RNS today gives BowLeven's interim results and highlights the following:

RNS Number:2495ABowLeven Plc23 March 2006 BowLeven Plc23 March 2006

BowLeven Plc ('BowLeven' or 'the Company')
Interim results for the six months to 31 December 2005
Bow Leven, the Cameroon-focused oil & gas company listed on AIM, today announces its interim results for the six months ended 31 December 2005.

Highlights include:
* Cash of #62 million
* 3D seismic survey underway on blocks MLHP 5 and MLHP 6 of Etinde permit
* Reserves of 60.3 mmboe remain in place
* Four well drilling programme being prepared for early 2007
* Loss for the period #0.7 million
* Concentration on original strategic plan including implementation of Gas To Electricity ('GTE') Plant in Cameroon


At today's offer price of 195p, the company is valued at 57.7 million. However, they claim to have audited Resources consisting of 60.3 mmboe of Reserves and 58.2 mmboe of Contingent Resources. There is supposed to be a copy of the auditors' report on the website but I can't find it (UPDATE - have now requested this via e-mail) (NEW UPDATE - I never got a reply but the auditors' report can be found in the AIM admission document).

BLVN also has 60 million in cash, which ought to more than see it through its next lot of drilling.

This, however, is scheduled for 2007, which may be one reason why the SP is held back. But to me it still looks cheap. It is almost certainly oversold after the announcement of bad news in the latter half of last year.

Does anyone else have any thoughts on this?

UPDATE - Chart added to header.

Got in this morning at 187.55p - couldn't resist any longer . . .

Off 10p since I bought it yesterday morning. That's mildly irritating.

RNS out today:

BowLeven Plc - Notifiable Interest
RNS Number:5751A
BowLeven Plc
29 March 2006

29 March 2006


BowLeven Plc ('the Company')


Notifiable Interest


The Company announces that it received notice on 28 March 2006 that on 27 March
2006:


* Man Financial Limited ('MFL') had an interest in 948,068 ordinary
shares of 10p each in the Company, representing 3.20% of the issued share
capital of the Company. This represents the entire holding of MFL in the share
capital of the Company.


* Fidelity International Limited ('FIL'), including its direct and
indirect subsidiaries, being a non-beneficial holder had an interest of
1,693,900 ordinary shares of 10p each in the Company, representing 5.72% of the
issued share capital of the Company. This represents the entire holding of FIL
in the share capital of the Company.


* FMR Corporation ('FMR'), including its direct and indirect
subsidiaries, being a non-beneficial holder had an interest of 2,151,000
ordinary shares of 10p each in the Company, representing 7.27% of the issued
share capital of the Company. This represents the entire holding of FMR in the
share capital of the Company.


On 22 March 2006 the Company announced that:


* FIL had an interest of 2,389,988 ordinary shares in the Company,
representing 8.07% of the issued share capital of the Company.


* FMR had an interest of 1,742,900 ordinary shares in the Company,
representing 5.89% of the issued share capital of the Company.

More institutions stocking up: RNS out on 31 March (Friday):

BowLeven Plc ('the Company')



Notifiable Interest



The Company announces that it received notification on 29 March 2006 that on 27
March 2006 Credit Suisse Securities (Europe) Limited ('CSSEL') had a notifiable
interest in 1,622,000 ordinary shares of 10p each in the Company, representing
5.48% of the issued share capital of the Company.



This represents the entire holding of CSSEL in the issued share capital of the
Company.



Looks as if this was the purchase that took CSFB over the notifiable interest threshold:

Trade time Price (p) Volume Assumed purchase/sale* (p) Bid (p) Ask (p)
12:31 (27/03) 184 1612000 purchase 178 184

At last - a nice, healthy bounce of 9p to 170/171.

RNS out today:

BowLeven Plc - Cancellation of Options
RNS Number:0037B
BowLeven Plc
05 April 2006

5 April 2006


BowLeven Plc ('the Company' or 'BowLeven')

Cancellation of Options


Following the announcement on 28 March 2006 of the issue of new share options
and rebasing of existing share options, the Board of BowLeven has cancelled the
rebasing of the existing share options to existing employees of the Company and
the issue of new share options to existing employees. However, the issue of new
share options to the new employees who joined after 1 January 2006 will remain
in place.

Therefore the only options to be issued as announced on 28 March 2006 are over
285,000 ordinary shares of 10 pence each in the Company (17,143 approved options
and 267,857 unapproved options) to Jerry Anthony, the new Exploration Director,
and a total of 34,286 approved options and 246,964 unapproved options to new
employees of the Company following their recent joining of the Company. These
options have an exercise price of 175 pence per ordinary share

There are a total of 1,669,235 options, representing 5.6% of the issued share
capital, in issue to directors and employees over the ordinary shares of the
Company following this amendment.

Only a 1p spread today - makes me think the MM's have decided to entice a few people in. Market cap only 51m

Up 4.5p today, to 172.75p/176.75p

Posted today by Andy on the SEY thread, No. 5696. It appears some of the other oil co's may be interested in BLVN.


>> From today's Financial Times.
---------------------------------

"Bowleven eased 0.9% to 172p, in despite talk that Sterling Energy, up 5% at 26p, might seek to make an offer for the troubled oil exploration company"


Bowleven has a market cap of 48 million, and between 50 - 60 million in the bank! <

Actually the bank balance should still be near the thick end of 60 million, plus the Resources alone of 60.3 million bbl (leaving out the Contingent Reserves), risked at a niggardly 10% using $40 a barrel, should be worth 137 million.

"Ladies and Gentlemen, am I bid 197 million for this struggling oil company?" (That's around 650p a share . . . ).

When the SP was at around 8, that gave a valuation of 320 mil, but that was before the drilling showed a dry hole and everybody dashed for the exits.

Somebody must be able to find at least 4.50 a share, surely? If we passed the hat round here on this B/B, maybe we could stage some sort of leveraged buy-out ??????

Although SEY or any other suitor would almost certainly offer shares, wouldn't they? I'd vote for it . . .

soul - I've been 'diverted' here off the SEY thread, in which co I hold shares.
The previous SEO of BLVN is very determinedly seeking to cause embarrassment to and trouble for his old company. The detail has not been released yet (for legal reasons) so there could be some awkward revelations!
To what extent do you think this could interfere with or affect SEY's interest - if indeed their interest is real and genuine?

Schiff - good to hear from you.

Am not sure what kind of mud former CEO Philip Rhind is trying to sling. This article

http://news.scotsman.com/edinburgh.cfm?id=247602006

mentions that there were a number of issues, but no financial skulduggery. Chairman Terry Heneaghen said the board had "reviewed his performance and his general conduct and concluded they would like him to resign. He didn't want to resign, so the board said, 'We will dismiss you'." He added: "The board simply took the view that he was not the right man for the job. There were a number of issues." Mr Heneaghan said the dismissal was nothing to do with financial matters: "There will be no impact on finances."

At this stage clearly it's difficult to tell what the impact of Rhind's legal action might be. On the face of it, he could just be a troublemaker, in which case the suit would only be a distracting sideshow. All the same, it's not helpful at a time when BLVN might be up for sale.

This article http://edinburghnews.scotsman.com/business.cfm?id=326372006 adds that Rhind >>insisted he still planned to deliver a dossier setting out his concerns about the company's dealings with the board.

Philip Rhind, who was recently dismissed and stripped of his directorship of the firm, said he was "absolutely, 100 per cent going to submit a report" - but did not say when that would be.

His remarks came just days after a court heard the industry veteran had a "red button" at his fingertips to destroy the oil and gas company if he was sacked.<<

Rhind has also been quoted as having threatened to "f***" Bowleven were he to be sacked.

Sounds like the kind of CEO who will go down in history more for his legal battles than for his business successes. I'm not surprised BLVN wanted to be shot of him.

We'll just have to wait and see, I think. On the upside, I would think that any serious bidder for the company will be able to overlook any court case that is purely a "spoiling" action.

The other thing to be aware of is that there seem to be a lot of rumours around the small-cap hydrocarbon industry at the moment. Two weeks ago NOP's broker hitched the company's skirts suggestively and hinted it was ripe for takeover. Now Andy posts on the JKX thread that there was also a "vague rumour" concerning that company. Some of these rumours may be based in fact, others just Chinese whispers.

Personally I'd like to see Black Rock Oil and Gas take over Bowleven in an all-paper deal as Black Rock desperately needs the cash on Bowleven's balance-sheet, but if I start that myth, no-one will believe me :o)

Posted by Seawallwalker on the SEY thread, no. 5698:


>>soul traders, have to agree re blvn.

Mind you any bid now on them would not attract full value unless there are more than one interested parties.

The formula looks similar to the Fusion Oil & Gas takeover by Sterling, in that the Management were seen as the reason why they were not backed by shareholders when the approach was made.

Reckon if there is any truth behind this, and the Sterling sp indicates something is afoot, then blvn will soon be a part of a rapidly developing Company<

Another nice little rise today, seems to be leaving behind the recent lows - I hope!!

Bid: 174.75p Offer: 175p Change: 3.25 The spread is in buyers' favour, too.

MAN sells:

BowLeven Plc - Notifiable Interest
RNS Number:6717BBowLeven Plc19 April 200619 April 2006 BowLeven Plc ('the Company') Notifiable InterestThe Company announces that it received notice on 13 April 2006 that on 12 April2006 Man Financial Limited ('MFL') no longer had a notifiable interest in the share capital of the Company.On 29 March 2006 the Company announced that MFL had an interest in 948,068ordinary shares of 10p each in the Company, representing 3.20% of the issued share capital of the Company.

And Credit Suisse buys:

BowLeven Plc - Notifiable Interest
RNS Number:6718BBowLeven Plc19 April 200619 April 2006 BowLeven Plc ('the Company') Notifiable InterestThe Company announces that it received notification on 18 April 2006 that on 12April 2006 Credit Suisse Securities (Europe) Limited ('CSSEL') had a notifiable interest in 1,797,000 ordinary shares of 10p each in the Company, representing 6.07% of the issued share capital of the Company.This represents the entire holding of CSSEL in the issued share capital of theCompany.On 31 March 2006 the Company announced that CSSEL had a notifiable interest in1,622,000 ordinary shares of 10p each in the Company, representing 5.48% of the issued share capital of the Company.

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thanks for your time

up 3.25p yesterday and up 3.5p so far today. unbelievable.

BLVN Bid: 178p Offer: 180p Change: 3.5

When I wrote my earlier post I was struggling to contain my sarcasm, but now this has roared up 7% today.

BLVN Bid: 188.25p Offer: 192.75p Change: 12.75

Has anyone heard anything?

Closed up 11%: BLVN Bid: 193p Offer: 197.25p Change: 20 and my holding is finally in profit!!

Is the run likely to continue tomorrow? The chart looks encouraging.

Making slightly heavier weather today, but the Offer Price has breached 200p, and with a wider spread it appears the MM's are trying to force a few sales. One or two big purchases of 100K went through at 199p though.

The current position: BLVN Bid: 195p Offer: 203p Change: 0.5

Gave up 4 or 5p on Friday, but up again today on turnover of about 60k.

BLVN Bid: 194.75p Offer: 198p Change: 6.25

In post #10, I estimated the company's value: cash balance near to 60 million, plus Resources alone of 60.3 million bbl (leaving out the Contingent Reserves), risked at 10% using $40 a barrel, should be worth 137 million, total NAV 197 million. In spite of this the company's market cap remains around 58 mil (at today's SP of 197p)

Since then I've thought about the maths some more and in view of current oil price strength, on a very optimistic view one could use $60-oil for Resources of 205 million, plus the cash = total 265 million.

Use even a more conservative $50/bbl and you get 231 mil. That's 4 times current market cap. Nearly 8 a share . . . Oh, and you could throw in the P50 contingent resources of 58.2 mmboe for another 166 mil or 550p per share, but we're trying to be conservative and sensible in our estimations, so we won't.

I'm not barking mad, am I?

PDYOR/IMO, etc.

EDIT The scores at close of play today: BLVN Bid: 195.5p Offer: 198p Change: 7.25 Shares moved: 100,955

The Investor's Chronicle of 31st March said that the SP was "high enough" at 178p. Although the SP is up since then, it seems most are reluctant to disagree too much.

Am still umming and aahing about what to do with this one.

A nice bit of a tick-up today, up 2.5p. The day-to-day upwards movements seem to be bigger than the downs at present, which is encouraging.

Am now committed to selling at least two-thirds of my stake in this one to cover other recent trading, but am considering hanging on til next week to see if we can top 200p.

Soul traders I much prefer the Moneyam BB as it's (relatively) free of the dross you get on ADVFN, however have you looked at the comment over there on this stock? All very bullish for the reasons you've disclosed. I personally believe this is set to rocket and am building as oppose to reducing my stake. I think it somehow seems to have been overlooked, probably because of its ghastly record last year, however I have great faith it will come back, the downside is hardly there and the upside potential collosal. Look at the other oil and gas companies and you can see how it compares. As close as you'll get to a no brainer, and 100p easily given a little time. It's already uptrending, and I'm already heavily in profit and compounding my position. Good luck!

Good stuff Chiva20, thanks for the info -will take a look at the other BB.

However, I'm increasingly inclined to look elsewhere as I'm seeing other co's with wider potential. MOG comes to mind - the latest oil-in-place estimates are awesome, assuming they are trustworthy.

It's a toughie - wish I had about twenty grand of free cash to splurge on the latest hot prospects, but I'm going to have to box clever and be patient!

Thanks Soul I've put MOG on the watchlist looks like a great find. Now where's that 20k? ;o)

Hi Chiva, no worries. Actually MOG didn't rocket away in quite the way I had anticipated, but that's investing for you. I am now out of BLVN with a small profit, having spent the bulk of the proceeds on EOG Warrants but will keep an eye on BowLeven for the future. I think my shopping is at an end now as I need to sit back patiently for a while and let some of the potential multi-baggers do their thing.

Good luck, etc.
ST

Soul
I reckon the sp of this stock is low because of the awful reputation the mgt has in running the business.....also attempting to line their own pockets thru an abortive rebasing of options which got bombed out by the major stockholders
As far as the prospects are concerned.....
the sp hs no premium for the potential for finding oil.....which is quite bizarre given the proven reserves were independently assessed

The sp does not even reflect the increase in oil prices over the past 6 months
The next RNS will almost certainly be one of the following........
.......Out of court settlement with sacked CEO Rhind
.......Out of court settlement with former farm in partner suing for return of $3m investment
.......Update re discussion with Cameroon gov re gas / oil power station contract
.......Announcement of deal on farm in partner
.......Resignation of one or more (already discredited) Directors
.......Sale of the Co to a 3rd Party with proven expertise in oil exploration
Most of these Rns announcements will have a positive impact on the sp hence this is a very good stock to get into around 180p where it is covered by cash in the bank
Indeed there is every likelihood that the sp will rise to well over 200p following a positive RNS

Goosy, your crystal ball is quite clearly a lot less cloudy than mine - SP up today:

BLVN Bid: 205p Offer: 207.75p Change: 15.25

No particular news around, though, so I guess this is just the realisation that it's oversold.

Including by me, cos I'm still out, having whipped all my stake and profits into something else!

Nice advances in the SP in recent days on the back of news of a new CEO being appointed. Was tempted to drop my VOG holding and swap it for some BLVN but am not sure if VOG has much further to drop. BLVN should continue to rise though?

All IMO, PDYOR.

Soul
I think the recent rise in BLVN reflects improved credibility of Co on the back of a respected FD agreeing to join...........Also if you consider the issues which will have formed much of the early discussions with Kevin Hart you can`t help concluding that he also reckons the sp is grossly undervalued and could rise substantially under his leadership............
The break up value of the business must be around 100m without drilling another well.......
c50m cash pile...if not earning much wherever it has been invested...short term
c 30m farm in deal for say a 30% stake
c20m...for reserves already proven and currently the subject of negotiations with the Cameroon Gov re a Gas /Oil Contract to fuel an existing onshore Power station
ie around.........360p /share
Also
most oil Cos have an "intangible" premium in their sp of up to 30% for yet to be discovered oil..........BLVN have nothing due to their poor mgt reputation and two dry wells
Add this in and you get a number in excess of 450p.......
So will the sp carry on rising,,,?
I suspect it will fluctuate up and down in ranges up to 5% with the ups outweighing the downs over the week and the sp climbing steadily to 300p by the time Hart arrives in the autumn.........DYOR

Goosy, a good post, thanks.

