00 250.00

GBP

Citigroup BowLeven PLC 14/10/11 11:30

Retains

Buy Buy

247.00 247.00
GBP

Evolution Securities BowLeven PLC 14/10/11 11:27

Reiterates

Buy Buy

400.00 225.00

GBP

kerrrrrrrrrrchinnnnnnnnnnnnnnnnnnggggggggggggggggggggggggggggggggggggggg

gibby, well done, my brother took an early entry today.

thanks dc - hope you had a good day too
i am also pleased to see rmp / rrl returning nearer to where they should be - great day there too today - great end to he week - in fact a great week - hope things good for you also

Thanks gibby

you are welcome

yeeeeeeeeehaaaaaaaaaaaaaaaaa 120 nearly here

6 v 1
not even reched the last hour yet
dont forget mondayyyyyyyyyyyyyyyyyyyyy

yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

LOL LOL LOL 120+ breached - great week!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

wonder if i can have the half i sold for 108 back!! lol

not greedy though at least my other half flying even further now

Incredible.

Excellent,especially in the present market.

cheers - have a great weekend

interesting

http://explorationanddevelopment.energy-business-review.com/news/bowleven-finds-oil-at-douala-basin-well-offshore-cameroon-171011

so far only drilled 2/3rd of the Deep Omicron interval (not 2/3rd of the Sapele 3 well) - so only 1/3rd of the Deep Omicron interval left to drill :) TD estimated this week

"As the well is only two thirds of the way through the Deep Omicron interval and has encountered excellent quality oil bearing reservoir at current total depth (TD), the intention is to recommence drilling to the base of Deep Omicron."

keeping my remaining shares till after this unless it hits 150 - 175 before!!

sanity has returned here - ggod to see xel moving up also

http://www.oilandgasinsight.com/file/106181/new-discovery-highlights-douala-basin-potential.html

gibby if click on the chain link above the box it will allow direct access to the article.

http://www.oilandgasinsight.com/file/106181/new-discovery-highlights-douala-basin-potential.html Thread List Favourites Earlier Posts All Posts Page: 1 ... 6 7 8

cheers niceone - going well here again today - hope you doing well too here and anywhere else - gl

6 v 1

good strong steady buying here - this is good

i would not wanna be out of blvn when the next rns is out lol

BLVN is lack of fundings... next news will be fundraising.

they will need cash at some point to continue - it is just undecided what is the best strategy for max share holder value - around 60m should suffice - maybe slightly more

no reason why other news will not be out in the meantime once td reached which is soon i believe
gl

http://www.investegate.co.uk/Article.aspx?id=201110190700124400Q

cheers nice one - i see this as a very strong positive as will enable investment to continue in this very prospective area which to blvn is unofficially estimated in billions of barrels and thankfully not situated in the middle of iraq

soft bounce in progress

good buy price with further drill news imminent imo and beyond

back up we go

interesting - big volumes and some large buys today

no wonder large buys - 280p target i note:

DJ MARKET TALK: Bowleven Placing May Aid Balance Sheet-Canaccord

0922 GMT [Dow Jones] Bowleven's (BLVN.LN) move to raise $120 million in a share placing to fund its capital requirements and work program for 2012 woukey balance sheet riskld remove a , if the placing closes successfully, says Canaccord Genuity. "With further Sapele-3 [a well site offshore Cameroon] results expected soon and now a five-well drilling campaign expected for 2012, we believe Bowleven is an attractive buy at current levels," says Canaccord. Canaccord estimates a $120 million raising would be 15% dilutive of its current NAV forecast. "We will wait for the placing to close to update our NAV." Buy recommendation, 280p target. Shares down 3.5% at 111p. (ishaq.siddiqi@dowjones.com)

Contact us in London. +44-20-7842-9464

Markettalk.eu@dowjones.com

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dont miss the importance of the big ii buys going through....

cheap as chips right now

going well

wow in profit on today's top up - should have got more!!! yeeeeeeeeeehaaaaaaaaaa

over 10% of current shares in circulation traded so far today - big ii buys included (and some othes to show later) more buys than sells

ticking up nicely - and so it should especially with rns imminent @ td

and that td is only a part not entire scope - wonder if the over subscription here again according to chatter - lol!! :-))))))))))))))))))))))))))))

103p placing - excellent

nice bounce again!

lots of city chatter about blvn lol!! lots of buying from the iis who missed out on the placing - some dont want to miss out completely - yeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaa & kerrrrrrrrrrrrrrchinnnnnnnnnnnnnngggggggggggggggggg

what a great trading day here - up and down like a.....................

yeeeeeeehaaaaaaaaaaaaaaaaaaa

up again

breather & off again!

dont forget rkh raised funds via placing @ 180p last week & today it is 200p+

we have lift off!!!

http://investing.thisismoney.co.uk/broker-views/

barcap 380 target

Oh yes please gibby, could do with a bit of 380. ;))

Mutterings of small AIM oilies becoming targets for bigger fish, BLVN is my one and only AIM oily and is by that measure a stonkingly good target - LoL.

Hoping for 150p in the short term (before year end) based on anticpated news from Sapele.

hi baler - yes me too!!!!! not too fussed could just about live with 379 i suppose :-)))))

agreed pth - aim oilies are targets - eo bit the dust only recently and been swallowed up - be nice if that happened here - and agree 150 short term maybe 200 - looking forward to the expected new here

satisafactory day here - roll on next week

Not many people watching this one....but looking at the chart, there is room for improvement and on thursday a reserve upgrade of a sort is expected......bound to have made losses during the year but with the fund raising, that and future exploration costs should be covered......could be in for a serious sp jump soon....

hi rf - i am as still in - sold half mine at 108 (bit early) now waiting for next news as you say this week due with interims i think - need to check the interim bit - very happy to wait here good stuff coming i would think

SP surprisingly resilient since trying to dip below 100p last week. Result numbers will be crap, commentary key to immediate SP performance.

Can't expect anything from earnings but they have discovered quite a bit of oil......might be at least 100 million barrels of oil down there ...perhaps much, much more....

Daft reaction by the markets on the latest update.....it could be superb news not bad news....sometimes I wonder how this all works....

http://www.investegate.co.uk/Article.aspx?id=201111010700322113R

very good rns - fantastic buying opportunity i utilised on the drop - this rns is good not only do we have what we have but what we have is so good it warrants the expense of looking for even more - thanks to all those who sold not understanding rns - much appreciated - kerrrrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnnggggggggggggggggggggggggggggggggggggggg LOL!

Yep, I am thinking along the lines of a 50% increase in value here very soon...I might be wrong but the chart looks set for a big bounce back....

Or could get dragged down further with the eurozone problems getting worse, dragging the whole market down.