At last: an RNS confirming that Kevin Hart will be joining BLVN on the 17th November, and I see that he's bringing with him Cairn's leading bloodhound, Ed Willett in the new year. They also announce an immediate change of broker, to Hoare Govett, who is Cairn's advisor.
The market seems to be reacting favourably and it may well be helped further if some of HG's clients are encouraged to come aboard. Let's hope there is some oil to be found in Cameroon.

At last:

It appears that so far, only the Scottish newspapers have spelled out the implications behind Kevin Hart's move from Cairn to BLVN (google will take you there). My guess is that there will be an even bigger jump in the sp when the news gets through to the rest of the UK.

Good find, Squidd.


Wish I'd paid more attention sooner!

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BowLeven Plc
04 December 2006

4 December 2006



BowLeven Plc (the 'Company')

Notifiable Interest


The Company announces it received notification on 30 November 2006 that on 27
November 2006:



Fidelity International Limited ('FIL'), including its direct and
indirect subsidiaries, being a non-beneficial holder had an interest of
2,143,136 ordinary shares of 10p each in the Company, representing 6.30% of the
issued share capital of the Company. This represents the entire holding of FIL
in the share capital of the Company.



FMR Corporation ('FMR'), being a non-beneficial holder, no longer had
an interest in the share capital of the Company.



The Company also received notification on 30 November 2006 that on 24 November
2006:



FIL had an interest of 1,699,536 ordinary shares in the Company,
representing 4.99% of the issued share capital of the Company.



FMR had an interest of 855,200 ordinary shares in the Company,
representing 2.51% of the issued share capital of the Company.





Previously on 6 November 2006 the Company announced that:



FIL had an interest of 309,200 ordinary shares in the Company,
representing 0.91% of the issued share capital of the Company.



FMR had an interest of 995,536 ordinary shares in the Company,
representing 2.92% of the issued share capital of the Company.







For further information please contact:



Peter Wilson, BowLeven Plc: 0131 260 5100

Adam Westcott, Noble & Company Limited: 020 7763 2200

Liz Morley, Maitland: 020 7379 5151



This information is provided by RNS
The company news service from the London Stock Exchange





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2006 MoneyAM

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BowLeven Plc
04 December 2006

4 December 2006



BowLeven Plc (the 'Company')

Notifiable Interest


The Company announces it received notification on 30 November 2006 that on 27
November 2006:



Fidelity International Limited ('FIL'), including its direct and
indirect subsidiaries, being a non-beneficial holder had an interest of
2,143,136 ordinary shares of 10p each in the Company, representing 6.30% of the
issued share capital of the Company. This represents the entire holding of FIL
in the share capital of the Company.



FMR Corporation ('FMR'), being a non-beneficial holder, no longer had
an interest in the share capital of the Company.



The Company also received notification on 30 November 2006 that on 24 November
2006:



FIL had an interest of 1,699,536 ordinary shares in the Company,
representing 4.99% of the issued share capital of the Company.



FMR had an interest of 855,200 ordinary shares in the Company,
representing 2.51% of the issued share capital of the Company.





Previously on 6 November 2006 the Company announced that:



FIL had an interest of 309,200 ordinary shares in the Company,
representing 0.91% of the issued share capital of the Company.



FMR had an interest of 995,536 ordinary shares in the Company,
representing 2.92% of the issued share capital of the Company.







For further information please contact:



Peter Wilson, BowLeven Plc: 0131 260 5100

Adam Westcott, Noble & Company Limited: 020 7763 2200

Liz Morley, Maitland: 020 7379 5151



This information is provided by RNS
The company news service from the London Stock Exchange





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2006 MoneyAM

For those of us who now hold or will hold some shares in BLVN re FAO thought i would post todays two rns,as the increased holdings have to be good news for the longterm i guess,any other FAO holders views on blvn would be welcomed with interest,

CYNIC i know i should have listened to you on this one but am stuck with them now,and at least we are getting something which is better than NOTHING

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BowLeven Plc
06 December 2006


6 December 2006

BowLeven Plc ('BowLeven' and the 'Company')

Results of AGM, EGM and Appointment of Nominated Adviser

The Board of BowLeven announces that at the annual general meeting and at the
extraordinary general meeting of the Company held to grant authority to allot
shares and to disapply statutory pre-emption rights over up to 10 % of the
Company's issued ordinary share capital in connection with the BowLeven CSOP and
the BowLeven Long Term Incentive Plan, both of which were held today between
11.30a.m. and 12.00p.m., all the resolutions were passed.

The Board of BowLeven also announces with immediate effect the appointment of
Hoare Govett Limited as the Company's nominated advisers.

For further information please contact:

Peter G Wilson, BowLeven Plc: 0131 260 5100

Andrew Foster
Bertie Whitehead
Sean Wegerhoff, Hoare Govett Limited 020 7678 8000

Liz Morley, Maitland: 020 7379 5151




This information is provided by RNS
The company news service from the London Stock Exchange





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BowLeven Plc
06 December 2006


BowLeven Plc ('BowLeven' or 'the Company')

6 December 2006

Directors Declaration

Further to the announcement on 2 November 2006, the appointments of Ronnie Hanna
as Non-Executive Chairman and Caroline Cook as Non-Executive Director of the
Company have become effective following the AGM held earlier today. Furthermore,
with effect from the AGM, Terry Heneaghan and Dr A. Easton Wren, formerly
Executive Chairman and Non-Executive Director respectively, have retired from
the Board of BowLeven.

For further information contact::

Kevin Hart, BowLeven plc 0131 260 5100
Neil Bennett, Maitland 020 7379 5151

Pursuant to the AIM Rules, the following information in respect of Ronnie Hanna
and Caroline Cook required to be disclosed is set out below. Other than this
information, there is no further information that is required to be disclosed
under paragraph (g) of Schedule 2 of the AIM Rules.

Ronnie Hanna

Full Name and Age:
Ronald George Hanna, aged 64

Current shareholding in BowLeven:
52,675 ordinary shares, representing 0.15% of the current issued share capital
of BowLeven

Current Directorships and partnerships:
AG Barr plc
Apremont Limited
Dumbarton Property and Trading Company Limited
Edinburgh New Income Trust Plc
Kenmore Homes Limited
Peatallan Plc
QMC Enterprises Limited
Queen Margaret University College, Edinburgh
Parkview Basingstoke LLP
Cuthill LLP

Previous Directorships and partnerships:
Bett Brothers plc
Edinburgh High Income Trust plc
Edinburgh High Zeros plc
Gladedale Holdings plc
Marlyn Ventures Limited
TIP Limited
Tubular (PHV) Limited
Strada Developments Limited

Members voluntary liquidation:
Edinburgh High Income Trust plc
Edinburgh High Zeros plc

Caroline Cook

Full Name and Age:
Caroline Elizabeth Cook, aged 38

Current shareholding in BowLeven:
No current shareholding

Current Directorships and partnerships:
None

Previous Directorships and partnerships:
None




This information is provided by RNS
The company news service from the London Stock Exchange





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2006 MoneyAM

Any holders of these have any opinions of FAO offer and medium term prospects?

Hi Capetown,

Thanks for your mail. I no longer hold BLVN, having got out on a modest profit some time ago because I fancied having a pop at another share. Nice to see I was right about the low valuation, though :o)

Good luck with your holding.

ST

FWIW, I haven't loooked at FAO recently but did a few months back and thought they might be undervalued. There seemed to be reasonable prospects and I am quite sure that BLVN's management are convinced that they can make the deal pay.

IMO, PDYOR.

Cheerts SOULTRADER

A haul from Springtime bottom fishing and showing a modest gain, BLVN is my tip for Boom or Bust 2007. The new Cairn man does not appear to be a publicity seeker and perhaps at age 38 he is in no great hurry, yet the indications dating from his last sale of Cairn shares in Oct 05 are that he is moving quickly to build a new oil empire. With an enlarged acreage and healthy cash pile, he announced last week the start-up of drilling and spoke of exciting prospects- his first publc utterance that I've come across. It's still possible to buy in below the price he paid for his 50k (110k) stake in BLVN and I'm topping up.
sd.

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BowLeven Plc
09 January 2007



BowLeven plc ('BowLeven' or 'the Company')
Operational update - commencement of drilling

BowLeven is pleased to announce that the GlobalSantaFe Adriatic VI drilling rig,
which has been contracted by the Company for a four well drilling programme, is
now on location and commenced drilling on 8 January 2007.

The initial well being drilled is an Isongo E 2 ('IE 2') location, the first
appraisal well on the existing Isongo E discovery in Block MLHP 7 of the Etinde
Permit in Cameroon. The primary objectives of the IE 2 well are to appraise the
extent and volume of the Isongo Sand 1 in the discovery well IE 1 and explore
the deeper Isongo sands which were water wet in IE 1. If successful, the well
will be suspended to allow for later re-entry and completion as a gas condensate
producer. The well will be drilled to a depth in excess of 8,500 feet and total
operational time is currently estimated at approximately 8 weeks.

Further update announcements will be made as appropriate.

Commenting on this, Kevin Hart, BowLeven's Chief Executive said:

'I am delighted that we have now commenced the drilling programme. With the four
wells to be drilled over the forthcoming months we have an exciting period
ahead.'

ENQUIRIES

For further information contact:

BowLeven plc
Kevin Hart, Chief Executive Officer 00 44 777 193 4974

Maitland
Neil Bennett 00 44 207 379 5151
Liz Morley



Notes to the Editor:

BowLeven is an African oil and gas group, based in Edinburgh and traded on AIM
since December 2004. BowLeven holds, through its wholly-owned subsidiary EurOil
Limited, a 100% equity interest in the Etinde Permit area being three shallow
water blocks in offshore Cameroon, West Africa; namely Blocks MHLP 5, MHLP 6 and
MHLP 7. In total BowLeven has approximately 2,300 km2 of exploration acreage
located across the Rio del Rey and Douala basins in the Etinde Permit. As well
as P50 hydrocarbon reserves and contingent resources on Block MHLP 7 (which has
had 11 wells drilled in it) the total acreage has very attractive exploration
potential. Bowleven has operated in Cameroon since 1999.

The discovery well IE 1 was drilled in 1980 by Total and encountered three sands
at the Isongo level (one partially gas bearing). A drill stem test was taken in
the top Isongo sand in IE 1 and flow rates of 8 mmscf/d of gas and 1,446 bbl/d
of condensate were recorded giving a condensate gas ratio of 180 bbl/mmscf.

The IE 2 well being drilled is located approximately 27 km from the power plant
at Limbe in Cameroon.


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BowLeven Plc
19 February 2007



Bowleven plc: Well drilling update

Bowleven plc announces it has now completed drilling and logging operations on
the IE-2 well located in Block MHLP 7 of the Etinde Permit in Cameroon. The
well, which was drilled to appraise the IE-1 discovery made by Total in 1981,
reached a depth of 8675 feet subsea.

Based on petrophysical log evaluation, two hydrocarbon bearing zones have been
identified. The upper zone, located in the Biafra formation at a depth of
approximately 3310 feet, comprises approximately 50 feet of net pay in good
quality gas bearing sandstone. The gas is believed to be relatively dry with few
associated gas liquids.

The lower zone is located in the Isongo formation at a depth of 7850 feet. It
comprises approximately 130 feet of net pay in good quality sandstone and is
believed to contain both gas and condensate. A drill stem test is planned over
this lower interval and a further update will be issued shortly.


Enquiries:

Bowleven +44 131 260 5100
Kevin Hart
John Morrow
John Brown



Maitland +44 207 379 5151
Neil Bennett
Liz Morley

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2006 MoneyAM

Nice rise of 8% this morning,good news for former fao holders

The news is certainly encouraging and the market is beginning to warm to the new management.
sd.

Squidd,might get afew of these tommorrow ,in for a penny in for sd!

Seems to be gaining momentum,up another 4% this am,i am looking forward to the further update to be issued shortly which is mentioned in the latest RNS.

CT: I started buying nearly a year ago 'cos I liked the chart with those director buys at the bottom of the cliff and filled my boots when Kevin Hart came on the scene; since then have enjoyed the ride. The chart is looking like a classic recovery play and if 240p can be passed, where I think Suntera came aboard, we may have blue sky ahead.
I've noticed that since KH left Cairn, they have wilted and could face ejection from the FT 100 - still, thats our gain.
sd.

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BowLeven Plc
01 March 2007


BowLeven plc ('BowLeven')

Operational update - IE-2 well test results


Further to the announcement of 19 February 2007, BowLeven is pleased to announce
that the IE-2 appraisal well, drilled in the E Field, Block MLHP 7 of the Etinde
Permit in Cameroon, has successfully tested gas and condensate from the Isongo
formation. The well flowed at a stabilised rate of 30 mmscfd and 3800 bpd
through a 60/64 inch choke with a flowing well head pressure of 2126 psi. The
rate of flow was constrained due to the capacity of the test equipment.

The well will now be suspended as a possible future producer. The Adriatic VI
drilling rig will then be moved a short distance to Block 5 of the Etinde Permit
to drill a higher risk exploration prospect in the sparsely explored Douala
Basin.

Following this second well it is likely that the rig will return to Block 7 and
drill an exploration prospect which is located up dip from the adjacent E Field.

Further information on the drilling programme will be issued in due course.

Commenting on the test result Kevin Hart, BowLeven's CEO, said

'Whilst further evaluation is required to determine the extent of the IE Field
and associated reserves, the result of the IE-2 well has been very encouraging,
especially as flow rates were constrained by the test equipment.

The high liquids ratio and excellent deliverability combined with the Field's
close proximity to both the Bioko Island LNG facility and the Limbe Power
Station, should materially enhance the chance of a commercially viable
development'

John Morrow, Chief Operating Officer of BowLeven plc, a member of the Society of
Petroleum Engineers who holds a C.Eng, is the qualified person that has reviewed
and approved the technical information contained in this announcement.


ENQUIRIES

For further information contact:

BowLeven plc
Kevin Hart, Chief Executive Officer 00 44 131 260 5100
John Morrow, Chief Operating Officer 00 44 131 260 5100
Ed Willett, Deputy Exploration Director 00 44 131 260 5100


Maitland
Neil Bennett 00 44 207 379 5151
Liz Morley



Notes to the Editor:

BowLeven is an African oil and gas group, based in Edinburgh and traded on AIM
since December 2004.

BowLeven holds, through its wholly-owned subsidiary EurOil Limited, a 100%
equity interest in the Etinde Permit area being three shallow water blocks in
offshore Cameroon, West Africa; namely Blocks MHLP 5, MHLP 6 and MHLP 7. In
total BowLeven has approximately 2,300 km2 of exploration acreage located across
the Rio del Rey and Douala basins in the Etinde Permit. Bowleven has operated in
Cameroon since 1999.

The IE-2 well is located approximately 27 km from the power plant at Limbe in
Cameroon. The Cameroon Government has recently announced a cooperation agreement
with the Government of Equatorial Guinea to investigate a project to export gas
from Cameroon to the gas liquefaction plant on Bioko Island on Equatorial
Guinea. It is proposed that Limbe would be the gathering hub for any such
scheme.

The IE-2 well is an appraisal well to the IE-1 discovery made by Total in 1981.

BowLeven has also recently acquired First Africa Oil, which has a 100% equity
interest in both the EOV offshore block in Gabon, which contains an existing oil
discovery that it is seeking to develop, and the Epaemeno Block which is 1,340
km2 of exploration acreage in onshore Gabon which lies to the North of Shell's
recent discoveries in the Awoun Block.