True....this market is difficult to predict....but BLVN is undervalued....

agreed hc but i firmly believe certain shares such as blvn are way under valued and will ride the storm quite easily - greece is just a annoying boil on the backside right now - & will be dealt with appropriately

wonder if the todays rns will actually start to be understood more soon like tomorrow!! gla

BLVN could be massively undervalued. Wish I knew how to calulate the volumetrics of the the Omicron fairway - 16km between Sapele 1 and Sapele 3 with net pay of at least 11m? Could be an awful lot of the black stuff. Time to do some reading

indeed pth - it easily runs into billions of barrels without breaking a sweat - gl

"greece is just a annoying boil on the backside right now" .... No it's not. It's affecting all stocks globally and is threatening to destablise Europe. If greece eventually defaults, the markets will get much worse before they get better.
Also, lots of stocks are undervalued at the moment, not just BLVN. The share price is currently 100p and that is the price at which the market currently values this stock.

Harry, I disagree with your final comment. The Market is ruled by greed and fear, which equals sentiment to some degree. The Market hasn't valued anything today, it's reacted to an event and chucked everything out of the window with no consideration as to what anything might be worth. To say BLVN is valued by the Market at 100p is simplistic in the extreme.

Then feel free to try and trade your stock at a price you think is true value. You might be disappointed.

Two entirely different things Harry:

"The share price is currently 100p and that is the price at which the market currently values this stock."

and

"Then feel free to try and trade your stock at a price you think is true value...."

But you probably can't see that, otherwise you would have given your original statement a little more thought.

"Two entirely different things"...... no they are not, but obviously you can't see beyond your own pedantic logic. You are confusing 'true market value' & 'current market value'. Perhaps posting late at night or early in the morning is not your strength.

If they prove up the reserves with a link between the wells....then it would be worth north of 500p, but we're not there yet but just to say that this in my view has to go up.....

The times I post makes no difference to my pedantic logic. As the saying goes, you can't educate pork.

well hc greece is still "an annoying boil on the backside right now" it will not destabalise europe anymore than it already has - due to ease of communications everyone who needs to know knows what is happening - the only instability is caused by panic - let greece sink and be done with it - i have said that many times in the past - the greeks will never manage their own economy properly - its their culture has been for centuries - carry on as normal just at lower sps for now

Harry, I thank you for considering me worthy of your patronising insults (there is some irony there I admit).

Perhaps rather than spitting out your dummy because I had the temerity to disagree with you, you could explain to a thicko like me (sorry Tabs, borrowing your turn of phrase) how the 'market' currently values BLVN at 100p? My original comment was intended as a basis for a small discussion, but got lost in the general, I'm having a paddy moment.'

"Pedantic logic" is not an insult. Your reputation preceeds you as an individual who tends toward precision rather than generalisations. Most of us think we manage adequately when it comes to trading stocks. You have the ability, albeit possibly unintentionally, to find cracks in our armour. As for spitting out my dummy, sadly I am old enough to have got past that stage and am able to deal with difference of opinions with a reasonable degree of equanimity.
On the subject of market value, I forget who it was who said that whatever you have to sell is only as valuable as the price someone is prepared to offer. QED, regardless of how you value the stock, based on a limitless amount of criteria, your stock can only be sold at the current market price which, rightly or wrongly, is c102p. That may not be a true valuation of the company, but if you are a seller, that's all you are going to get!
As for being 'a thicko'......... I plead the fifth amendment! ;o)

as expected pressure building on greece....

http://www.bbc.co.uk/news/business-15550422

Harry, if by disagreeing with you I find a chink in your armour, I can only assume you are protected by a string vest!

I do not believe the 'market values' anything, well not accurately, therefore the valuation has no value. QED.

Incidentally, I have never stated I could trade any stock at it's true value, nor did I suggest in any way that was my belief. In any event if stocks traded at their true value, we wouldn't have a market

"I do not believe the 'market values' anything, well not accurately"..... Either it does or it doesn't. Apparently is does, though inaccurately. Your post #201 also contains a number of contradictions....speculating on 'could' but without the knowledge to further the speculation. I could win the lottery, but without knowing the correct numbers.....etc etc.
However, I do agree that the markets are not driven by reason atm, which makes trading very tricky. I prefer to trade in and out of the miners at present, which are less prone to inexplicable wild swings.
I'll get my armour on ready for your riposte!

Nice to watch for once.lol

And who is being pedantic now Harrycat.

For clarity, in my opinion the market values stocks inaccaurately, so obviously it does but in an inefficient manner and round we go.

'Could' is not a contradiction, it is merely supposition. I don't have the knowledge to calculate the volumetrics of what BLVN think they may have, so rather than ramping and stating unequivocally they have billions, I am stating they could / may / possibly etc.

FWIW, I think they think they have a lot of oil & gas.

Prelims out: A loss of nearly $100m is unlikley to be viewed with any joy despite the continual successes with the drill. FTSE expected to open -100 as I type, I suspect the SP might go down a tadge.

23000 barrels of oil per day, no debt, ......this looks good...exploration costs money but if you hit oil then it's ok.....

http://www.investegate.co.uk/Article.aspx?id=201111030700304029R

3 November 2011

Bowleven plc ('Bowleven' or 'the Company')

Preliminary Results Announcement

Bowleven, the West Africa focused oil and gas exploration group traded on AIM, today announces its preliminary results for the year ended 30 June 2011.

HIGHLIGHTS

Operational
Successful multi-well exploration and appraisal drilling campaign carried out on the Etinde Permit in the period.
Sapele-1 exploration well targeting multiple stacked objectives delivered positive results:
o Significant discoveries of oil and gas condensate made in the Deep Omicron and Lower Omicron Miocene intervals respectively
o Oil and gas condensate confirmed as present in the Epsilon Complex interval
o Presence of hydrocarbons in the Cretaceous, offshore Douala Basin, extends Cretaceous fairway significantly offshore
o Highlights the significant potential of the Douala Basin
Sapele-1ST and Sapele-2 appraisal wells also confirmed the significant prospectivity of the Douala Basin:
o Tested oil from Deep Omicron interval with both wells
o Flowed gas condensate from Lower Omicron interval with Sapele-2
o Mapped Miocene fairways cover considerable proportion of block MLHP-5
Sapele-3 well further extended Deep Omicron fairway; drilling operations are continuing:
o Oil encountered in the Deep Omicron interval, 16 kilometres from original Sapele-1 discoveries
o Extends Deep Omicron fairway significantly beyond currently mapped area northwards into block MLHP-6
o Gas condensate encountered in the D-1r interval further highlights overall prospectivity
IE-3 appraisal well on block MLHP-7 tested cumulative maximum flow rate of circa 23,000 boepd; appraisal activities on IE and IF fields progressing.
P50 contingent resources for the Group increased by 39% year on year to 226 mmboe (net) due to the incorporation of oil and gas condensate discovered with the first three Sapele wells; volumetrics update post Sapele-3 well pending.
Seismic coverage expanded significantly over the Etinde and Bomono Permits in Cameroon; results will aid development planning on block MLHP-7 and the identification of further exploration potential on our Douala Basin acreage.

Corporate
Group cash balance at 30 June 2011 $96.6 million, no debt.
Group cash balance at 31 October 2011 approximately $15 million; excludes $35 million EOV proceeds pending.
Placing proceeds of approximately $124 million (gross) raised; conditional upon shareholder approval on 7 November 2011.
Fully funded post placing/EOV proceeds for proposed drilling programme on Etinde.

Outlook
The two key Group objectives remain the exploration of the Douala Basin and the conversion of resources to reserves. A multi-well drilling programme comprising up to three appraisal and one exploration well offshore on the Etinde Permit and one exploration well on the onshore Bomono Permit are planned for 2012 in Cameroon.
Development activities will focus on pre-FEED work for a 'hub and spoke' development concept across the Etinde Permit, with processing facilities based onshore at Limbe.
Ongoing exploration activity in Cameroon is likely to include:
o Completion of Sapele-3 exploration well
o Exploration drilling onshore and offshore Douala Basin, Cameroon targeting both Tertiary and Cretaceous prospectivity
o Progressing the acreage wide prospect and lead inventory further, incorporating new seismic and drilling data.




Kevin Hart, Chief Executive of Bowleven plc, said:

"It has been an exciting year of intense operational activity for Bowleven during which considerable progress has been made across our Cameroon acreage.

The initial discovery of oil and gas condensate with the Sapele-1 exploration well was a key event for the Company. The subsequent three Sapele wells drilled all encountered hydrocarbons and we are particularly encouraged that at every location where these intersected the Deep Omicron interval we have encountered oil. These results highlight the significant prospectivity and potential of our acreage in the Douala Basin.

As we continue to successfully explore and appraise our acreage we have been actively progressing integrated development options for the entire Etinde Permit. The conversion of resources to reserves remains a priority for the Group as we seek to create value for our Shareholders.

We are now more convinced than ever about the exploration and development potential of our acreage and we look forward to pursuing the opportunities our Cameroon acreage holds."



ENQUIRIES
For further information please contact:

Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Head of Investor Relations

Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Natalia Erikssen

Bank of America Merrill Lynch (Nomad)
Andrew Osborne 00 44 207 628 1000
Tony White



This announcement may include statements that are, or may be deemed to be "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company's intentions, beliefs or current expectations concerning, amongst other things, the results of operations, financial conditions, liquidity, prospects, growth and strategies of the Company and its direct and indirect subsidiaries (the "Group") and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, may differ materially from those suggested by the forward-looking statements contained in the announcement. In addition, even if the Group's results of operations, financial conditions and liquidity, and the development of the industry in which the Group operates, are consistent with the forward-looking statements contained in the announcement, those results or developments may not be indicative of results or developments in subsequent periods. In light of those risks, uncertainties and assumptions, the events described in the forward-looking statements in the announcement may not occur. Other than in accordance with the Company's obligations under the AIM Rules for Companies, the Company undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in the announcement.






Notes to Editors:
Bowleven is a West Africa focused oil and gas exploration group, based in Edinburgh and traded on AIM since 2004.

Bowleven holds equity interests in 5 blocks in Cameroon, with 3 blocks (Etinde Permit) located offshore in shallow water, and 2 onshore (Bomono Permit). Both Permits are operated by Bowleven. The Etinde Permit (Bowleven 75%; Vitol 25%) comprises approximately 2,316 km of exploration acreage located across the Rio del Rey and Douala Basins. An extensive multi-well exploration and appraisal drilling programme is being carried out on the Etinde Permit during 2010/2011. Drilling operations are currently ongoing at the Sapele-3 exploration well.

Bowleven also holds an equity interest in a block offshore Gabon (EOV Permit). An agreement in principle has been reached with a third party to sell the subsidiary that is the licensee and operator of the EOV Permit.


Notes to Announcement:
(1) The technical information in this release has been reviewed by Ed Willett, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Ed Willett, Exploration Director of Bowleven plc, is a geologist and geophysicist, a Fellow of the Geological Society (FGS) and a member of the Petroleum Exploration Society of Great Britain (PESGB) with over 25 years' experience in oil and gas exploration and production.
(2) The information in this release reflects the views and opinions of Bowleven as operator and has not been reviewed in advance by the Etinde Permit joint venture partners.







CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT

This has been a year of intense activity at Bowleven with drilling operations continuing throughout the entire period. The results of this campaign, which has comprised both high impact exploration and lower risk appraisal, have been largely successful and very encouraging. Great credit for this goes to everyone in the team for ensuring these operations were conducted in a safe manner. Whilst the geology threw many challenges our way and on occasion made operations difficult, the results and intelligence gained from the campaign will assist greatly in ensuring future drilling efficiency and in optimising the pursuit of our strategic objectives.

The Etinde drilling programme has been focused on progressing the Group's two key objectives, namely:

1. Further 'Exploring the Douala Basin in Cameroon' and unlocking the potential of our acreage position in this relatively unexplored area encompassing both a substantial part of the offshore Etinde Permit and our onshore Bomono Permit.

The Sapele-1 and Sapele-3 exploration wells have confirmed our belief that the Douala Basin has the potential, in time, to become a major hydrocarbon producing province.


2. Converting 'Resources to Reserves' through the ongoing appraisal and subsequent anticipated development sanction of the IE, IF and IM discoveries on Block MLHP-7 and the Lower Omicron and Deep Omicron discoveries on Block MLHP-5 of the Etinde Permit.

The appraisal of the Lower (gas condensate) and Deep (oil) Omicron discoveries encountered with the Sapele-1 exploration well with follow up appraisal wells, Sapele-1ST and Sapele-2, on block MLHP-5, along with the successful first well in the Etinde drilling campaign (IE-3 appraisal well, block MLHP-7) have provided an increased level of confidence that we can deliver multiple commercial discoveries within both Blocks MLHP-5 and MLHP-7 of the Etinde Permit.


The operational highlights for 2010/2011 have included:

The IE-3 appraisal well (MLHP-7) which delivered a maximum cumulative flow rate on test of circa 23,000 boepd from five zones

The Sapele-1 exploration well (MLHP-5) which highlighted the significant potential of the Douala Basin, including

o the discovery of oil and gas condensate in the Deep and Lower Omicron Miocene intervals respectively

o the confirmation of oil and gas condensate in the Epsilon Complex interval

o the high pressure gas kick encountered at TD in the Cretaceous

The Sapele-1ST and Sapele-2 appraisal wells (MLHP-5) which confirmed the potential of the Omicron fairways including

o testing high quality light oil from the Deep Omicron interval at both Sapele-1ST and Sapele-2

o flowing gas condensate from the Lower Omicron interval at Sapele-2

The Sapele-3 exploration well (MLHP-5) which

o confirmed the presence of the Deep Omicron interval 16 kilometres from the Sapele-1 well, suggesting the fairway extends significantly beyond current mapped area; and

o intersected gas condensate in the D1-r equivalent interval

The acquisition of 2D onshore and 3D marine seismic over Bomono and Etinde (including block MLHP-6) respectively to further evaluate the exploration potential of our extensive Douala Basin acreage

Further appraisal activity on IE and IF fields, including development of a dynamic reservoir model over IE, and the acquisition of 3D four component ocean bottom cable (4C OBC) development seismic over both fields.