BowLeven will announce its interim results on 22nd March.



This information is provided by RNS
The company news service from the London Stock Exchange





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2006 MoneyAM

well done sqidd,its begining to look better.

CT: I think I can sense some Scottish reserve from Kevin Hart in the RNS and this adds to my confidence in BLVN for the longer term. But even yesterday's intra-day did not breach the magic 240 mark which I'm hoping for soon.
On the bigger picture, I think global warming has brought out the Sell in May brigade a couple of months earlier than usual, so BLVN was a welcome splash of blue in a mainly red sea (tho' I've also got some GNG).
sd.

squidd,hope you have some rift?,like you i am adding blvn @every opportunity at under 220,small amounts i hasten to add.

CT: Rift?: now you tell me, and it looks like I've been standing in the wrong place again. Why am I always the last to hear about these.
sd.

Dont be too envious,i boght rift at 10 pence months ago then again at 3.75 noe in profit,but it has been painfull,holding and very exited here.

http://blogs.sun.com/chrisg/entry/another_amazing_cycling_video

http://blogs.sun.com/chrisg/entry/another_amazing_cycling_video

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BowLeven Plc
22 March 2007



22 March 2007


BowLeven Plc ('BowLeven' or 'the Company')
Interim results for the six months to 31 December 2006


BowLeven, the African focused oil & gas company listed on AIM, today announces
its interim results for the six months ended 31 December 2006

Highlights include:

Announced and completed a successful takeover of First Africa Oil plc.

Equity fundraisings of a total of 67 million net of expenses, including
a 56 million placing in December 2006.

Commenced a potentially high impact drilling programme.

Successfully flow tested the first well as an appraisal of the E field at
30 mmcfd of gas and 3,800 bpd of condensate.

Strengthened its Board and technical team composition.

Commenced discussions regarding the possible future sale of gas and
liquids from the Etinde permit in Cameroon.

Net cash of 89 million.

Commenting, Kevin Hart, BowLeven's CEO, said:

'I'm delighted with the progress we are making on numerous fronts at BowLeven.
The high calibre team we are assembling has already helped increase the value of
our acreage, and has begun to identify further attractive opportunities which
have the potential to create shareholder value.'


ENQUIRIES

For further information contact:

BowLeven plc +44 (0)131 260 5100
Kevin Hart, Chief Executive Officer

Maitland +44 (0)20 7379 5151
Neil Bennett
Alastair Crabbe
Liz Morley


Chairman's Statement

Dear Shareholder,

As this is my first official communique may I start by expressing a very warm
welcome to each of you. I genuinely believe I have joined BowLeven at a very
exiting time in its evolution as the team strives to develop a business which
can consistently deliver organic growth and value creation for its shareholders.

In this regard, the last six months have heralded a period of significant
positive change and activity for BowLeven. During this period the Company has:

Announced and completed a successful takeover of First Africa Oil plc.

Equity fundraisings of a total of 67 million net of expenses, including
a 56 million placing in December 2006.

Commenced a potentially high impact drilling programme.

Successfully flow tested the first well as an appraisal of the E field at
30 mmscfd of gas and 3,800 bpd of condensate.

Strengthened its Board and technical team composition.

Commenced discussions regarding the possible sale of gas and liquids from
the Etinde permit in Cameroon.


Vision and Strategy

It is our vision to build an African focused, exploration and production company
which becomes renowned for its ability to consistently create and realise
material shareholder value through exploration led organic growth and niche
acquisitions.


Operations

Cameroon
Over the past few years the Company has built up an extensive database of 2D and
3D seismic coverage over its Etinde Permit, which comprises Blocks MLHP 5,6 and
7. Ongoing interpretation of the 3D seismic data on Block 7 has resulted in new
opportunities on this acreage coming to light. In particular this work helped
identify the potential for commercial volumes of condensate rich gas in the
region of the IE-1 discovery well, which was first drilled by Total in 1981.
Consequently the first well in the drilling campaign, IE-2, was drilled to
appraise this discovery

As announced earlier this month the IE-2 well successfully tested gas and
condensate from the Isongo formation. The well flowed at a stabilised rate of 30
mmscfd and 3800 bpd through a 60/64 inch choke with a flowing well head pressure
of 2126 psi. The production test indicated excellent reservoir deliverability
with no evident depletion. Whilst further evaluation is required to determine
the extent of the E Field and associated reserves the result of the IE-2 well
have been very encouraging, especially as the flow rates were constrained by the
test equipment. The well also encountered 50 feet of net pay in good quality gas
bearing sandstone in the Biafra formation. The IE -2 well has been suspended as
a possible future producer.

A substantial amount of technical work has been carried out and is still ongoing
to evaluate the recently acquired 3D seismic data over Blocks 5 and 6 in the
sparsely explored Douala Basin. Whilst still at a relatively early stage, the
interpretation of this data has already generated a number of leads and
prospects. One such prospect ('D') located in Block 5 is the target for the
second well in the current drilling campaign. The Adriatic VI drilling rig has
now been moved a short distance to Block 5 of the Etinde Permit to begin
drilling the higher risk 'D' exploration prospect. This well was spudded on 21
March 2007 with the primary objective of exploring the Upper Miocene channelised
turbidite sands, which are believed to be similar to those that were found by
Noble Energy to be hydrocarbon bearing 10km downslope in the O-1 Belinda
discovery in Equatorial Guinea..

Following this second well it is likely that the rig will return to Block 7 and
drill an exploration prospect which is located up dip from the adjacent E Field.

The decision on where, and if, to drill a fourth well in this campaign is still
being evaluated. This will depend, in part, on the results of the prior wells
and the status of our extensive ongoing review of the recently acquired seismic
data in both Cameroon and Gabon.

A key objective for the Company in the next 12 -18 months is to seek to monetise
our existing resource base in Block 7 in Cameroon together with any additional
gas/liquids discovered in Blocks 5&6. Of particular encouragement is the
Cameroon Government's announcement in early 2007 of a cooperation agreement with
the Government of Equatorial Guinea to investigate the possibilities of a
project to export gas from Cameroon to the gas liquefaction plant on Bioko
Island. It is proposed that Limbe in Cameroon would be the gathering hub for any
such scheme. The close proximity (approximately 27 km) of the Company's resource
base to Limbe combined with the high well deliverability and liquids content
experienced at IE-2 should help ensure that Bowleven is ideally positioned to
participate in any future gas export project.

Gabon
The purchase of FirstAfrica Oil plc ('FirstAfrica') (mentioned below) has given
us both a significant development opportunity and substantial exploration
acreage. We have been busy on our newly acquired Gabonese operations. Having
reviewed FirstAfrica's plans we have changed the approach to production of the
offshore EOV field. Good progress has been made on preparing an amended field
development plan for the EOV which would involve evacuating the oil through a
pipeline to nearby existing onshore facilities. This should allow the oil to be
produced at lower operational costs than for the previously proposed development
scheme based on an FPSO. First oil is targeted for 2H 2008.

Work has also now commenced on reprocessing the vintage 2D seismic over the
onshore Epaemeno Block. This work will be completed by mid year and the new
dataset will form the basis for future drilling plans.


Corporate

I mentioned earlier that FirstAfrica now forms part of the BowLeven Group. We
are very happy to have completed this meaningful acquisition. There is a clear
logic in combining the asset portfolios of the two companies and using our
existing financial resources and experience of the management team to develop
the various projects that are available. FirstAfrica has a 100% equity interest
in both the East Orovinyare ('EOV') offshore block in Gabon, which contains an
existing oil discovery that we are seeking to develop, and the Epaemeno Block
which is 1,340 km2 of exploration acreage in onshore Gabon which sits next to a
number of recent discoveries in surrounding blocks.

Following on from the net 11 million placing in July 2006, the Company's
finances were further significantly strengthened by the successful placing of
26.4 million shares at 220 pence a share on 19 December 2006 to raise
approximately 56 million net of expenses. These funds will be used to help
finance the development of the EOV field and to provide funds for exploration
activities and working capital purposes.

Fostering strong external partnerships with the right risk reward profile is a
sound strategy for helping develop our assets. Accordingly, we continue to
consider our needs and opportunities for timing on farm-outs.


Financial Results

As yet we have no operating income. Against this background, the Group reported
a loss of 2.1 million for the six months ended 31st December 2006. The main
contributor to this loss was administrative expenses of 3.1 million reflecting
the Group's efforts to develop its assets. This was also the first period that
the Company had applied FRS20, which requires all companies to recognise the
fair value of employee share based benefits in the financial statements. This
resulted in a charge of 0.3 million for the six months ended 31 December 2006
which has been included within administrative expenses. Also included within
administrative expenses was an amount of 1.1 million primarily relating to
various translation differences on foreign exchange transactions that have been
charged to the income statement. This partly occurred as a consequence of the
Company managing currency exposures by, to the extent practical, matching
receipts and payments in the same currency.

The balance sheet is healthy, with net cash of 89 million at the period end.


Long Term Incentive Plan ('LTIP')

A LTIP was approved by Shareholder's at an EGM of the Company held on 6 December
2006. The plan seeks to help align the remuneration of senior management with
the underlying long term performance of the business.


Board Changes

This has been a period of quite a few Board changes.

I am delighted that Kevin Hart has joined the Company as Chief Executive
Officer. His combination of skills, enthusiasm determination and leadership will
prove to be a key appointment for the organisation.

As well as being appointed Non Executive Chairman myself following the AGM on 6
December 2006, I was also joined on the Board at that date by Caroline Cook as a
Non Executive Director. She has considerable experience in the oil and gas
sector and I welcome her to the Company and look forward to her valuable
contributions.

I would like to register my thanks to Terry Heneaghan and Easton Wren who
stepped down as Executive Chairman and Non Executive Director respectively at
the AGM in 2006. Both gentlemen deserve much credit for their efforts in helping
secure the position that BowLeven is in today.

I am very sorry to report the death of Jerry Anthony, our Exploration Director.
He died just before the end of 2006 after a short illness. He was a much
respected and admired colleague and will be greatly missed.

It is our intention to make further appointments to the Board and management
team as the business develops.


Outlook

Our business is of course one of potentially high risk and high reward. Our
approach is to recruit and maintain a very high calibre and motivated team, to
be highly professional in assessing and managing the risks and rewards in our
operations - such that our prospects are maximised.

The outlook is positive for your Company. I believe that we have the management
team and asset base that can provide us with significant opportunities for
success in creating value for shareholders.


Yours sincerely


R G Hanna
Chairman
22nd March 2007



GROUP PROFIT AND LOSS ACCOUNT

Six months Six months
ended ended Year ended
31 December 31 December 30 June
2006 2005 2006
Unaudited) (Unaudited) (Audited)
'000 '000 '000

Turnover - - -
---------- ---------- ----------
Administrative expenses (3,058) (1,554) (3,674)
---------- ---------- ----------

Operating loss (3,058) (1,554) (3,674)
Interest receivable and similar income 972 746 1,687
Interest payable and similar charges - - (2)
---------- ---------- ----------
Loss on ordinary activities before
taxation (2,086) (808) (1,744)
Taxation - - -
---------- ---------- ----------
Loss for financial period (2,086) (808) (1,989)
---------- ---------- ----------

There are no recognised gains or losses other than those included in the profit
and loss account.


GROUP BALANCE SHEET

At 31 December At 31 December At 30 June
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
'000 '000 '000
Fixed assets
Intangible assets 49,218 27,496 40,953
Tangible assets 386 356 381
----------- ----------- ----------
49,604 27,852 41,334
Current assets
Stocks 4,199 841 810
Debtors 11,041 956 435
Cash at bank 88,750 62,355 42,453
----------- ----------- ----------
103,990 64,152 43,698
Creditors: amounts falling due
within one year (4,328) (6,955) (1,003)
Net current assets 99,662 57,197 42,695
----------- ----------- ----------
Total assets less current liabilities 149,266 85,049 84,029
----------- ----------- ----------
Capital and reserves
Called up equity share capital 6,041 2,961 2,961
Share premium 149,969 86,002 86,002
Other reserves 3,494 3,057 3,218
Profit and loss account (10,238) (6,971) (8,152)
----------- ----------- ----------
Shareholders' funds 149,266 85,049 84,029
----------- ----------- ----------


GROUP CASH FLOW STATEMENT
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2006 2005 2006
(Unaudited) (Unaudited) (Audited)
'000 '000 '000


Net cash flow from operating activities (16,412) (2,301) (3,411)
Returns on investments and servicing
of finance 971 744 1,685
Capital expenditure and financial
investment (5,258) (9,700) (29,433)
----------- ----------- ---------
Cash outflow before financing (20,699) (11,257) (31,159)

Financing 66,998 53,094 53,094

Increase in cash in the period 46,297 41,837 21,935
----------- ----------- ---------

Reconciliation of net cash flow to movement in net funds

Increase in cash in period 46,297 41,837 21,935
----------- ----------- ---------
Change in net funds 46,297 41,837 21,935
Opening net funds 42,453 20,518 20,518
----------- ----------- ---------
Closing net funds 88,750 62,355 42,453
----------- ----------- ---------


NOTES FORMING PART OF THE INTERIM RESULTS

1. Basis of preparation

The financial information contained herein does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
unaudited interim financial information has been prepared on the basis of the
accounting policies set out in the Group's accounts for the year ended 30 June
2006 with the exception of the adoption of Financial Reporting Standard 20
'Share Based Payments' ('FRS 20') which was adopted with effect from 1 July
2006. The figures for the year ended 30 June 2006 have been extracted from the
Group accounts as amended for FRS 20 as this requires prior period adjustments
to the published financial statements. Those accounts have been filed with the
Registrar of Companies and contained an unqualified auditor's report. Adoption
of FRS 20 results in an increase in general and administrative expenses as set
out below:

Six months Six months Year
ended ended ended
31 December 31 December 30 June
2006 2005 2006
'000 '000 '000
Value of share options/LTIPs
expensed in period 276 84 245



2. Reconciliation of movement in shareholders' funds

Six months
ended
31 December
2006
'000

Loss for the period (2,086)
New shares issued 3,080
Premium on new share capital subscribed 63,967
Other reserves movement 276
Opening shareholders' equity funds 84,029
-----------
Closing shareholders' equity funds 149,266
-----------



3. Reconciliation of operating loss to net cash outflow from operating
activities

Six months
ended
31 December
2006
'000

Operating loss (2,086)
Depreciation 78
Increase in stocks (3,389)
Increase in debtors (10,667)
Decrease in creditors (348)
-----------
Net cash outflow from operating activities (16,412)
-----------


4. Interim report

This document represents the Interim Report and half yearly results of BowLeven
plc. Copies of the Interim Report will be sent to shareholders and can be
obtained, free of charge, from the Company at 68-70 George Street, Edinburgh,
EH2 2LT for a period of one month.


5. Post-balance sheet event - acquisition of FirstAfrica Oil

On 26 January 2007, BowLeven announced that the recommended all share offer made
for the entire issued share capital of FirstAfrica Oil plc had been declared
wholly unconditional. Accordingly, FirstAfrica will now form part of the
BowLeven Group with effect from 26 January 2007.


6. Financial Instrument Commitments

The Group has outstanding forward contracts to manage foreign currencies by
committing to purchase US$3 million per month @ $1.8625 from 1 January 2007 to
30 June 2007.


















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The company news service from the London Stock Exchange





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2006 MoneyAM

two recent rns,directors buying,getiing better all the time.

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BowLeven Plc
03 July 2007

3 July 2007


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

Operational update : D-1 Well test results

'Significant discovery in Block 5 Cameroon'.


Bowleven plc announces it has successfully completed the testing of its
D-1exploration well located in Block MLHP 5 of the Etinde Permit in the Douala
Basin, offshore Cameroon.


The well was targeting a Miocene turbidite channel prospect similar to that
found by Noble Energy at its neighbouring Belinda discovery. The D-1 prospect
comprises multiple turbidite channel sands, only one of which was intersected
and tested by the current well.