Good progress has been made across our asset base and our understanding of the prospectivity and potential of our Cameroon acreage has been significantly enhanced.

On 19 October 2011, despite the background of difficult equity markets, Bowleven announced the completion of an equity placing raising gross proceeds of approximately $124 million. This is conditional upon shareholder approval at a General Meeting on 7 November 2011. The net proceeds from the recent equity fundraising are to be used to carry out our proposed 2012 work programme in Cameroon that is centred around progressing the Group's two key objectives.


Resources to Reserves

Bowleven's combined P50 contingent resource volumes on a net basis have increased from the previous year by 39% to 226 mmboe (2010: 163 mmboe).

This upward revision is attributable to volumes associated with the Lower and Deep Omicron discoveries recognised following the Sapele-1, Sapele-1ST and Sapele-2 wells on block MLHP-5. These volumes have not been updated to incorporate recent drilling results at Sapele-3.

The Group remains focused on converting resources to reserves on Etinde. Significant steps towards this were achieved in the period on both blocks MLHP-7 and MLHP-5, firstly with the completion and testing of the IE-3 appraisal well on MLHP-7 and secondly with the Sapele exploration and appraisal wells on MLHP-5. In addition, planned appraisal work on the IE and IF fields is progressing with dynamic reservoir modelling underway on the former and the acquisition of 3D 4C OBC seismic over both fields in the period. This is currently being processed and once interpreted is expected to form the foundation for well location selection for future appraisal/development drilling.

Further volumetric updates are anticipated as appraisal activity, including drilling, is carried out on Etinde.

The Group is currently reviewing the timing and content of a submission to the Cameroon authorities on further appraisal and development of the Permit, including the remaining work required to reach a development sanction decision.

In addition to the contingent resource noted above, there remains a significant unrisked prospective resource inventory across the Etinde and Bomono Permits.


Exploring the Douala Basin

The Douala Basin is an emerging hydrocarbon province that until recently has seen limited exploration activity, principally due to a historic belief that it was gas prone. This view has changed following the discovery of liquids by both Bowleven and other operators. Activity has intensified in recent times with neighbouring operators acquiring seismic, drilling exploration wells and recently sanctioning and progressing development projects.

Bowleven was extremely active in the Douala Basin during 2010/2011, with drilling and testing activities offshore (Sapele exploration and appraisal wells) and seismic activity onshore (Bomono) and offshore (Etinde blocks MLHP-5 and MLHP-6).

This momentum is expected to continue into 2012 with exploration drilling both onshore and offshore Douala Basin envisaged and the progression of our integrated development plans for the Etinde discoveries.

The discovery of oil and gas condensate in the Deep Omicron and Lower Omicron Miocene intervals with the Sapele-1 exploration well and follow up appraisal wells were significant events. Initial fairway mapping indicates that the Omicron fairways cover the majority of block MLHP-5. The subsequent discovery of oil in the Deep Omicron interval with Sapele-3, 16 kilometres north west of Sapele-1, suggests that this fairway extends significantly beyond the currently mapped area. The D-1r interval drilled with Sapele-3 also shows promise and requires further evaluation.

The Cretaceous stratigraphy drilled at Sapele-1 represents a new play, previously untested within this part of the Douala Basin. The Sapele-1 exploration well encountered gas at TD in the Cretaceous however plans to deepen the well were halted after encountering a rapid influx of high pressure gas. Whilst further exploration drilling is required to assess the Cretaceous prospectivity, initial results show the extension of the Cretaceous play fairway significantly offshore.

In addition, Sapele-1 also confirmed the presence of reservoir and hydrocarbons (including oil) within the Paleocene Epsilon Complex interval. This represents a highly prospective interval that Bowleven believes warrants further investigation.

The results of our recent drilling campaign have demonstrated the significant potential of our Douala Basin acreage. Although it is still at an early stage of evolution we believe that the Basin has the potential to become a major hydrocarbon producing area in the future.


Operations

It has been an extremely active period for the Group with appraisal and exploration drilling on the shallow water Etinde Permit and seismic activity on both Etinde and the onshore Bomono Permit.

Cameroon - Etinde Permit

Drilling and Testing Activities

The IE-3 appraisal well (MLHP-7) was the first well in the campaign and the Sapele-1 exploration well (MLHP-5) the second. This was then followed by the Sapele-1ST and Sapele-2 appraisal wells, drilled concurrently on contracting an additional jack-up rig. Both appraisal wells were subsequently tested. On completion of testing activities at Sapele-1ST the first rig was released.

Drilling operations are currently ongoing with the Sapele-3 exploration well. On 1 November 2011, Bowleven announced its intention to deepen the Sapele-3 well through the Deep Omicron interval into the Epsilon Complex. As planned, on completion of operations at Sapele-3, the rig will be released from contract.

A multi-well drilling campaign comprising both appraisal/development and exploration drilling on Etinde is expected to commence in the second quarter of 2012. Discussions are ongoing in relation to the contracting of a rig and other long lead items for this programme.

Seismic Activities

The acquisition and processing of 670 km 3D seismic over Etinde was completed during 2010. This has significantly expanded our block-wide coverage with newly acquired seismic over MLHP-6, the eastern edge of MLHP-5 and the IF field now combined with our previous 3D surveys to create a single integrated Etinde Permit wide 3D seismic volume. The interpretation of the merged 3D volume has formed a significant part of the Group's recent exploration efforts and is integral to the development of the Permit-wide prospect inventory and planning for future exploration drilling.

In addition, 3D 4C OBC development seismic was acquired over the IF and IE fields with a view to improving imaging through the IF gas chimney and volcanic carapace above the IE field. The seismic acquisition was completed in June 2011 and processing of the resulting primary and shear wave data is ongoing with subsequent interpretation expected to commence late in 2011. The intention is to use this, combined with the recently built dynamic reservoir model over IE, to select appraisal drilling locations. The plan is to situate wells at locations where they can be suspended as future producers.

Appraisal/Development

Considerable attention has been given to appraisal activities on the existing MLHP-7 discoveries during the period (including completion and testing of the IE-3 appraisal well, the acquisition of 3D 4C OBC seismic and the IE dynamic reservoir model build outlined above).

The oil and gas condensate discovered and appraised with the Sapele wells drilled on MLHP-5 has introduced a further dimension to our development strategy for our resource base in Cameroon, and consequently our development planning has evolved.