The well tested both gas and condensate from interbeded high quality sands over
a gross measured interval of 75 ft. and flowed at a stable constrained rate of
25 mmcfd and 1400 bcpd (approx 5,570 boepd) through a 1' choke.


The D-1 well was the second successful well of Bowleven's current drilling
campaign with the Adriatic VI rig. The first well, IE-2, was drilled in the Rio
Del Rey Basin as a successful appraisal of the IE field. The rig will now be
moved to the IF-1 location to drill an exploration well to test a structure
updip of the IE field. After completion of this third well the rig will be
released due to timing constraints under the drilling contract.


Commenting on the discovery Kevin Hart, Bowleven CEO, said:


'I'm delighted with the result of our first well in the relatively unexplored
Douala Basin. Whilst the discovery will require further appraisal, I'm extremely
excited by the potential highlighted by, both our and Noble Energy's, recent
discoveries in the area. The numerous similar Miocene prospects on the acreage
together with the deeper Eocene potential combine to make this a very exciting
province.'


John Morrow, Chief Operating Officer of BowLeven plc, a member of the Society of
Petroleum Engineers who holds a C.Eng, is the qualified person that has reviewed
and approved the technical information contained in this announcement.



ENQUIRIES


For further information contact:


Bowleven plc
Kevin Hart, Chief Executive Officer 00 44 131 524 5678

Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Deborah Spencer

Hoare Govett Limited 00 44 207 678 8000
Andrew Foster


Notes to the Editor:


Bowleven is an African oil and gas group, based in Edinburgh and traded on AIM
since December 2004.


Bowleven holds, through its wholly-owned subsidiary EurOil Limited, a 100%
equity interest in the Etinde Permit area being three shallow water blocks in
offshore Cameroon, West Africa; namely Blocks MLHP 5, MLHP 6 and MLHP 7. In
total Bowleven has approximately 2,300 km2 of exploration acreage located across
the Rio del Rey and Douala basins in the Etinde Permit. Bowleven has operated in
Cameroon since 1999.


The Cameroon Government has announced a cooperation agreement with the
Government of Equatorial Guinea to investigate a project to export gas from
Cameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea. It
is proposed that Limbe would be the gathering hub for any such scheme.


Bowleven also holds, through its wholly-owned subsidiary FirstAfrica Oil, a 100%
equity 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 which is 1,340 km2 of exploration acreage in onshore Gabon which
sits next to a number of recent discoveries in surrounding blocks.




This information is provided by RNS
The company news service from the London Stock Exchange





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2006 MoneyAM

Its not just Kevin Hart thats thrilled,so am i !!!!!.

"BowLeven Plc (BLVN LN) climbed 8 pence, or 3.5 percent, to 234. Shares of the explorer for oil and gas in Africa were recommended as ``buy'' in new coverage at ABN Amro Holdings NV. ``We believe BowLeven represents a balanced play on West Africa at an attractive valuation,'' the bank wrote in a research note"

Breakout

more than 20 million tades already...........whats up?

Suntera Resources placed their entire holding of nearly 10m shares @ 215p per share.
2517

Suntera paid 245p for some of their stake, 11m investment in June 06 for 4.4m shares. how much they paid for the remainder I don't know.

Getting a little cheesed off with this co. Had three goes at breaking out of 240 level without success. I guess 300p was too optimistic a target. MMs managed to get it right back to 170 in last shake out so not sure what comes next.....

bonfield,
looks like we got the 300p,lets hope it sticks,lots of buying,news must be on its way.

300pence+ now,
This is on the up now,al the recent intitutional buying a plus.

This is motoring on very well now,400p ?,
Anyone else still holding?

Still holding and hoping for 400+. Need over 500 to breakeven
Originally aquired my holding via my original investment in First Africa. Not holding too many shares but still a long way off the original investment cost. Will hang on for the long haul.

2 year high today, 400p this week ?

Watching and waiting to buy in i think it will fall further under the pound mark.

FoxDavies views from the trading floor - Bowleven
Tuesday, January 17, 2012

Bowleven once the darling of the sector, jumped 7% in trading to 84.5p on 3 times the average daily volume as retail investors continued to speculate that a drilling update was due. Recent press speculation has continued to put Bowleven in the frame for a potential takeover. Nothing concrete has materialised from the speculation as of yet, but we are firm believers of 'there is no smoke without fire' We will be monitoring the movements of this one very closely.

Dragon Oil pondering offer for Bowleven
StockMarketWire.com
Turkmenistan-based oil firm Dragon Oil (LON:DGO) notes the recent movement in Bowleven's (LON:BLVN) 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.

At 11:49am:
(LON:BLVN) BowLeven share price was +35.88p at 109.88p
(LON:DGO) Dragon Oil share price was -12.25p at 531.75p

Dragon Oil plc. ("Dragon Oil")

17 February 2012

Possible offer for Bowleven Plc ("Bowleven")

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.

In accordance with Rule 2.6(a) of the Code, Dragon Oil is now required, by not later than 5.00 p.m. on 16 March 2012, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

Reuters
LONDON, Feb 17 (Reuters) - Oil firm Dragon Oil (Xetra: 877789 - news) said it was considering making a takeover offer for Bowleven (LSE: BLVN.L - news) , a British company with assets in Cameroon, in a move which would form part of a long-stated plan to expand beyond its Turkmenistan production base.

"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," Dragon said in a statement on Friday.

Shares in Bowleven soared 65 percent to 122 pence at 1150 GMT, on news that Dragon was considering an approach, exceeding earlier gains of around 18 percent on takeover rumours before Dragon announced its interest.

Dubai-headquartered Dragon has expressed its intention over the last year to expand its reach beyond Turkmenistan, where 100 percent of its production is based.

Analysts at Bank of America Merrill Lynch said on Wednesday that the company would look to use its $1.4 billion cash pile to make acquisitions while management have indicated that they would look at deals in the range of $200 to $500 million.

At 122 pence per share Bowleven, which has discovered an oil field off the coast of Cameroon, has a market capitalisation of 359 million pounds. (Reporting by Sarah Young; editing by Rhys Jones)

Pretty obvious that DGO reckon that a very large oil accumulation lies in that Sakele well and all over that area....

Dragon Oil mulls Bowleven takeover 12:21 pm by Jamie Ashcroft Dragon is currently a single asset company. It produces over 70,000 barrels of oil a day from the Cheleken production sharing contract in the Caspian Sea. Africa focused oil firm Bowleven (LON:BLVN) soared over 80 per cent today as Dragon Oil (LON:DGO) confirmed it was mulling a bid for the company. Cash-rich Dragon has been on the acquisition trail for some time, however up until now it has kept its cards close to its chest and no major deals have been struck. In a brief stock exchange statement Dragon confirmed it was in the preliminary stages of exploring a possible offer for Bowleven. Dragon is currently a single asset company. It produces over 70,000 barrels of oil a day from the Cheleken production sharing contract in the Caspian Sea. A major expansion programme aims to grow production beyond the 100,000 barrel a day mark by 2015. This production gives the group strong cash flow and puts it in a strong position when it comes to jostling for M&A targets. Its current balance sheet is very strong with around US$1.5 billion cash in hand. Bowleven owns a portfolio of exploration assets in Cameroon and Gabon. At 12:20, Bowleven shares were up 59p, or 80 per cent, trading at 133.5p each. Dragon shares were relatively unmoved by the news

Undervalues the assets imo.

Bowleven (LON:BLVN) jumped 70% to 130p in trading today, after Dragon Oil (LON:DGO) announced it was considering a bid for the company. The market it still expecting the results of a volumetric study, that was announced back in November of last year, and any bullish results could potentially have a material impact on the price Dragon would have to pay. It will be interesting to see the view of the weekend press as to the price of any possible bid here, as the shares have fallen a long way from the 414p high of last year. Some of the potential prices being mentioned so far are 200p/220p but these are just purely market chatter at this stage. One important note to remember here is that a number of large institutions backed the company during a recent fund raise at 103p, and I am sure they would want a substantial premium before giving up shares they have stayed loyal to and seen trading as low as 59p.

Read more: http://oilvoice.com/tw/ed430414c294.aspx#ixzz1mem7aRwU

Jeffries:

Dragon Oil (DGO LN) confirmed it is in preliminary stages of considering an offer for a corporate acquisition of Bowleven. There is no certainty an offer will be made.Under the City Code, Dragon Oil must make an offer by March 16 or walk away for 6 months. Bowleven is the only stock in our universe trading below our estimated core asset value and we see this approach as confirming our belief in the undervalued potential of its assets.
Core value 187p/sh, total risked sum of parts 221p/sh, additional value potential for better funded player. We estimate the value of Bowleven’s core assets (IE, IF and Sapele fields plus cash) is 187p/sh or $892m (including $196m in cash/EOV disposal
proceeds and estimated value of Vitol’s carry). Including additional value for exploration upside, we estimate a total value of 221p/sh (using $85/bbl oil price and 10% discount rate).
We note that we carry both the discovered and undiscovered resources at higher riskings due to Bowleven’s funding situation. We estimate the unrisked value of its core assets is 302p/sh (no value for exploration).
Dragon Oil well funded to buy Bowleven, all-cash deal possible. Dragon Oil reported cash and cash equivalents of $1.47bn and no debt on June 2011. Net cash generated from operating activities was $417m with $216m in capex for the first half of the year. We believe this leaves Dragon Oil well positioned to make an all-cash or substantially cash with an optional share election offer. In its 1H11 interim results call, it stated it was looking for diversification and to utilise its cash for acquisitions in the MENA region, preferably with a small amount of production with additional exploration upside.
Deal not assured – March 2009 is a valuable reminded. Bowleven has been through this publicly before, in March 2009 when it announced a possible offer for 150p/sh (18 March). This was then reduced to 100p/sh (27 March) before the company stated it had ceased discussions with the potential buyer and would continue to work on the assets as an independent entity (7 April). The company then raised equity and farmed-in Vitol to help fund exploration and appraisal. Management has made no comments about its planned response to a potential bid from Dragon Oil.
Trading up materially intra-day, still below our Core NAV. Bowleven is currently
trading at 121p/sh, a 35% discount to our Core NAV. If we assume Dragon is willing to pay for Bowleven’s exploration acreage, it could offer up to 221p/sh based on our risked sum of the parts.
If not Dragon, then what? We believe there are other companies that could be interested in Bowleven’s assets, and Dragon’s move may have “put it into play” for other potential buyers such as other operators in Cameroon (including Kosmos Energy (KOS US, $14.40, Buy) or Perenco (Private)). While short-term downside is possible if Dragon walks away without a bid, we believe this approach highlights Bowleven’s assets were undervalued by the current market price.
We maintain our Buy recommendation and 195p/sh price target based on our estimated value of its Core Assets. Short-term risks now revolve around the potential Dragon Oil bid situation. In the long term, key risks are financing its development and securing a viable development plan for its assets in Cameroon.

Guardian blog...

There was also some takeover excitement, albeit lower down the market.

In the Chinese year of the Dragon which has just started, oil explorer Bowleven has found itself in the sights of a rival named after the mythical beast. Shares in the company, which has projects off the coast of Cameroon, jumped 46p to 120p or 62%, as Dragon Oil revealed it was considering an offer for the company. If the move was successful it would allow Dragon, which has around $1.5bn of cash in the bank, to expand from its core activities in Turkmenistan.

Traders were talking of an offer of around 180p to 200p a share.

There is also the prospect of an auction.

Bowleven has been linked with a number of companies in the past, including Chevron and - immediately before Dragon showed its hand - Tullow Oil. Dragon ended 3p higher

Telegraph...

Bowleven soars as Dragon mulls bid

Oil and gas explorer Bowleven saw its shares jump more than 60pc on Friday after Dragon Oil announced it was considering a takeover bid for the West Africa-focused company
Dragon, which is controlled by Dubai's state-owned Emirates National Oil Company (ENOC), declared its interest after Bowleven shares had already risen 17pc on the back of market gossip that Tullow Oil was a potential suitor.
"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," it said. "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."
Dragon has until March 16 to declare whether it has a firm intention to make an offer or not.
Shares in the Aim-listed Bowleven rose as much as 82pc before settling to close at 120p, a rise of 46 on the day.
Edinburgh-based Bowleven traded as high as 398p in January last year, before a series of disappointing drilling updates on discoveries in Cameroon, West Africa, saw its value plummet.

It is also yet to develop the discoveries it has made into production, which it has said will require at least $400m (£253m) investment.

Analysts at Citigroup said: "Bowleven will require additional funding to meet its share of development [capital expenditure] over the life of its Cameroon fields.

"The sourcing of this additional finance remains challenging in the current market environment."

Bowleven's market value last night stood at £353m, up from £218m at close on Thursday.

Analysts at Jefferies said: "Bowleven is the only stock in our universe trading below our estimated core asset value. If we assume Dragon is willing to pay for Bowleven's exploration acreage, it could offer up to 221p per share, based on our risked sum of the parts."

Dragon had cash reserves of $1.5bn at the end of last year and has made clear its intention to diversify its business, which is currently focused offshore Turkmenistan. Last year it joined a project in Tunisia.

The company is listed in Ireland and London but 52pc of its shares are owned by ENOC. Dragon Oil shares rose 3 to 547p.

Most of Bowleven's biggest shareholders are institutional investors such as BlackRock, F&C Asset Management and JP Morgan.

Bowleven's chief executive, Kevin Hart, owns more than 2.5m shares in the company.

http://af.reuters.com/article/energyOilNews/idAFL5E8DH2IT20120217?pageNumber=2&virtualBrandChannel=0


Bowleven has made a series of oil discoveries off the coast of Cameroon, none of which have to date been developed, meaning it does not have production.

Its primary oil fields are known as MHLP-7 and Sapele. While the company has a development plan for MHLP-7, its understanding of the Sapele asset is not as well advanced.

The value of any takeover approach Dragon launches will likely hinge on how it views Sapele.

"If you're Dragon you might think I'm willing to pay for MHLP-7, where we can hopefully get production up and running relatively quickly, and then I get Sapele and exploration for free," Canaccord Genuity analyst Braden Purkis said.

Should Dragon look to only pay for MHLP-7, a bid in the range of 150 pence to 160 pence would make sense, said Purkis. A 155 pence per share offer would value Bowleven at about 456 million pounds ($718.1 million).

Tullow Oil, another London-listed oil firm, was on Friday rumoured to be lining up a bid for Bowleven before Dragon made its announcement.

"Those assets (of Bowleven's) are probably a better fit for a bigger company with a stronger balance sheet like Dragon," said Aliyev.

many a slip etc etc, so unless already a holder, a dangerous move to buy in now

Scotsman.com
By PERRY GOURLEY
Published on Saturday 18 February 2012 00:00


MORE than £130 million was added to the value of Edinburgh-based oil explorer Bowleven yesterday ahead of a possible £600 million takeover offer for the company.


City speculation that the Scottish firm was being stalked saw heavy trading in Bowleven’s shares before Dragon Oil issued a statement confirming it was exploring an offer. Tullow Oil, another UK-listed oil firm, had been rumoured to be lining up a bid for Bowleven before Dragon made its announcement.

Dragon, which is 52 per cent owned by Dubai’s Emirates National Oil Company, is known to be keen on widening its current focus on Turkmenistan and has built up a war chest for acquisitions on the back of increased production and a higher oil price.

Bowleven, headed by chief executive Kevin Hart, has made a series of oil discoveries off the coast of Cameroon, although none have so far been developed.

The company’s main interests are the MHLP-7 oil field, where a development plan is in place, and the Sapele oil fields where progress is less advanced.

Analysts believe an offer for Bowleven could reach over 200p ,with Steven Asfour at Fox-Davies pointing out that the shares had fallen a long way from the 414p high seen last year. “One important note to remember here is that a number of large institutions backed the company during a recent fund raise at 103p, and I am sure they would want a substantial premium before giving up shares they have stayed loyal to,” he said.

Bowleven’s largest shareholders include Blackrock, F&C Asset Management and JP Morgan Asset Management. Its directors are also significant shareholders, with Hart owning 2.56 million shares – worth more than £3m at yesterday’s closing price.

Oriel Securities analyst Vugar Aliyev said an acquisition of Bowleven would represent a major strategic change for Dragon and he viewed the potential deal as neutral to slightly negative.

"If they spend $700 million on the company and then another significant portion of their cash developing it, then I would be concerned," he said.

So he thinks it would go for £1.50, it would suggest that at £2.00 that might start to stretch Dragons cash reserves....unless there is paper in the offer.

Job to guess what is going to happen...I was surprised by the number of sells on friday...or perhaps that were limit orders going through....and it shot up only to trickle down a bit during the day....we'll see what happens on monday....

Surprised that this has not climbed to 140p or so.....if it is going to be taken out....150p minimum or more, perhaps 180...perhaps 200 or 220p.......so 120p looks way off the mark !.

I agree 140p minimum.

Just will not climb, though it's early days...more buys than sells....I'm surprised that we are not seeing 140p now....

because talk of a bid, and the hype that always attaches, and the actuality of one being tables, let alone concluded, inevitably gives the prudent a chance to cash in some good profits, and perhaps buy back cheaper in due course - look at XEL!

Going long on both.....took profits on friday....but hey !...new week....both should be much higher : WTI nearly $106 us dollars and Brent $120 plus...

think your clutching at straws rf.,.

lol.

A bid id a bid or an offer...and don't tell me that the Bowleven management are going to agree to a 118p takeover...they'll burst out laughing...it has to be much...much higher just to consider it.....

They don't have to accept anything and sit tight. sp stays where ever.,.

MARKET REPORT: Max Petroleum gushing aheadBy Geoff Foster

Last updated at 10:00 PM on 20th February 2012

Comments (0) Share
Mad Max Petroleum was the red hot speculative stock as the slick oil sector continued to blaze a trail on takeover hopes.

Also helping the bullish mood was the strong oil price, which surged to a nine-month high above $121 a barrel after Iran said it halted exports to British and French companies ahead of a European Union embargo starting on July 1.

Shares of the Kazakhstan focused oil explorer gushed 3.25p, or 29.55 per cent, to 14.25p on rumours of a possible £354m or 35p a share cash bid from the bigger Zhaikmunai (0.1p dearer at 11.4p), which is based in north-western Kazakhstan.


Max’s share price got ahead of itself in 2007 and touched 200p-plus on hopes for substantial upside in Kazakhstan. But bulls didn’t take into account how long it would take for its projects in the area to bear fruit, while the credit crunch made the funding of its projects extremely difficult.
The shares have rallied from a bombed-out 52-week low of 2.6p as more optimistic news of its operations in Kazakhstan has prompted growing speculation that a major would come along and swallow the company at an attractive low price.

Gulf Keystone Petroleum gushed 14.25p more to an all-time high of 425.25p as speculation intensified that either Exxon Mobil or Total would soon launch a knock-out cash offer for the Kurdistan focused oil company. Up for sale Cove Energy advanced a further 7.75p to 156.75p on Anadarko bid hopes.
More...FTSE CLOSE: Greek bailout hope and rising oil prices help drive market up

Cameroon-focused oil company BowLeven, which soared 62 per cent on Friday following a bid approach from Dragon Oil (16.5p better at 563.5p), touched 138p but was then hit by profit-taking to close a penny off at 119p.

Nautical Petroleum advanced 18p to 352.5p as buyers responded to a WestHouse Securities strong buy recommendation and target price of 550p. Reflecting the strengthening oil price, BP traded above £5 for the first time since the Gulf of Mexico oil spill disaster. It touched 503p before closing 10.3p higher at 499.25p. Tullow Oil jumped 35p to 1601p.



Read more: http://www.thisismoney.co.uk/money/markets/article-2103890/MARKET-REPORT-Max-Petroleum-gushing-ahead.html#ixzz1myF2PrlN

Market seems to have decided that 120p is about right for an official offer although duifcult to say with Nomura shorting on behalf of Dragon. No way will Blvn accept anything below 150p and I doubt below 200p.

I agree with you...at the moment : just ridiculous sp.....

22 February 2012
16.40
Bowleven plc ("Bowleven" or the "Company")
Notification of Results

Bowleven plc will announce it half-yearly results for the six months ended 31 December 2011 on Monday 26 March 2012.

Next leg up tomorrow (hopefully)

That Cove counterbid has flipped over to BLVN and Afren

I was a day adrift..... Tut tut

All I need now to complete my day is that shit pile of an Indice called the Dow to roll over.

Takeover Bids Boost Oil Shares By Tony Luckett

Shareholders in small and medium-sized oil companies had plenty to cheer about last week. On the previous Friday, shares in the West African explorer Bowleven (LSE: BLVN.L - news) had soared after Dragon Oil (Xetra: 877789 - news) said that it was considering a bid, so when the market opened on Monday, investors piled into the sector pushing up prices across the board

But it would be no surprise to see another company make a bid for Bowleven. One potential candidate has to be the £14 billion Irish major Tullow Oil (Stuttgart: 591219 - news) , which already has considerable African interests.

In any event, it promises to be an interesting and hopefully profitable few weeks for shareholders in Bowleven, Dragon and much of the rest of the oil sector.

have talked myself into this one (at 130.25), having done the reverse with COV

You always were slow off the mark Ricardo!

yes indeed but as long as i make a bob or two, i'm happy enough

The market clearly thinks there is more mileage in this one . Happy to hold for the moment.

That's better!

is certainly looking good with the spike once again like last Friday

do not forget is on a BREAKOUT

The hot money has a new favourite!

Not no more,

http://uk.advfn.com/news/UKREG/2012/article/51393557

That is diabolical......been stopped out......

RNS Number : 3042Y

Bowleven Plc

28 February 2012

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

28 February 2012

Bowleven plc ("Bowleven" or the "Company")

Response to announcement by Dragon Oil Plc ("Dragon Oil")

Bowleven notes the announcement made by Dragon Oil today and confirms that no detailed discussions were held with Dragon Oil and that no due diligence information was provided by Bowleven to Dragon Oil.

A copy of this announcement will be available at www.Bowleven.com

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

I maybe insane - had a dabble @93.50

What's your target?

30p ?.....skinny...that is worse than me....

Not too lose too much :-) 135-140 and I'd probably be off.

I don't often post but I know tullow oil are on the radar especially now dragon oil have walked

Not too happy about that......that should not be allowed in such a short space of time......catches too many small investors off guard.....

Clutching at sraws that....

Already on the up. 135p sounds reasonable! ;o) Trouble is, with no bid from DGO, will the sp tank further? Clearly a trading bounce atm.

Oddsocks, TLW has been linked to lots of rumours as a predator as they are cash rich atm. Would be nice, but ......

rf, what should happen then???? RNS like that will always hit the sp hard & fast.

I think its on its way back to 60p in the next week or two...DGO pulled the plug quick, so some thing not good.

I'm back to square one on the spreads....make a bit....and just been stopped out as usual at the bottom.....will I ever learn ?.....well that's the risk with volatile stocks....now and again you can make some but expect bad days as well.....

And those in COV had better be careful.....

That announcement's from Bowleven, not Dragon. Neither side appears to have been in touch and Dragon has until 16 March to make an approach. So why make the announcement?

Exactly....that was not an approach.....so frankly they should not have put through announcements at all.....

Original came from DGO (see thread).
No idea why they pulled the plug. Maybe that they saw something else which was more tempting?
COV is a done deal, imo.

Looks like you are in the money skinny!

Might slump tomorrow.....I would bank it if I were him (or her)....worked out that I managed to make some as I did bank quite a bit a week ago or so...so in the black there but still have some stock over from years ago and that's not so good.....I'm going to cool it a bit now as this has been a warning.....and wait for some of my reds turn to blue (hopefully)....

I believe Tullow was the first to be mentioned before Dragon's interest came out of the blue. Good time for the former to show it's hand!

Don't tell me DGO are going for GKP......instead......I'm going to have to cool my enthusiasm for these oilies......I can see this might not be the last one to go pearshaped....

Tue Feb 28, 2012 3:59pm GMT
(Adds detail, background, shares, Bowleven statement)

Feb 28 (Reuters) - Turkmenistan-focused Dragon Oil will not make a bid for Bowleven, Dragon said, leaving the way open for others interested in Bowleven's exploration assets offshore Cameroon.

"The board of Dragon Oil announces that it is no longer exploring an offer for all of the issued and to be issued share capital of Bowleven," Dragon said in a short statement on Tuesday.

Bowleven shares, which have risen from 74 pence the day before Dragon said it was considering a takeover to 134 pence at the close on Monday, fell sharply back to trade at 89 pence after the announcement.

Earlier on Tuesday, they had touched a six-month high, buoyed by hopes that another party may be joining the bidding fray

Cash-rich, Dubai-headquartered Dragon, which is 52 percent-owned by Dubai's Emirates National Oil Company and dual-listed in Dublin, said earlier this month that it was in the early stages of making a bid for Bowleven

In a separate statement on Tuesday, Bowleven said that it had held no detailed talks with Dragon, nor provided due diligence. (Reporting by Rosalba O'Brien, Editing by Paul Sandle)

Can make money on these but boy !...is it risky or what ?....

yah boo sucks! ..... at least gkp stayed perky

Sharehub;

RNS from Dragon confirms they are no longer looking at a takeover of Bowleven. This might have something to do with the fact that Bowleven's sp has jumped from 90p to 150p today after several bidders entered the fray on Cove.

Dragon also might have got a whiff of a second interested party which seems to be doing the rumour rounds.

Whilst Dragon may have pulled out, the door is firmly open to other interested parties and with takeover fever high at present I wouldn't bet against another party coming forward in the near future.

can a door be firmly open?

Only if it's glued to the floor!

LONDON, Feb 28 (Reuters) - Turkmenistan-focused Dragon Oil will not make a bid for Bowleven, Dragon said, leaving the way open for others interested in Bowleven's exploration assets offshore Cameroon.

"The board of Dragon Oil (Xetra: 877789 - news) announces that it is no longer exploring an offer for all of the issued and to be issued share capital of Bowleven," Dragon said in a short statement on Tuesday.

Bowleven shares, which have risen from 74 pence the day before Dragon said it was considering a takeover to 134 pence at the close on Monday, fell sharply back to trade at 89 pence after the announcement.

Earlier on Tuesday, they had touched a six-month high, buoyed by hopes that another party may be joining the bidding fray

Cash-rich, Dubai-headquartered Dragon, which is 52 percent-owned by Dubai's Emirates National Oil Company and dual-listed in Dublin, said earlier this month that it was in the early stages of making a bid for Bowleven

In a separate statement on Tuesday, Bowleven said that it had held no detailed talks with Dragon, nor provided due diligence. (Reporting by Rosalba O'Brien, Editing by Paul Sandle)

Thats blown it.

Even without another bidder (and there might well be) BLVN still have the potential for a rapid re-rating once the drilling re-commences in Q2. For those who might be clinging to the bandwagon, there's plenty of upside here.

Better tie me on as I'm fed upwith hanging on.,.

From Reuters earlier today.:

STOCKS NEWS EUROPE-Bowleven jumps on takeover hopes

Tue Feb 28, 2012 2:02pm GMT

Shares in Bowleven climb 8 percent to touch a six month high on rumours that another party in addition to Dragon Oil, which said earlier in February it is considering making an offer for the company, could be interested in approaching the Cameroon-focused oil explorer.

Westhouse Securities analyst Andrew Matharu believes it's likely that other companies are weighing up approaches for Bowleven.

"I think it's wide open. I think there's a lot of potential," he says, noting that under British takeover rules Dragon has until mid-March to make an offer for Bowleven, presenting other potential bidders with a deadline.

"What that has done is, in terms of a marker in the sand, it's enabled other companies to get their slide rules out and to consider an offer for the company as well."

Matharu also notes the strong interest being shown in another British explorer, Cove Energy, which has put itself up for sale and received two offers.

"We've seen Cove has been well bid in the market and the fact still remains that at the moment given where valuations are, it is cheaper to buy reserves on the stock market than it is to try and drill for them.

I think that any company that has got proven reserves on AIM in proven basin plays, that does not have the capital, or access to the capital, to finance the development of those reserves in a capital efficient manner are vulnerable to cash rich companies looking to build their reserve base."

Bowleven declined to comment on the rumours.

Reuters messaging rm://sarah.young.thomsonreuters.com@reuters.net

Bowleven been dumped

That's an insightful comment hlyeo! How long did it take you to come up with that? ;o)

http://www.ft.com/cms/s/0/23537b94-6239-11e1-872e-00144feabdc0.html#ixzz1ni5RUQ7n

Courtesy of the FT.

Bowleven wilts as Dragon Oil turns away

By Michael Kavanagh

Shares in Bowleven fell by a quarter on Tuesday after Dragon Oil, which is controlled by Dubai’s state-owned Emirates National Oil Company, said it was dropping plans to bid for the Cameroon-focused oil explorer.

Dragon’s initial approach a fortnight ago for Edinburgh-based Bowleven pushed its shares up 46p, or 62 per cent, to 120p, valuing the company’s equity at £355m.


But that left Bowleven shares trading well below the high of 414p hit in January last year.

The shares gained as much as 14 per cent to hit a high of 153p on Tuesday morning amid rumours of a possible counterbidder emerging to challenge Dragon’s informal approach.

But a statement by Dragon confirming that it was no longer in talks saw Bowleven’s shares fall to close 24 per cent down on the day at 102p.

Dragon declined to comment on its reasons for withdrawing its interest, while Bowleven declined to say how far discussions had gone or any pricing levels suggested by the suitor.

Shares in Bowleven had been trading around the 80p mark since last November, amid growing concerns over its ability to fund a drilling campaign in west Africa without outside help.

The company holds five onshore and offshore blocks in Cameroon and said last month it was in discussions to raise debt finance to fund drilling aimed at delivering “homegrown production and cash flow in 2015”.

Bowleven, led by chief executive Kevin Hart, held cash of $160m at the end of last year after the disposal of assets in Gabon and a $124m fundraising at 103p a share in October. It has insisted that it can continue to pursue development plans for its Cameroon assets without the need for a takeover.

Production from Dragon’s fields in the Caspian Sea rose by a third in 2011, helping to add nearly $400m to its year-end net cash balance of $1.52bn.

A week ago, it restated its ambitions to acquire sizeable assets beyond its interests off the shores of Turkmenistan. Dragon insisted it would maintain a “disciplined approach” in pitching any firm offer for Bowleven.

Cenkos this morning

BOWLEVEN - Yesterday's announcement that Dragon Oil were no longer considering an offer for Bowleven was followed by a comment from Bowleven that no detailed discussions had been held and no due diligence carried out. Bowleven presented their investment case at the analyst's day in late January, they believe that a central fair value case can be made for Block 7 offshore Cameroon to be valued at 330pps, and that the Block 5 assets where they experienced difficulties in drilling were also very attractive now that the downhole conditions were understood. The company now needs to deliver the MOU for a gas sales agreement for Block 7 and ideally find a partner who will also see the value that can be liberated from the assets. The shares do look very cheap but have gained a reputation as somewhat "unlucky". The current price bears little relation to the underlying value and they are still a BUY.

certainly i think 95/97 should be the bottom of the hole, though it may dip below this as more hot money flees .... very much a prsonal choice asto whether one wants to try to trade this on an upswing

Cenkos is often wrong in its recommendations.

I was in as long as there was the bid factor...now ?....I'll just hold on to my remaining loss making shares but more news elsewhere....

hopefully all the nervous sells out now those who can see through the mist will be rewarded in time when the dust settles

I haven't followed this one but what was the price when the offer news hit the SP?

just look at dates of posible offer and the chart and you will find it out

research have to be done by yourself

I will help you with a chart

Looks like 75p from that chart, thanks MM.