A 'hub and spoke' development concept with processing facilities onshore enables a modular approach that combines the exploitation of our existing MLHP-7 (IE, IF and IM) and MLHP-5 (Sapele) fields within a single integrated development. In addition to providing development synergies, it enables a phased development approach to be adopted, potentially facilitating early liquids production.

The Group has submitted a report on the Sapele discoveries to the Cameroon state and is currently reviewing the timing and content of a submission to the Cameroon authorities on further appraisal and development of the Permit as a whole, including the remaining work required to reach a development project sanction decision.

A one year extension to the exploration phase of the Etinde PSC (to 21 December 2012) was awarded by the Government of Cameroon in June 2011. This allows us to maintain momentum in targeting high impact exploration whilst planning the development strategy that will optimise the conversion of discovered resources to reserves. In addition, it allows us to plan and prepare an application to the Cameroon state for an exploitation authorisation over a significant proportion of the Permit.


Cameroon Gas Monetisation

With significant volumes of gas present across the Permit, in addition to the multiple liquids discoveries, it is recognised that identifying a route for the gas is key to optimising future development plans for the liquids.

The GDF Suez and SNH initiative to advance the monetisation of the substantial undeveloped gas resource within Cameroon via an in-country gas aggregation scheme to supply an LNG facility is progressing. Both parties together with the Etinde joint venture signed a term sheet at the end of June 2011 that established the framework intended to govern the sale and purchase of gas to the proposed LNG facility. Commercial negotiations are expected to commence shortly with FEED scheduled for 2012. The IE and IM fields on block MLHP-7 are seen as key potential contributors to the proposed scheme.

In addition, an early feasibility study is being carried out in association with our partner Vitol, to examine alternative options for gas commercialisation. Several options (including methanol, mini LNG, gas-to-power and fertiliser plant) have been identified as potential solutions.

Cameroon - Bomono Permit

The programme to acquire 2D seismic on Bomono, onshore Douala Basin, was completed at the end of January 2011, resulting in the acquisition of 500 kilometres in total. Subsequent processing and interpretation reveals multiple Tertiary and Cretaceous prospects. Potential well locations are under consideration and planning and preparation for drilling activities during 2012 are underway. The Group is also considering a farm-out in respect of part of its interest in the Bomono Permit.


Gabon - EOV Permit

As announced previously, the Group is in the process of disposing of its entire interest in the EOV Permit, offshore Gabon. Agreement in principle has been reached with a third party and our recent focus has been on engaging with the various authorities in Gabon to formalise the disposal. Despite the prolonged process significant progress towards completion has been made and completion is currently anticipated by the end of 2011.

Proceeds expected include a cash consideration of $35 million and a working capital adjustment from the effective date of the transaction.

Gabon - Epaemeno Permit

The Epaemeno Permit, onshore Gabon, has been relinquished following a joint technical review of prospectivity carried out by the Operator, Addax, and Bowleven.

New Ventures/Farm-Out Opportunities

Bowleven continues to review potential opportunities to acquire additional acreage in West Africa, its region of focus, and to review farm-out opportunities to optimise the exploitation of its overall portfolio for shareholders.

Operational Outlook

The successes of the last year form the foundation of our plans for 2012 in Cameroon. The future programme of operations is likely to include the following:

Drilling activities
Up to three appraisal wells on the Etinde Permit
One exploration well in the Douala Basin, offshore Etinde Permit
One exploration well on the onshore Bomono Permit

Other activities
Conducting pre-FEED activities for a 'hub and spoke' development concept with processing facilities based onshore at Limbe
Ongoing interpretation of newly acquired 3D seismic on Etinde; including 4C OBC covering the IE and IF fields and 3D seismic over block MLHP-6
Progressing the necessary planning for, and preparation of, an application for an exploitation authorisation for Etinde


Vitol

Vitol have a 25% participating interest in the Etinde Permit and an option to acquire an additional 10% participating interest in block MLHP-7 only, in return for funding an agreed $50 million gross appraisal work programme. The option expires on the earlier of (i) one month following receipt of finalised 3D 4C OBC dataset over IE and IF and (ii) 31 March 2012. An extension to the option exercise period was agreed in April 2011 in conjunction with an agreement that Vitol would disproportionately fund the proposed 3D 4C OBC seismic acquisition programme over the IE and IF fields on block MLHP-7 (funding on 50:50 basis).

The principal focus of Vitol's participation in Etinde is to move the existing discovered resource base towards development sanction. Consequently Vitol has been actively involved in appraisal/development activities across the Permit and this is expected to continue as the joint venture progresses towards development. Such activities comprise progressing gas monetisation studies and appraisal activities on existing MLHP-7 discoveries (including dynamic reservoir modelling on IE) in addition to involvement in ongoing drilling operations. Vitol chose not to participate in the Sapele-3 exploration well currently drilling on block MLHP-5, Etinde, this exploration-led well being a considerable 16 kilometre step-out from the original Sapele-1 well.


Finance

The Group has reported a loss of $76.8 million for the year ended 30 June 2011 (2010: profit $19.5 million). The loss for the year includes unsuccessful exploration costs of approximately $42 million for the write-off of the Epaemeno asset following relinquishment. In addition, the results for the year include a foreign exchange loss of $22.6 million (2010: $31 million gain), primarily due to the treatment under IFRS of foreign exchange movements arising on intra-group funding. Administrative expenses for the Group were $13.2 million (2010: $12.4 million).

Capital expenditure cashflows in the period were $85.7 million (2010: $39.7 million). The majority of the expenditure was on exploration and appraisal activities, primarily drilling operations on the Etinde Permit and seismic activity on both the Etinde and Bomono Permits. This excludes the expenditure incurred on the Etinde Permit in the first six months of the year which was covered by the remainder of the $100 million work programme carry from Vitol.

Net proceeds of $112 million from an equity placing were received in November 2010. As at the balance sheet date, 30 June 2011, the Group had cash balances of $96.6 million and no debt. The year end cash balance reduced to the cash position, announced to the market on 19 October 2011, of approximately $15 million at the end of October 2011 after taking into account all budgeted and approved drilling costs on Sapele-3 at that time. This excludes disposal proceeds of $35 million pending from the sale of EOV.

On 19 October 2011, we announced that we had raised gross proceeds of circa $124 million via an equity placing. This is conditional upon shareholder approval which will be sought at a General Meeting of the Company on 7 November 2011. There is completion risk as there is no guarantee that the equity placement will be approved. On this basis the auditor's report in the 2011 financial statements includes an emphasis of matter on going concern. However, as discussed in note 1 of the financial statements (replicated in note 1 of this Preliminary Announcement) the accounts have been prepared on a going concern basis as Directors believe that the required shareholder approval will be obtained.

One of the primary objectives of the work programme next year will be the appraisal of the Group's assets to move the existing resource base from resources to reserves, which in turn will assist with attaining access to alternative funding options for development. In addition, the high equity interest retained in Etinde and Bomono affords the opportunity to bring in additional farm-in partners when deemed appropriate. The Group continues to review all available funding options and believes that it is well positioned to access these, when appropriate, given its solid asset base and continued drilling success.


Board changes

Philip Tracy was appointed as Non-Executive Director on the Bowleven plc Board on 3 May 2011. Philip has extensive oil and gas industry experience and consequently brings valuable engineering and operations expertise to the Company.

The departure of John Morrow from the position of COO, for personal reasons, was announced on 22 July 2011. Following handover, Philip has assumed the role of Operations Director on an interim basis.

Outlook

The success of our recent exploration and appraisal activities take us closer to sanctioning the development of our discoveries offshore Cameroon and, in doing so, achieving our goal of moving resources to reserves. This will require a further 12-18 months of dedication, hard work and focus as we strive to complete the work required to make the final investment decision. We will also continue to explore the outstanding potential of our onshore and offshore acreage in the Douala Basin.

This has been an active and exciting year operationally for the Group with exploration and appraisal drilling and seismic activities in abundance. The operational momentum of 2010/2011 is expected to continue with an extensive work programme planned for the forthcoming year.

We are now more convinced than ever about the exploration and development potential of our acreage and we look forward to pursuing the opportunities our Cameroon acreage position holds.

nice bit of blue here today- excellent

yeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!!

Feared the worst this morning, as the FTSE was down 100 pts and the figures appeared worse than expected; however, markets turned on a sixpence (or should that be a Euro?) and apparently the numbers were in line with expectations.

Report on Sapele 3 and revised volumetrics (which can only considerably increase existing Resources) to look forward to now before the year end.

Very happy that my early morning pessimism was proven wrong.

It just has to go up, 23000 barrels per day....and it could increase...

very positive rns imo - good day here and expect more soon - gla

"The initial discovery of oil and gas condensate with the Sapele-1 exploration well was a key event for the company.

"The subsequent three Sapele wells drilled all encountered hydrocarbons and we are particularly encouraged that at every location where these intersected the Deep Omicron interval we have encountered oil.
"These results highlight the significant prospectivity and potential of our acreage in the Douala Basin.

"As we continue to successfully explore and appraise our acreage we have been actively progressing integrated development options for the entire Etinde Permit.

"The conversion of resources to reserves remains a priority for the group as we seek to create value for our shareholders.

"We are now more convinced than ever about the exploration and development potential of our acreage and we look forward to pursuing the opportunities our Cameroon acreage holds."

RF, the 23,000 bopd is from a different block to that which is currently being drilled; the two are not connected.

Once Sapele 3 is completed, by the end of the year I should think, Bowleven will have a better idea of Resources. I guess these will be added to the 225mmbbl P50 Resources attributed to IE3.

A lot going on and they keep hitting oil or gas with every drill. The only reason the SP has taken a bashing is disappointing flow test results from two previous appraisal wells. One of which was not considered in an optimal location and the second suffering from formation damage.

A lot riding on Sapele 3 results which could be made public at any time.

http://www.investegate.co.uk/Article.aspx?id=201111040700234593R

satisafactory week here - looking forward for the next news which is anticipated to be good again - gla

niceone - niceone :-)) onwards and upwards

ii buying again - 450k buy LOL

A month now since Sapele 3 results were announced. Apparently the well is undergoing MDT and coring, how long can it take? Like many AIM oil and exp comps, nothing is done quickly and PIs are kept in the dark in an almost contemptible manner, meanwhile the SP drifts ever downwards.

(As an exception, Rockhopper are really good at investor relations)

It has lost its upward momentum.

Hyleo, you have a genius for stating the blindingly obvious. Keep up the good work, don't know how we'd manage without you.

My guess is that the MDT etc is not going well. (An observation which has about as much merit as post 233 of 233).

from iii


JUST SPOKE TO BOWLEVEN

ronson333

Spoke to Emma on 0131 524 5678, and they did recieve approval to continue drilling towards the Epilson a few weeks back. I did ask why they didnt RNS that information, she said they felt it wasn't important enough (I did say in these market conditions they should remove any uncertainty by supplying ALL information to the market ).

I'm afraid 60p is on the cards unless the awaited news on Sap 3 is released pretty smartly. Even then, in these markets and if positive it may not have much effect on the SP.

Yes that's how i see it,almost sold am,but thought it worth waiting for news,probably the wrong choice?

Cyril, pleased you didn't sell - an outstanding result!

Cheers,yes an excellent result, now lets see what response we get in this dreadful market?

I could have sold yesterday am, higher than their offering at present. Hoping it's to flush out the sell on news and we will see the value of todays update later,wishful thinking maybe?

A post which seems to sum up the market at present and why i'm considering selling.

MARGIN REQUIREMENTS-The margin requirement on a stock like Medusa is some 40%.

thus you have forced sellers,BEING FORCED to diminish their overall portfolio margin requirements and looking to reduce the heaviest margin requirement stocks first so they can stay at the table. That's the SB /CFD MARKETS for you.Welcome to 1929 and horrific deleveraging.Whether the stock is cheap or not,is, for the time being,irrelevant.Pointless to rationalise,you have forced selling and it won't just apply to Medusa,as we all know.

Hi Cyril
Obviously I didn't expect that sell off on such good news.
Well, that's the markets for you at the moment, as always at times like this many stocks will become very cheap, it's just knowing when to buy.

cyril - a point i have alluded to a couple of times on the FTSE thread, exacerbated by the fear (real or otherwise) that the markets are indeed odds-on to implode along with the eurozone etc

Hi pete, can only put sp down to a lack of testing along with funding issues?

cynic i must admit i've been busy of late(diy) and missed your posts,most spare time
checking out GKP.


http://investing.thisismoney.co.uk/broker-views/

Here's one that I cannot believe the drop.....

This comment from the FT Oil sector watcher:
"If not quite the slam-dunk result we were hoping for, a reasonably encouraging update from BLVN. The Sapele-3 well offshore Cameroon has encountered an additional 8 metres of hydrocarbons following the initial 11 metres announced a month ago. The extra pay has been found in the deeper Epsilon complex following the earlier find in the Deep Omicron. Sapele-3 is located 16 kilometres north-west of the Sapele 1 well, i.e. a fairly extensive stepout, and if the structure ultimately proves to be one continuous one then the reserves potential would be extremely material. However quite clearly it is too early for the group to make this claim, and it appears that a lot more work is needed on Sapele to prove whether or not it is commercial at all. Disappointingly the group was unable to test either of the intervals for technical/safety reasons, although the well has been suspended with a view to re entering in the future to undertake a test. Currently BLVN expects to have a rig back on its permit by Q2 next year which will appraise both Sapele and the IE/IF discoveries.
On balance then, Id certainly be a long-term buyer of the shares, given the enormous upside, despite the short-term lack of clarity. Our risked NAV is 280p/share vs a current price of 74p, a level last seen in summer 2009. The group is well-financed following a recent $120m fund-raising at 103p/share, and the imminent completion of the EOV asset disposal would add a further $35m."