UBS note:
"Bowleven held a Capital Markets Event in January. The company discussed in detail its plans for the development of its oil and gas resources offshore Cameroon now that the government has discussed designating the gas as feedstock for a fertiliser plant. However we still see risks to full scale development. If the appraisal/exploration risk on the 150Mbbl IF oil asset is too great and Bowleven/Vitol decide not to drill in the near term, this would heighten development, and particularly financing risks in our view. While our 113p NAV assumes some risk around the decision to drill IF-2, as well as the resultant appraisal and development success, in the event that drilling on IF is pushed back to a later stage due to uncertainty over the geological viability, our NAV would reduce towards 76p. We think that Dragon may have initially been looking at Bowleven due to the wide spread between Bowleven’s share price and the company’s illustrative valuation. We think that if a bid had proceeded, bid-ask spread could have been an issue, which might also deter other companies from approaching.
We move to setting our price target at a 10% discount to risked NAV (from 30% previously), which we increase to 113p from 97p. Despite not seeing Bowleven as a takeout candidate, we think there is a level of heightened sensitivity to M&A among the E&P sector which may contribute to inflated valuations for some time."

So it's likely to drop from this level at 96p.

false alarms always= sp falls

Back to 80p then?

probably lower

Seems that way!

75p is a sensible level

Up nearly 20%. I wonder if another t/o rumour doing the rounds?

Still in with my hundred shares :-)

From Jefferies Brokers:
"We see Bowleven as offering the most attractive value opportunity in our coverage universe. To avoid a “value trap” we think 3 key questions must be asked - 1. Is there large potential upside? 2. Does the current share price imply a sufficiently pessimistic scenario to provide strong valuation support? 3. Can the company take actions to re-rate the shares? We believe the answer to all three of these questions in Bowleven’s case is yes.
"Everybody wants a thrill...(Not) Payin' anything to roll the dice" - Bowleven's gives substantial risked and unrisked upside at attractive prices. Trading at a 53% discount to its discovered risked sum of parts, we see Bowleven as offering the most attractive valuation of its peers. We also see clear catalysts to re-rate the shares in the next 1-12 months, including notably signing gas sales agreements in Cameroon that could underpin development of their discovered resources.
Misconceptions about key value drivers. We believe the market consensus is that high gas prices and certainty on Sapele discoveries are needed to underwrite the project and the share price. We show the majority of our value sits in the lower risk IE/IF/IM discoveries and the SoP is relatively insensitive to a large range of realised gas prices. Trading at an implied <1 in 5 chance of success, we believe the financing risk has been more than fairly captured.
Dragon Oil flirtation highlights value seen by industry. While nothing came of the short flirtation Dragon Oil had with Bowleven, we believe it highlights the industry sees underpriced opportunity in Bowleven's shares.
Upside potential, downside protection and visible catalysts for re-rating make Bowleven one of our prefered exposures in European E&Ps. Our estimate of the value of its risked discovered resources alone is 198p/sh, over double the current share price. Additional upside possible if key risks of gas monetisation and project funding are addressed as we believe they can be in the next 6-9 months. The current share price reflects a highly pessimistic scenario which we see as acting as support for the shares. We believe Bowleven's 2012 program will demonstrate the underappreciated value of its assets to the market, allowing for a material re-rating.

">

Cameroon crude output on track for 100,000 bpd in 2012 Sun Mar 18, 2012 11:23am
http://www.precogz.com/home/

BowLeven Positive on Exploration Programmes But Analysts Expect Losses for Coming Years

StockMarketWire.com
West Africa-focused oil and gas explorer Bowleven posts operating losses of $8.5m for the six months to the end of December - up from $7.7m last time.

Administrative expenses fell to $4.9m from $7.7m but there were unsuccessful exploration costs of $3.6m against nil in the corresponding period last time.

But pre-tax losses from continuing operations fell to $5.5m - down from $15.7m.

Chief executive Kevin Hart said: "We are pleased with the progress we have made towards our dual objectives of converting resources to reserves and further exploring the significant potential of the Douala Basin.

"Considerable progress was made in the second half of 2011 and the momentum has continued into the current year.

"Our forward programme is focused on delivering the development of the Etinde resources and commencing exploration drilling on Bomono.

"We continue to remain highly excited about the hydrocarbon potential of our acreage and will continue to explore, appraise and develop in order to unlock its value.

"We look forward to what will be a significant period for Bowleven as we submit our Etinde exploitation authorisation application to the Cameroon government and continue exploratory drilling and appraisal of the Douala Basin."

Was going to sell out and take a loss, but quite gald I didn't in the end! Market doesn't seem to mind a loss, so long as it is less of a loss than expected, so happy to hold for the moment. Looks like t/o rumour has run out of steam, so back to fundamentals.

:-)

StockMarketWire.com
Plexus Holdings has announced the signing of a further contract to supply wellhead equipment for appraisal activity to an operating subsidiary of Bowleven, an African-focused oil and gas exploration company quoted.

Plexus will supply High Pressure/High Temperature ('HP/HT') wellhead systems and services for drilling offshore Cameroon and the potential value of the contract is estimated at £1.05 million with revenues expected to commence in June/July 2012.

StockMarketWire.com
West African-focused Bowleven's wholly-owned Cameroon operating subsidiary, Euroil, has signed a memorandum of understanding for the supply of gas from the Etinde permit.

The MoU was ssigned with the National Hydrocarbons Corporation (SNH) and Ferrostaal.

The three companies will cooperate towards the evaluation, development and putting on production of the gas fields in the Euroil operated Etinde permit in order to ensure that it is supplied with natural gas as from year-end 2015.

Bowleven chief executive Kevin Hart said: "We are delighted to be supporting Cameroon in its ambition to develop the country's gas resources.

"Cameroon has a strong and growing domestic fertiliser market and we look forward to working closely with SNH and Ferrostaal to deliver the project.

"We are encouraged by the progress in our route towards the monetisation of Bowleven resources.

"This is a positive step towards the realisation of the potential of our acreage."

Up nearly 20% this morning, but no news that I can find!

Bid rumours apparently!

FT comment

beware - offer outnumber bid about 7:2

FT links are a bit useless for us mortals who don't subscribe, skinny. What is the gist please?

Harry - its free to register and read the FT comments bit! :-)

Cheers. (I didn't realise there was a free section. I will have a look).

exceptional volume ..... already 4x daily average

Well done rf.

I wouldn't get your hopes up!
Reuters - "A spokesman for Bowleven declined to comment on the takeover rumours.

"Clearly this share has performed very badly. There is a lack of positive sentiment in the market around the story. It's entirely natural that rumours like this come up particularly when a share price has fallen so much," says an analyst who declined to be named."

shell have decided not to get invove in cove energy wonder if afr or blvn on cards?

At last shares moving north maybe there might be another company looking to put.a bid for takeover as shares I feel undervalued at moment

barely, and so is nearly every single other stock

re - SHELL

Bid rumours once again and share price up 5p to 68.50 on higher volume

65p now.

Someone lazy to put the propper price, not yet 65p

# prices can go down aswell as up

">

http://www.fandc.com/blog/post/UK-Alpha-update-Cove-Bowleven-and-Nanoco.aspx

UK Alpha update - Cove, Bowleven and Nanoco
By Peter Lees20. March 2012 00:43

Bowleven – The recent tentative approach from Dragon Oil shows that other parts of the industry may also see the value we do in Bowleven’s assets. The pre-approach share price performance however, has been adversely impacted by market concerns over how to use the gas that is found with the oil, which cannot be flared - a commercial use is therefore needed and agreeing this is taking time.

While we believe that Bowleven may well be acquired at some point in the future, the starting price should be significantly north of the 80p it was trading at before the Dragon Oil approach. The catalysts we are looking for to achieve this along with a possible time line are as follows

• Q1: A draft exploitation application/development plan submitted to the Cameroon Govt, which will trigger a 30 day put up/give up for Vitol on its option to acquire a further 10% stake in Block 7 Cameroon for $50m.
• H1: Completing the sale of its stake in the EOV field – rumoured price $35m+
• H1: Signing a memorandum of understanding with the Cameroon Govt/Ferrostaal to supply gas to enable the construction of a Fertiliser plant.
• Q3: Spud IM-5 appraisal well – to prove there is sufficient gas to enable the finalisation of gas sales agreements.
• Q3: Spud onshore Bomono well (100% owned by Bowleven) – targeting a significant prospect.
• Q4: Spud 2nd appraisal well in either its IE or IF exploration blocks or potentially further exploration/appraisal well in Block 5.
• Q1 2013: Finalise and sign gas sales agreements to enable the commencement of construction of development/production facilities with a view to first oil in 2015.

Another good rise today reaching 72.50p at one time

sold some at 71.50p

Rising with volume today but on top of Bollinger BAND

Retracement to 66p was expected a 61.8 % Fibonacci, but it went lower to 65.25p

took some onboard at 65.50p

Bowleven , the AIM listed oil and gas explorer, spiked up 6.5p (10.3%) to 69.5p today, on no apparent news. The reason for the rise appears to be takeover rumours, which are spreading across various discussion forums, though there has been no substantiation and they seem to be based on nothing more than the firm's falling share price -- it's down by around half since late March

There is some life on the stock once again this morning, after retesting yesterday's retracement this morning

Bowleven will reach 160p within the next six months.
I'll return when it pops through 100p to remind you all of what you could have won (caravan, speed boat, family car)

you're sounding like MrP!

Lol, wait and see.
No more posts fom me on this thread until 100p.

Group Operations Update

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the following update on activities:

Highlights

· Drilling operations commenced on IM-5 appraisal/development well on block MLHP-7, Etinde

· Draft Etinde exploitation authorisation application submitted to Cameroon authorities

· Gas sales term sheet for proposed fertiliser plant in advanced stages of negotiation

· Discussions ongoing with preferred bidder on Bomono farm-out

· Extensive and highly prospective exploration acreage position obtained onshore Kenya

· Group cash balance at end August 2012 circa $140 million

Kevin Hart, Chief Executive, said:

"We are pleased with the progress we have made on the proposed initial phase of the hub and spoke development plan for Etinde. The submission of a draft exploitation application and the commencement of drilling operations on the IM-5 appraisal/development well are key steps on the overall path to development.

We are also delighted to add a significant acreage position in Kenya to our existing exploration portfolio in Cameroon. This new acreage affords the Company exposure to an exciting new hydrocarbon province for a minimal capital commitment."

Wy the jump today?

up 4%

PETROFAC AGREES STRATEGIC ALLIANCE WITH BOWLEVEN
Petrofac and Bowleven, the Africa-focused oil and gas company, have agreed a strategic alliance to support the proposed development of the Etinde Permit, offshore Cameroon.

The alliance represents an opportunity for Petrofac to leverage its extensive capabilities to support Bowleven's proposed development and builds on the company's presence in West Africa.

Under the terms of the strategic alliance, which is subject to Bowleven shareholder approval, Petrofac will provide engineering capability to Euroil, Bowleven's Cameroonian subsidiary, to support the delivery of a Field Development Plan (FDP) for the proposed first phase of the development, pending satisfactory completion of Euroil's appraisal of its asset. Prior to approval of the FDP, Petrofac will be remunerated by Euroil for the provision of its service capability.

Subject to an agreed FDP and satisfaction of certain other conditions, including co-venturer and government approvals, the strategic alliance's risk service arrangements envisage that Petrofac will subsequently execute the planned development through the provision of project management, engineering, procurement and construction services, and will invest up to US$500 million as part of Bowleven's financial commitment to develop the asset. Petrofac's investment would be remunerated through a share of Bowleven's production revenue.

this was very important for BLVN and, because of that, you can bet that PFC struck a very hard bargain

On the bounce today with volume, Indicators certainly rising from oversold

mind you most oil stock were on the way up also

66.375p +1p

despite the large volume lately the price has been holding low, with just small risers every day. The large volume could prelude to a bid again

re - bid

71p +2p

A very large trade 5.7M early on has got the share price moving over 70p were resistance has been a problem lately

KEEP AN EYE

64.875p ( 64.75 / 65p )

Had the retracement till this morning reaching low of 64p that was 61.8 fibonacci. Though still down on the day should bounce from here.

Just like BPC did.........

Right to repply

there is allways the spoilers about, trying to tell us or something else worse part of their lowly live I suspect.

If you did buy BPC and 18 % gain in 24 hours could have been done and yet again is trading at asbout the time of mention, so what is your problem?

but you do not ever make any profit like that most likely...

... most likley cos you are a "boy"

btw - is 65.385p now so is going the way I expected

8 hour breakouts ...... wow.,.

and 66p now

Finishing up like this with a HAMMER Candlestick is bullish

and you still acting like what you are a boy

Some places they say on treating with posters like you ......... go back to school

cruelty to animals (emu) ...... at least MJ is fairly indiscriminate in his abuse ..... mind you, if you tell him you have banked a decent profit, you'll still get called a liar and garner a few other bits of gratuitous personal abuse

We are getting ... STAKERS ... BOYs the lot, some of them can not even sleep at night cos someone told them the truth.

But have you noticed, they are not talking about BLVN, but if they have clean up their backside or not leaving from the sit down place.

Ugh!........... You don't half talk some cr*p mj.

I'm talking about blvn....... .13 of a penny ain't much of a breakout.,.

HARRY, the CAT just have done some "cr*p " behind the curtain

you better HURRY

I can smell it from here
----------------

Share price holding above the closing price yesterday, still volatile as some still selling as most are now buying in the order book

BUT, 9% on AFR and CLIG is worth looking at.,.

BB - i'm afraid the pedagogue gets very abusive indeed if you dare do other than bow and scrape to him

Dictionary time again.,.

more of a Dullard than teacher me thinks.,.

P!SSING over those that have nothing to do but BLA BLA BLA is a plesure.

As I said before is good to learn, cos over here 99& have no idea of anything on the share business, maybe is for that reason they talk about anything else.

They forgot that there is another thread for that .... talk nonsence
http://www.moneyam.com/InvestorsRoom/posts.php?page=1031&tid=8123

note: Good point — we need to be careful who we share tips with.

in that case MJ, perhaps you'ld like to restrict your personal and offensive abuse to that thread instead of cluttering up threads about stocks and shares

by the way, you might like to consider taking a course in English and its grammar and spelling

Live is sweet when one see the share price is on my side 66.25p +1p

finishing as I said with a HAMMER Candlestick bullish as is the signal of retracement done.

       

HAMMER

Definition:

The Bullish Hammer Pattern is a significant candlestick that occurs at the bottom of a trend or during a downtrend and it is called a hammer since it is hammering out a bottom.
The Bullish Hammer Pattern is a single candlestick pattern and it has a strong similarity to the Bullish Dragonfly Doji Pattern. The Bullish Hammer Pattern has a small real body at the upper end of the trading range.

Recognition Criteria:

1. The market is characterized by a prevailing downtrend.
2. Then we see a small real body at the upper end of the trading range. Color of this body is not important.
3. We would like to see the lower shadow at least twice as long as the real body.
4. There is no (or almost no) upper shadow.

can't say i care whether it's a hammer or a sickle or even a cycle, especially as i have no particular interest in these ...... however, you do not seem to be waxing quite so lyrical about either BAO or even LAM

As a core holding I'd expected this to be £1+ before Xmas, especially on the back of the Petrofac alliance, but alas got to 90p and once again fell back quite heavily. Probably caused by the delay to the Etinde appraisal drill, which was supposed to be at TD before Xmas but still no further news. hopefully a successful drill will reinvigorate the SP. BLVN are a bit like AFR and XEL, potentially so under-valued at this low level. And I should say to the serial abuser that is magicpants, BLVN have a considerable quantity of black gold, unlike CHAR which last time I looked has none at all.

Just SHUT up LOSER, STOKER and calling youself LIAR

what are you doing here then...

spoiling sports as usual, wasting other posters reading.

get it - you can not say you sold at a large profit if earlier had plenty of post without saying you bought it. ( mainly saying you were negative at much lower prices )

chuckles

not everybody buys on the financial position of the company, but the ones with knowlegde buy on charting.