Well the completion of the EOV asset should solve funding? A lack Flow tests is the stumbling block?

Cyril

Even without the EOV asset biz there were no funding issues after the recent placing.

Problem is that BLVN have been unable to test and therefore the pay zones they have discovered remain unproven. Previous appraisal wells didn't go exactly to plan either, hence the fall from grace from 400p to where we are today.

I have no doubt that the resevoir is potentially massive, but until they can flow test and prove connectivity between Sapele 1 & 3, the SP is vulnerable.

Could be a long wait until Q2 2012 :-(

Hi pete,yes the recent fund raising certainly ensures the immediate future,however the
costs of drilling these deep offshore wells eat into any cash pile. I think tey can exceed $100k a day for hire of the rig and at 4400m total depth it's taken approx 100 days(spud 11th aug),so EOV becomes vital long term.
On a more positive note S-1 flow rates, 9th June RNS.


Bowleven, the West Africa focused oil and gas exploration group traded on AIM is pleased to announce the results of testing activities at the Sapele-1ST appraisal well drilling in the Douala Basin, offshore Cameroon. Drill stem testing was performed within the Deep Omicron interval at Sapele-1ST and a light oil flowed on test.

Highlights
Stabilised flow rate of 3,101 boepd produced on test at Sapele-1ST

High quality light oil (39.2 degree API) produced on test; oil quality and gas-oil ratio comparable to that encountered at the original Sapele-1 well

Looks like my positive comments have done the trick, lol. More likely to be shortx closing
their positions?

SOmething weard happen on above post,unable to delete?

November 29, 2011 8:13 pm

Small caps: Bowleven climbs amid takeover talk

By Neil Hume

Bowleven was in focus on Tuesday. Its shares climbed 12.7 per cent to 73p on takeover speculation. Some traders reckon recent share price weakness has left the Cameroon-focused explorer vulnerable to a bid. Bowleven is trading close to two times net cash, making it one of the most attractively valued exploration and production compani

November 30, 2011
http://oilbarrel.com/news/bowleven-claims-a-fourth-successful-well-in-the-douala-basin-offshore-cameroon-in-west-africa

Bowleven Claims A fourth Successful Well In The Douala Basin Offshore Cameroon In West Africa
The debate surrounding Edinburgh-based Bowleven plc for most of this year has not been about whether the company has discovered hydrocarbons with on its acreage (Blocks MLHP-5, MLHP-6 and MLHP-7) in the under-explored Douala Basin offshore Cameroon in West Africa, but more on the range and extent of the discoveries. Concerns over the complexity of the stratigraphic structures have seen the AIM companys shares fluctuate widely in recent months, mostly in a downward trend. The uncertainties centre on whether the company has found a world class oil and gas province, whose potential can be realised, as once seemed likely, or not.
However, the comment on the latest announcement from Bowleven by Kevin Hart, the groups Chief Executive accentuates the positive. He says: Sapele-3 has been a successful well, our fourth consecutive well in the Douala Basin to encounter significant hydrocarbon intervals at multiple levels. The discoveries made in the Epsilon Complex and shallower Tertiary intervals representing a total of 19 metres of net hydrocarbon bearing pay, have at each level extended considerably the previously defined play fairway boundaries.
The current phase in the Bowleven story started earlier this year when the Sapele-1 wildcat on MLHP-5 found hydrocarbons in five target reservoirs ranging from the proven Miocene fairway to the deeper Cretaceous. That well was abandoned after a rapid influx of very high pressure gas in the Cretaceous section but not before proving the Miocene oil play extends into Cameroonian waters and that the deep Cretaceous play which has proven to be such a game changer elsewhere in West Africa is also present here.
The company decided to drill a sidetrack which was designed to target the Miocene Deep Omicron some two kilometres to the southeast of the original Sapele-1 discovery. By April 2011 we learned the well discovered 23 metres of net hydrocarbons bearing pay in the Omicron objectives.
The sidetrack found 1.4 metres of net pay in the Upper Omicron, overlying 24 metres of high quality reservoir which, unfortunately was found to be water bearing. The main target, the Deep Omicron, intersected high quality thin inter-reservoir units. The reservoir was less well developed than in the original wellbore but the company still logged about ten metres of net pay with porosity of 19 per cent. It failed, however, to recover fluid samples and pressure data from the Deep Omicron.
Analysts became ambivalent about the Sapele wells. Bowlevens acreage offshore Cameroon, we believe, has significant potential, but at this stage it looks like extracting that potential could take longer and be more complicated than perhaps the market was anticipating, said David Farrell, oil analyst at Evolution Securities.
The market was disappointed at what it considered to be an inconclusive set of results and the shares fell 43p to 300p.
By June this year confidence in the shares was restored a bit as the testing proved positive. The Drill Stem testing at Sapele-1 ST was conducted over a 71 metre perforated interval. The interval flowed at a stabilised rate of 2,023 bopd of 39.2 degree API oil and approximately 6.47 million standard feet of associated gas a day (mmscfd) on a 56/64 inch choke, making 3,101 boepd in all. The interval tested at Sapele-1 ST correlates on seismic with the Deep Omicron drilled by the original Sapele-1 well.
But in a real topsy turvey fashion the shares, having motored back up on this news, took another hit in August with the results of the Sapele-2 well. The company said the Sapele-2 test programme achieved a peak flow rate of 2,738 barrels of oil equivalent per day (boepd) including high quality light oil, from the Deep Omicron interval. This was despite compromised well bore and other operational issues.
Bowleven said it put P90 unrisked in--place estimates following the Sapele Deep Omicron discovery at 87 million boe and for the Deep Omicron fairway at a much greater 477 million boe. Based on preliminary development screening 10 to 20 million barrels of recoverable oil at current oil prices could potentially justify a commercial development, Bowleven said in a statement. Oil recovery factors are initially estimated to range between 10 and 30 per cent, it said.
Based on these well results there is plenty of oil and gas in the zones tested, but maybe not as much as analysts and the market were hoping for. The shares fell to around 73.25 p on the well report having been 414.25 p in the past 12 months, although the shares have also been caught up in the general nervousness and turmoil of equity markets generally.
Kevin Hart remained upbeat on the news saying in August that further drilling would be carried out as part of the appraisal plan, despite the mixed reaction to the results. Apart from the share price movement joint venture partner Vitol decided not to participate in a further well. Hart said The Sapele discoveries provide a foundation to Bowlevens strategy of moving resources to reserves on Block MLHP-5. Although the zones are described as deep the well are being drilled in shallow waters of around 30 metres just offshore in the Douala Basin.
Bowleven sole risked the Sapele -3 well after Vitol dropped out. The results seemed to suggest Kevin Harts confidence has been vindicated. The company has said it was delighted to announce the discovery of oil at the Sapele-3 exploration well. Eleven metres of independently assessed net hydrocarbon pay intersected within the upper part of the Deep Omicron interval; up to a further 11 metres net is currently interpreted as having either a high residual hydrocarbon bearing response from the logs. The majority of the reservoir is located in two gross sand packages, exhibiting high net to gross ratios and good quality reservoir. The packages appear to correlate back to earlier Sapele wells.
A clearly delighted Kevin Hart said: The well has now shown that the Deep Omicron interval extends considerably beyond the currently mapped area which has significant implications in terms of both volumetrics and prospectivity on both block MLHP-5 and MLHP-6.
Now we have news of further drilling. The Sapele-3 exploration well has been drilled to total depth (TD) of 4,480 metres. The well found a further 8 metres of net pay intersected in deeper reservoirs, in addition to the 11 metres within the Deep Omicron interval previously announced. The reservoir package in the deeper Palaeocene Epsilon Complex is in the same stratigraphic interval encountered in Sapele-1. Indications from shows and mud log analysis suggest the Epsilon reservoir package is oil bearing. The discovery at the Epsilon interval represents a substantial step-out from Sapaele-1 and extends the known play fairway well beyond the previously mapped area..
Volatility is nothing new in the small caps oil game, of course. Bowlevens shares went up a little on this further drilling news, but are still some way off their peak.

SP activity seemingly indicates sone sort of battle going on. It isn't usual for a SP to be up 12% one day, 9% down the next, followed by another 12% rise. It would appear on the face of it as if someone is trying to force the SP down by either dumping shares or shorting whilst someone else is pushing the stock back up in an aggressive fashion.

One scenario is that a takeover battle has already started with the buyer trying to get the company on the cheap and that attack is being defended in a vigorous manner. If so the SP is going up come what may; if wishful thinking then it's just normal Market forces at work.

Guardian takeover rumour

Started in the FT last week and now in the Guardian, but first mention of Chevron.

LMFAO

Anders, why would you find a Guardian report of such huge amusement?

Oh, I know, you don't like my comments on the SAC ramp thread, figures.

Try growing up, I'll be here long after you and your multiple aliases have disappeared into the distance.

http://www.telegraph.co.uk/finance/markets/8232014/Sunday-Telegraph-share-tips-for-2011.html

LOUISE ARMITSTEAD

BOWLEVEN

After the horrors of BP’s spill, plenty argue that betting on the oil sector’s continuing ascendancy is a foolish way to spend your money.

But regardless of the green energy lobby, oil companies will continue to boom in 2011 – fuelled not least by relentless development in the emerging markets.

BowLeven soared by 316pc last year on the back of new discoveries in Cameroon, but there’s every reason to bet that the spurt has just begun.

The Aim-listed company has so far drilled the edge, not the centre, of its structures and it’s fully financed to fund multiple wells this year thanks in part to a $113m (£74m) fund-raising at the end of 2010. The company’s focus is West African oil and gas deposits, and the company told shareholders at its recent annual meeting it hopes to be able to book reserves in respect of its Cameroon finds as early as 2012.

Above all, in a sector prone to gushers, BowLeven stands out with its boss Kevin Hart – the former finance director of Cairn Energy – both steady and experienced and able to build on two decades in the energy sector as first banker and company director.

Might have hit the bottom now : respudding in Q2, I gather......if confirmation of Sapele links (and it looks like it) the sky's the limit !.

blue sky is all we'll see.,.

It looks promising....I think the curve is turning now....

Not sure yet, rf. Still in down trend atm.

I'm almost convinced that this has to rise...let's look at the drilling results and market cap and they are due to spud again very soon....the trend is about to turn !...

Investec downgrades BowLeven from buy to hold, target price cut from 195p to 94p

Broker Investec has slashed its price target for Africa-focused oil explorer Bowleven (LON:BLVN), saying the company has yet to produce a clear plan to monetise its resource potential.

Investec has cut its target from 195p to 94p and downgraded its stance to hold after a more than 30% rise in the share price over the past month.

Bowleven is focused on Cameroon and Gabon, where it owns six blocks all of which it operates itself. Its overall P50 contingent resource base is 226 million (net).

Investec added that the competent person’s report implies a value of 117p/share and its own de-risked valuation is over 400p/share, but the broker needs to see how and if the current funding situation will allow the company to drill before giving credit.

The company raised funds last year and that has bought it some breathing space, but it is unclear whether the company will be able to commercialise its reserves without outside help, the broker said.

A takeover or an earlier than expected farm-down of MLHP-5, on the Etinde Permit, Cameroon are the main risks to its valuation.

Yabadabadoooo....bought some more this morning.....

Dragon Oil notes the recent movement in Bowleven's share price and confirms that it is in the preliminary stages of exploring a possible offer for all of the issued and to be issued share capital of Bowleven.
This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code"). Accordingly, Dragon Oil would like to emphasise that there can be no certainty that any offer will ultimately be made or the terms or timing on which any such offer would be made.

Got a spread this morning.....

perhaps...160 to 200p takeover....some serious undeveloped assets this Bowleven have...not the time to sell I would think....limit orders triggered perhaps...

BLVN also sitting on cash, which may be an attraction for DGO (approx £119m cash).

I'm guessing somewhere around 160p to 200p...might be more but perhaps that sounds like a fair price...we shall see....

Certainly looking good!

I'm surprised that this is not higher....huge bargain for DGO at anything less than 160p ...in my reckoning anyway....

Would not be surprised if a second suitor steps out of the shadows....

It will go higher, imo, but lots of day traders/short term profit takers will keep the sp honest for a while.

how can anybody sell this...ridiculous apart from a quick buck....this is day one....so...it should spin higher...I would think....

Decided to bank a few.....made sure of some profit because ; you never know in these situations for sure....will keep the rest as looks pretty good mid-term this one...might be a mistake but I'd be gutted on a quick withdrawal....so shall keep an eye on it...and hope for the best for the rest.......

I refer to your post #278! "......how can anybody sell this...ridiculous....." ;o)
Not quite sure how to interpret your "...... but I'd be gutted on a quick withdrawal...."

I know....but I had a very large profit showing in a very short space of time....still have the shares plus a spread running but just had to bank some as I've had a lot of bad times with spreads and was eager to improve my balance ...the sp stagnated all day from the early high of 132p....if it had continued creeping up with far more buys than sells then I would have stayed put...but at the end with the weekend...just had to take some profits...now depending on monday morning news and such might come back for a second helping....done that 6 times this week with XEL....just worried about a quick offer withdrawal...I get too nervous and cannot watch all the time...that's a big problem for me...we shall see on monday morning....can easily buy them back again...might not be so hot then and give more time for consideration into a purchase or not...