If BLVN get both like today then much better.

I can see you have as so many over here much to learn about shares movements, otherwise BLVN would be 150p on your accounts, but
for reasons plenty ( manupilating the order book, selling short, etc. specially if a bidder wants to buy stock on the cheap, as it seems had happen 2 weeks ago.

The clue is on the pudding and only me said the retracement was on today, whatever you want to say is - soar grapes for CHAR as above.

enough for today

oh dear oh dear oh dear ...... the pedagogue really has got himself in a right old tizzy ..... it really is very girlie and pathetic .... and of course taking up so much space on a stock thread when he should be confining his abuse elsewhere - as he was so keen to point out to BB

RNS good news?

StockMarketWire.com
Oil explorer Bowleven (LON:BLVN) has announced a potential discovery from its IM-5 well in Cameroon.

Based on logging while drilling (LWD), the well has intersected a gross reservoir interval of approximately 80 metres which corresponds to the seismic event identified pre-drill. A preliminary analysis of provisional net pay is estimated to be between 52 and 56 metres, indicating a net to gross of approximately 70%.

Based on preliminary analysis of this data, reservoir quality is believed to be good. Initial indications including data collected from the GC tracer suggests the presence of liquids rich hydrocarbons, although further evaluation is required. Further logging (including the acquisition of MDT data) and testing is required to confirm reservoir quality and hydrocarbon content and type.

The IM-5 appraisal/development well, located approximately one kilometre south of the IM-3 well location, has an estimated target depth of 3,475 metres and is drilling in water depths of around 56 metres. The primary objective of this well is to appraise the reservoir and fluid properties of the Middle Isongo sands. The secondary objective of the well is to investigate the additional potential of the Intra Isongo exploration prospect, a potentially extensive amplitude supported channel system potentially comprising both structural and stratigraphic trapping elements. The well was also designed to intersect the Upper Isongo sands and confirm that these are present at this location and water-bearing as prognosed. Following a variety of operational delays of a mechanical nature, the well has now reached a depth of 3,330 metres MD and is currently situated just beneath the top of the principal Middle Isongo target. The forward plan is to core the Middle Isongo reservoir then drill on to TD before carrying out further logging and flow testing as appropriate.

Kevin Hart, Chief Executive said: "We are highly encouraged with the results so far on the IM-5 well which to date has confirmed our pre-drill seismic interpretation. The potentially significant hydrocarbon discovery in the Intra Isongo demonstrates the substantial upside that we believe exists on Etinde. Bowleven is focused on delivering the key requirements that will enable the final investment decision for the Etinde development. Consequently IM-5 drilling operations will continue with the planned appraisal of the Middle Isongo interval and, subject to the results, the potential testing of both the Intra and Middle Isongo reservoir formations."

This is a very encouraging update... could be a real potential like what it did to Tullow.

Smell the coffee or is OIL

Looks very encouraging and hole is not completed yet.

StockMarketWire.com
Barclays Capital has renewed its positive "overweight" stance on Bowleven (LON:BLVN) following its recent drilling update from which the broker stated was "a positive step toward the monetisation of Bowleven's oil resources in Cameroon". Its target price of 225 pence per share was also reaffirmed in a note issued to clients today. Analyst Alessandro Pozzi went on to say: "To achieve this, the company needs at least 300Bcf of gas to feed a fertiliser plant that could process and dispose the gas associated with oil resources. Preliminary results from the IM-5 well indicate the presence of two hydrocarbon bearing formations, Middle and Intra Isongo, that could provide the required gas volumes."

Merrill Lynch 260p:

Long-anticipated IM-5 well worth the wait
Net pay in secondary target likely validates 52p of the NAV
We reiterate our Buy rating and PO/NAV of 260p, offering c.280% upside potential, post a positive update offshore Cameroon. The long-anticipated IM-5 well (Block 7) encountered 52-56m of likely net pay (gross interval of 80m; net to gross c.70%) in the shallower, secondary objective (Intra Isongo reservoir). In combination with the IM-3 well (Block 7), this likely validates at a minimum our valuation of the IM field at a risked 52p (unrisked 62p), based on BowLeven’s gas in place estimate of 466bcf (86mmboe) and recovery factor of c.70%. On going drilling of the primary target is a potential source of value confirmation and of material upside near-term.
Primary target successful previously & promising signs here.
The IM-3 well, drilled 1km away from IM-5, encountered 37m of net condensate pay in the primary target (Middle Isongo reservoir), while only 3m of net pay in the secondary target (Intra Isongo reservoir). Thus far, the IM-5 well has penetrated 5m of the primary target (Middle Isongo), which appears to be hydrocarbon bearing and will drill a further 145m to Target Depth (TD) at 3,475m. Further data will now be acquired over this final section with results in 2-3 weeks.
Coring, logging & drilling for 2-3 weeks & testing to follow
Coring of the primary target (Middle Isongo) is underway, with drilling to TD and completion of logging to follow on the primary and secondary targets. This should provide further information as to the nature of hydrocarbons encountered, i.e.liquid and gas content, within the targets and the associated value implications. Testing is likely to follow for a further 1-2 weeks in order to establish the flow rate potential of each section, potentially providing a further source of upside. A reserve audit on the IM field may also follow the drilling programme in 2Q/3Q13.
Further upcoming catalysts: FID & onshore farm-out
Submission of the Etinde Exploitation Authorisation Application (EEAA) took place in Nov-‘12 and the sales gas agreement is nearing finalisation. These are two key requirements ahead of Final Investment Decision (FID) approval, targeted for2H13. To remind, FID will see Petrofac provide up to US$500mn for the Stage I development, as well as up to US$60mn in back costs for the IM-5 well currently drilling. Furthermore, farm-out discussions on the Bomono onshore field remain at
an advanced stage and an announcement is still anticipated shortly. Terms are likely to include full carry on two exploration wells costing c.US$30mn in total, with the wells worth a risked 7.2p (unrisked 48p).

Those words. "likely to be" and "condensate" and "which appear to be" don't excite me or the sp.,.

I am in. Big. I don't see a lot of downside but good potential on the up.

Bow Leven: Bank of America increases target price from 216p to 360p keeping a buy recommendation.

Once it flows and it will, the SP will reflect the appraisal, particularly the probable new discovery.

Just goes to show you can't always trust candles.

The bullish hammer on the 23rd (correctly identified by magicpants) could have given investors the impression that the SP was ready to reverse, but then was made invalid by further weakness for the next four days.

Ultimately he was sort of proven correct yesterday when BLVN released positive trading news. But for a scalping trader dealing in very small moves, the candles didn't work.

Money AM chart candles? do not trust any

anyway - magigjoe - said " 64p that was 61.8 fibonacci."
share price only went 63.50p as the low point, me thinks his point was valid OK

as i always said, his pix and comments were interesting even if you didn't want to follow, but his persistent stream of personal abuse was NOT

anyway, his funeral was afew days ago by the looks of it

A bit more buying can push it above its recent highs.
Does anyone know the level of short positions on this company?

Spread Magazine are bullish, mind you they have been adding recently, so take it with a pinch of salt
Bias? RAMP?


Posted on Monday, February 4, 2013 at 9:06AM
Bowleven ready to make an assault on 80p?

Below is an excerpt from our Zak Mir & SBM Q1 guide concerning Bowleven

“Technical overview - Shares of Bowleven have actually been in a mildly rising trend channel on the daily chart since June, with the floor of this channel running currently at 62p. The implication of this is that while there is no sustained price action back below the 59p August intraday low, the upside here should be back towards the post September resistance zone at 80p plus. In fact, the RSI looks to me as if it is just beginning to turn higher and so will provide the fuel to carry Bowleven back towards the top of its range during the 2nd half of 2012.”

Well, with the look of the price action over the last 10 days, aswell as the updated chart formation below, our confidence in this key constituent of our SBM Dream Oil Explorers portfolio is growing and it looks to us as if the 80p level will be breached in the short term. We have been adding in recent weeks.

Bowleven ready to make an assault on 80p?

>>> 80p
Is on the way to 80p today , but before has to break intraday 74p

If it wants to break, volume was there today

the 74p broken then up she goes in a strait line

Going places once again this morning, a short distance to the 80p now.
Yesterday's comments that Dragon is full of cash and looking for acquisitons is helping

yep. Watching both with interest .... DGO should be above £12 soon

Bowleven is a STRONG BUY at 76p.

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven's IM-5 well offshore Cameroon has reached the Middle Isongo primary objective.

The company says the well has encountered liquids-rich hydrocarbon-bearing pay in both this and the Intra Isongo reservoir objectives based on the results of drilling, core analysis, wireline logs, fluid samples and pressure data. The well, which was designed to appraise the reservoir and fluid properties of the Middle Isongo and to explore the additional potential of the Intra Isongo, has reached TD of 3,430 metres MD. The forward programme is to set liner and conduct testing operations.

Chief executive Kevin Hart said: "We are very pleased with the results so far on the IM-5 well, which has confirmed the presence of liquids-rich hydrocarbons in both the Middle Isongo primary objective and the potentially significant Intra Isongo discovery.

"We eagerly await the results of the forthcoming testing.

"The group is intensely focused on delivering the key requirements that will enable the final investment decision for the Etinde development to be made.

"With the validation of sufficient gas volumes to meet the requirements of the proposed fertiliser plant, our efforts continue on finalising the gas sales heads of terms with Ferrostaal and obtaining the Exploitation Authorisation from the government."

FT comment today:
"A positive update from BLVN’s latest appraisal well offshore Cameroon, where it has a 75% interest in the MLHP-7 licence. The IM-5 well has encountered liquids-rich hydrocarbons in its primary objective, following earlier success in a shallower interval. The well is now at TD and will shortly commence a testing programme. The primary Middle Isongo objective encountered 25 metres of net pay over a gross interval of 33 metres. This follows on from the Intra Isongo secondary objective encountering 70 metres net from 80 metres of gross. This in itself is an increase on the 52-56 metres that the group announced three weeks ago. The liquids to gas ratio in the Middle was 150 bbls/mmcf and 200 bbls/mmcf from the Intra. Testing will now take place although it is difficult to forecast what the group would deem to be a successful flow-rate. Previous testing on the nearby IE field in 2010 yielded a substantial rate of 14,500 b/d of liquids and 50 mmcfd of gas i.e. a liquids to gas ratio of 300 bbls/mmcf. I’d imagine the group would be hoping for more than 5,000 b/d of liquids. All looks good therefore and the shares should advance today. Commerciality not yet confirmed but certainly heading in the right direction. Be prepared though, if IM-5 does indeed deliver a strong flow-rate, I imagine the first thing the group will do is attempt an equity fund-raise, as its cash will start to get a bit tight from the end of this year, despite its strategic alliance with Petrofac ."

IM-5 well, Block MLHP-7, Etinde Permit, Cameroon
Following assessment of the IM-5 well data, including logs, fluid samples, revised depth conversion and structure mapping, Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce a substantial increase to the Isongo Marine field (IM) in-place hydrocarbon volumes.


Highlights
· Intra Isongo discovery represents material volume addition.
· Combined P90 WGIIP increased by over 300% to 531 bscf post IM-5 drilling.
· Validation of more than sufficient gas volumes on a P90 basis to meet fertiliser plant requirements.
· Combined Mean WGIIP and CIIP increased by 162% and 868% to 1,222 bscf and 184 mmbbls respectively.
· Preparing to test both Middle and Intra Isongo reservoir intervals.

http://www.moneyam.com/action/news/showArticle?id=4549551

Very impressive news... more intervals to be tested... STRONG BUY

SmallCapNewsShares in Bowelven (BLVN) are volatile at the best of times and this week has been no exception with the group seeing its stock lead the AIM market top risers.

Cameroon-focused Bowleven saw its shares close last Friday at 75.5p but go on to touch 82.5p during trading yesterday. This morning it announced better than expected results from test work on its IM-5 well on its Etinde permit, which drove the price further to over 87p.

Specifically, the new data suggests that Bowleven has found a lot more wet gas and condensate than it originally thought. That is good news because the current drilling is focused on appraising the field ahead of potential development. There has been 300% increase in the estimated P90 wet gas initially-in-place to 531 billion standard cubic feet. And overall, the combined average wet gas and condensate in place have increased by 162% and 868% to 1,222 bscf and 184 million barrels respectively.

Latest broker forecasts:

07-Mar-13 Barclays Overweight 86.25p 235.00p 235.00p Reiteration
06-Mar-13 Jefferies Buy 88.50p 195.00p 195.00p Reiteration

Interim Results Announcement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its interim results for the six months ended 31 December 2012.

OPERATIONAL UPDATE
· Gas sales term sheet for proposed fertiliser plant agreed with Ferrostaal; signing ceremony being organised.
· Good progress made towards Etinde staged development FID.
· Testing programme underway on IM-5.
· IM-5 Intra Isongo discovery highlights new material exploration/appraisal upside.


INTERIM REPORT HIGHLIGHTS
Resources to Reserves
· IM-5 appraisal/development well exceeds pre-drill expectations:
o Significant discovery (70 metres net pay) made in Intra Isongo.
o Middle Isongo primary objective encountered 25 metres net pay in 33 metre interval.
o Preliminary volumes indicate combined IM P90 WGIIP increased by over 300% to 531 bscf; more than sufficient gas volumes to meet fertiliser plant requirements.
o Combined IM Mean WGIIP and CIIP increased by 162% and 868% to 1,222 bscf and 184 mmbbls respectively.
o Logging samples confirm the presence of liquids-rich hydrocarbons in both the Intra and Middle Isongo reservoir intervals.
o Testing programme underway on Middle and Intra Isongo intervals.
· Good progress made towards Etinde staged development FID:
o Etinde Exploitation Authorisation Application (EEAA) submitted to Cameroon authorities as planned.
o Gas sales term sheet for proposed fertiliser plant agreed with Ferrostaal.
o Strategic Alliance Agreement signed with Petrofac; potential access to up to $500 million towards Stage I of the Etinde development and to Petrofac expertise.

Exploration
· Etinde
o Intra Isongo discovery highlights new material exploration/appraisal play.
· Bomono
o Exploration well (Zingana-1) site location is drill ready; rig sourcing continuing.
o Ministerial approval given to two year renewal of exploration phase to December 2014.
o Farm-out discussions continue.
· Kenya
o 50% farm-in to block 11B approved by Kenyan authorities.
o Preparation for airborne geophysical and 2D seismic surveys underway.

Corporate
· Group cash balance at 31 December 2012 $90 million (end February 2013 circa $65 million), no debt.
· Significant financing flexibility maintained:
o Petrofac Alliance provides up to $500 million development funding for Etinde with up to $60 million IM-5 well costs reimbursed at FID.
o High equity interests facilitate farm-out opportunities.


Kevin Hart, Chief Executive of Bowleven plc, said:

"The recent IM-5 results, which significantly exceeded our pre-drill expectations, have placed us in great stead to deliver the staged development of Etinde. The substantial uplift in both gas and liquids volumes ensures we can move forward with the development plan and gas sales agreement knowing we are underpinned by an extremely robust project. We now look forward to putting these pieces of the jigsaw together to reach FID.

In addition, the recent Intra Isongo discovery reinforces our view that a significant volume of hydrocarbons remains still to be discovered on our Etinde and Bomono Permits. We remain convinced that Bowleven is ideally positioned to become a major contributor to Cameroon's hydrocarbon production for years to come and we have the funding flexibility to deliver this potential."

0

Merrills:

Gas Sales Agreement terms agreed; FID on track for YE13
We reiterate our Buy rating and PO of 215p offering c.170% upside potential post
the completion in Cameroon of the Gas Sales Agreement (GSA) terms with
Ferrrostaal, the operator of the proposed fertiliser plant. The terms have now
been agreed and a signing ceremony is anticipated imminently. We expect the
pricing to be close to the company’s previous indications and our estimate of
c.US$3/mcf. This represents a key milestone, which, in addition to EEAA approval
from the government expected post IM-5 flow test results, will allow BowLeven to
progress to key Final Investment Decision (FID); still on track for completion by
the end of 2013. As previously stated, Stage 1 terms of the agreement are for
70mmscf/d for a minimum period of 10 years with first gas in 2016.
IM-5 flow test results early April; updated reserves in 2H13
BowLeven is currently mid-way through the IM-5 flow testing programme, which
will determine both flow rates and more accurate hydrocarbon content. Results
from both the primary (Middle Isongo) and secondary (Intra Isongo) horizons are
expected in early April. An updated reserves report may follow in 2H13 but only if
necessary for debt financing; Petrofac appear to be comfortable with the data.
9 further prospects on the Intra Isongo horizon identified
Further to the recent large upward revision in estimated discovered volumes on
the IM Field (gas-in-place of 1.2Tcf and condensate-in-place of 184mmboe)
BowLeven has identified further prospectives. Additional gas-in-place of c.1.6Tcf and unrisked condensate-in-place of c.273mmboe across 9 prospects has been delineated and will be the subject of future exploration drilling.
Bomono farmout delayed but discussion ongoing
The farm-out discussions on the onshore Bomono acreage are still ongoing, with
BowLeven considering alternative farmout partners in parallel to ongoing
discussions with original farm-in partner. We anticipate the company will continue to seek full carry on 2 wells worth a total of c.US$30mn. The first 2 well targets have been identified, with both targeted to be drilled by the end of 2014, subject to the completion of a farm-out and the availability of a rig.

This is starting to look interesting.

Oil & Gas Sector: GeoPark up after Colombia well successes

StockMarketWire.com
Africa focused oil and gas explorer Bowleven is pleased with results of the first test at the IM-5 appraisal/development well drilling offshore Cameroon.

Bowleven says a drill stem test (DST) was performed on the Middle Isongo interval and preparations are now under way to test the Intra Isongo interval.

The company said condensate-rich gas flowed on test confirming significant liquids content of gas.

The maximum flow rate of 23 mmscfd and 3,155 bcpd (total over 7,000 boepd) delivered on test demonstraed productivity at commercial rates from Middle Isongo with high quality condensate (43 degree API) produced on test.

Chief executive Kevin Hart said: "The results from the IM-5 well continue to please. We are encouraged to see the first DST result at IM-5 confirm the deliverability of liquid-rich hydrocarbons from the Middle Isongo reservoir interval at commercial rates in excess of our pre-drill estimates.

"This result bodes well for the planned phased development of Etinde. We now look forward to test results from the Intra Isongo."

Blackrock has increased it holding by almost 2M shares.

IM-5 well, Block MLHP-7, Etinde Permit, Cameroon

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the results of the second test at the IM-5 appraisal/development well drilling offshore Cameroon. A drill stem test (DST) has now been performed on the Intra Isongo reservoir interval and this following the Middle Isongo DST announced on 2 April 2013 completes the successful drilling and testing programme at IM-5.

Highlights
Testing Overview
· Condensate-rich gas flowed on test from both Middle and Intra Isongo intervals confirming commercial production rates and the significant liquids content of gas.
· Combined maximum flow rates of 60 mmscfd and 7,819 bcpd (total over 17,800 boepd).

Intra Isongo update
· Average flow rate of 37 mmscfd and 4,664 bcpd (total over 10,800 boepd) achieved from 29 metres of perforated section out of 70 metres of net pay.
· High quality condensate (approximately 43 degree API) produced on test.

http://www.moneyam.com/action/news/showArticle?id=4577805

Merrill's:

Secondary target Intra Isongo flows > 10,800 boe/d
We reiterate our BUY recommendation and PO of 215p post today’s very positive
and final DST (Drill Stem Test) result on the IM-5 well offshore Cameroon. The
flow rate, testing a 29m perforated column of the Intra Isongo interval (c. 70m of
discovered net pay), revealed an impressive flow rate of 37 mmscf/d of gas (c.
6,140boe/d) and 4,664 boe/d of 43º API condensate; a combined flow rate
therefore in excess of 10,800 boe/d. Pressure drawdown on testing was restored
comfortably within the planned 72 hour period, hinting at a potentially large lateral
extent of the tested interval; a source of future upside optionality for Bowleven.
Combined flow rates from IM-5 testing > 17,800boe/d
Along with the previously disclosed flow rate achieved on the Middle Isongo
interval, this takes maximum combined flow rates to over 17,800 boe/d, well in
excess of the plateau gas volumes agreed for the proposed fertiliser plant of 70
mmsc/d of dry gas (equivalent to 80mmscf/d wet gas or c. 13,270boe/d). This
would indicate that 2 wells flowing at c. 40mmscf/d each could suffice; a very
material potential saving on well & infrastructure requirements that are estimated
at c. US$600mn gross at this stage, based on a 6 well development concept.
Condensate yield compares favourably to wells nearby
Whilst the condensate: gas ratio (c. 133 bbl/mmscf) was in the lower half of
company estimates (c. 100-285 bbl/mmscf) for the Intra Isongo layer, it is
important to note that i) the test was only conducted in a relatively narrow 29m
section and the ratio is likely to vary over the rest of the 41m section of net pay
and ii) compared to other assets in the region (e.g. Marathon’s Alba field offshore
EG), the results is still c. 2x the liquid yield achieved in those producing wells.
EEAA approval is the next catalyst; FID targeted for 2H13
The Entinde Exploitation Authorisation Application incorporating the IM-5 well
result is currently with the government pending approval, anticipated imminently.

Bowleven says IM-5 discovery confirmed

Bowleven, the Africa focused oil and gas exploration group, said a discovery of condensate and gas was confirmed following the drilling of the IM-5 appraisal/development well.

IM-5 is in the offshore Etinde Exclusive Exploration Authorization, in the Rio Del Rey Basin, Cameroon. Bowleven holds an interest in the licence.

The National Hydrocarbons Corporation and the Executive Chairman of EurOil Limited, Chief TABETANDO, confirmed the discovery.

Production tests performed from March 17 to April 21 revealed the following results:

- for the Middle Isongo, the maximum daily flow rate of 23 million cubic feet of gas and 3,155 barrels of condensate;

- for the Intra Isongo, the average daily flow rate of 37 million cubic feet of gas and 4,664 barrels of condensate.

The combined maximum daily flow rates of Middle and Intra Isongo are 60 million cubic feet of gas and 7,819 barrels of condensate. These rates could have been higher using increased tubing size. The condensate is high quality (approximately 43 degree API).

The total volumes of hydrocarbons (P50 in-place) of the IM field are estimated at 155 million barrels of condensates and 1,050 billion cubic feet of gas.

The well is being suspended as a future development/production well.

Group Operations Update
Bowleven announces the following update on operations on the Etinde Permit in Cameroon.

Drilling operations - IM-5 well
Following the successful testing of the Middle Isongo and Intra Isongo reservoirs, the IM-5 well has been suspended as a future development/producing well and the Atwood Aurora jack-up rig has been released from contract.

Gas sales term sheet signing ceremony, Cameroon
Stage I of the Etinde development project is based on supplying 70 mmscfd of dry gas to a proposed fertiliser plant in Cameroon. As announced on 20 March 2013, a detailed term sheet for the proposed sale of EurOil's gas production from Etinde has been agreed among Ferrostaal, SNH and EurOil. The term sheet includes an agreement on the applicable pricing mechanism. A formal signing ceremony, attended by senior officials from all parties and the German Chancellor's G8 Personal Representative for Africa in the Federal Ministry for Economic Cooperation and Development was held yesterday at the SNH headquarters in Yaoundé, Cameroon.

The focus will now move to preparing and agreeing the detailed Gas Sales Agreement prior to FID. The Group is targeting FID by the end of 2013.

Etinde Exploitation Authorisation Application (EEAA)
The EEAA was initially submitted to the Cameroon authorities in late November 2012. As planned, an update to integrate the IM-5 well results is underway with formal submission to the Cameroon authorities anticipated during June 2013.

Kevin Hart, Chief Executive, said:

"We are focused on the planned phased development of Etinde and the delivery of first production from the Permit, anticipated in 2016. The agreement of a gas sales term sheet with Ferrostaal is a key step towards achieving this objective and the signing ceremony highlights the importance of this project for Cameroon, Bowleven and all stakeholders. The EEAA is in the process of being updated for the results of the successful IM-5 well and with this, alongside the progress on gas sales, we remain on track for FID and project sanction by the end of 2013."

First Oil Investment in Bowleven New Ventures
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that First Oil, a privately owned UK E&P company, has acquired a 30% holding in Bowleven's East African focused new ventures subsidiary, in return for funding exploration activities.

Under the arrangement, First Oil have committed to fund up to $9 million of an initial work programme (net carry of $6 million), with a further commitment to fund up to $12.5 million (net carry of $5 million) of an additional contingent work programme.

Separately, the parties have also agreed to co-operate in investigating early entry exploration opportunities across the East African Rift System. As part of this agreement First Oil may contribute up to $3.6 million towards Bowleven's share of funding in any resulting new investments.

Kevin Hart, Chief Executive of Bowleven, said:

"We are delighted to welcome First Oil as a strategic partner in our early stage exploration activities in East Africa and we look forward to working with the team going forward in this exciting emerging area."

Steve Bowyer of First Oil, said:

"We are pleased to announce our entry into the developing East African Rift System and look forward to working in partnership with Bowleven."

Resistance will be broken today at 62p, so looking positive from now on

on the turn

Is going places today already a high of 68p

Etinde Exploitation Authorisation Application (EEAA) update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that the process to integrate the recently-drilled IM-5 well results into the EEAA is well progressed.

With the successful IM-5 well demonstrating both a sufficient resource base to underpin the fertiliser scheme and resource potential to allow consideration of other schemes, the Cameroon authorities have requested that the EEAA be expanded to capture other additional gas off-take solutions (including the GDF Suez and SNH Cameroon LNG initiative) prior to submission. These schemes are in addition to Stage I of the Etinde development project which is based on supplying 70 mmscfd of dry gas to a planned fertiliser plant in Cameroon and for which Gas Sales Agreement (GSA) negotiations have now commenced.

The Cameroon authorities have indicated that an early grant of the Exploitation Authorisation is a priority and consequently, in line with timescales outlined by SNH, the final EEAA submission is planned for late Q3/Q4 2013.

Kevin Hart, Chief Executive of Bowleven, said:

"Good progress continues to be made on our path to development in Cameroon. We are focused on the planned phased development of Etinde and with the EEAA progressing well we are on track for FID."

Looking positive today after reaching new lows early on the day.

The closing Candlestick being a Bullish Hammer, should be the end of the recent downtrend

I've been watching these for sometime,just wondering when it might bottom out?
This is a post from a very astute Pi,who i have known for several years and find his
judgement usually sound.
----------------------------------------------------------------------------


had this stock 'only' had the large holders selling do you really think a) we would be at this level and not lower and b) that it would drip a penny or so a day.

these are shifting sands, the recipient on the blackrock issue will take them on as a few pence either way wont matter, the other sellers and I believe buyer will take them as low as they can manage to get them.

this is a window of opportunity not just for us pi's but also the large holders who lets face it will be slightly more upto speed on matters than us.

when these turn and the agreements are all signed we wont see a penny a day rise, it will gap up straight away. im not blind to the fact theres a seller out there or the consistent drops of a penny or so, but the overall investment case here, unless something changes, gets better everyday.

we still have world class acreage and discoveries and drill results and flow test results, we are coming to the end game so why sell now. too many pi's are short sighted but will post a few k win and not their several few k losses trying to trade. we all have a bad deal in the closet, even le c im sure but time is the essence here, we aren't waiting on drill results, just I dotting and t crossing.
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Worth a punt i feel?

">

News can come any day IMO with petrofac

A sudden surge end of day,wonder what;s the reason?


">

Could this be anything to do with today's rise?


Ekales-1 Oil Discovery in Kenya
26 September 2013 - Tullow Oil plc ("Tullow") is pleased to announce that the Ekales-1 wildcat, located in Block 13T in Northern Kenya, has made a new oil discovery. Results of drilling, wireline logs and samples of reservoir fluid indicate a potential net oil pay in the Auwerwer and Upper Lokone sandstone reservoirs of between 60 and 100 metres. Future flow testing aims to confirm productivity from these zones.

This is the fourth consecutive wildcat discovery, in the first oil basin opened in Northern Kenya, since our drilling commenced in 2012. The Ekales-1 well is located between the Ngamia-1 and Twiga South-1 oil discoveries and the reservoir properties at this location appear similar to those previously encountered. Once operations have completed the rig will move to drill the exploration prospect Amosing-1 south of Ngamia-1.

Some interest here,SP creeping up.Could be time to take the plunge?

I just feel that something is happening here?
Today's chart.

">

Part of a post from a seeminly well conected Pi,who i've followed for sometime.make of it what what you will???

--------------------------------------------------------------------------
To hold right through this 'false market' on stocks that you have researched, been loyal to and trusted is no mean feat and takes the patience of a saint as we know but history shows when the value is in the asset the asset always in the end shows the value and i for one have my BLVN shares stuck to my chest with my left shoulder saint content and happy in the knowledge that simply....

An exploration company that after getting into bed with the elite, being courted by globally respected NOC's, completing one of the most successful drilling campaigns of the decade and entering the 'pre-end game' of development planning,.... fell to 25% of it's CaV.

Yeh, sure :)

Some action day end,60p resistence broken,61p+at present?

51.875p - 4.675p

has broken down and down it goes

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven reports a loss of $11.1m for the year to the end of June - down from $13.1m last time.

The results for the year include a foreign exchange loss of $0.5m (2012: $2.4m gain) arising from foreign exchange movements on US cash balances under IFRS.

Administrative expenses for the group were $11.1m (2012: $9.5m).

The group's ongoing G&A expenditure is generally estimated to continue at between $1.5m to $1.7m gross per month.

Capital expenditure cashflows in the year were $109.4m (2012: $97.3m). This expenditure relates to exploration and appraisal activities, primarily drilling operations on the Etinde permit and surveyactivity for block 11B, Kenya.

As at the balance sheet date, 30 June 2013, the group had cash and deposit balances of $24.7m (2012: $142.5m). This includes $5m of cash collateral in respect of a guarantee which will be released on fulfilment of the Kenyan work programme commitment.

------------------------------------------------------------------------------------
Issue of up to 29,470,000 ordinary shares
Bowleven today announces that it has conditionally agreed to issue up to 26,146,051 new ordinary shares (the "Subscription Shares") at a price of 45 pence per share to a number of investors to raise up to £11,765,722 million (approximately US$18.7 million) (the "Direct Subscription").

The Company also announces its intention to place up to a further 3,323,949 new ordinary shares (the "Placing Shares") (the"Placing") with both new and existing investors. The Company and the Joint Bookrunners may, in their discretion, increase the size of the Placing to up to 9,823,949 Placing Shares and, in order to accommodate any such increase, the Company has the right to scale back part of the Direct Subscription. The aggregate maximum number of new ordinary shares which may be issued pursuant to the Direct Subscription and the Placing will not exceed 29,470,000 ordinary shares.

Someone on the know?
or it was plenty on the know by the way it was marked down, specially yesterday.

Well is getting close to placing price @ 45p, so soon time to get in again
lets wait an see how low it goes I so 45.25 / 45.50p at one time did not last.

Large intraday chart to spot the lows

@ 40.875p

Ready to bounce after the sharp drop on Placing last week at 45p

LARGER BUYERS ARE APPEARING ON THE TICKER

or maybe is shorters closing positions now are 41.375p

The big support at 40p lasted till late yesterday and then finish at best of the day 41p
and so opening strong this morning with volume.

now needs time to break the small resistance @ 43p

Cheaper to take out smaller rivals with the E&P sector way undervalued.

*****Hello Tullow?*****

From iii--cheers

Author Bondholder
Date posted today 09:23
Subject Goldman Sachs view on valuation.

For mid and small sized oil firms it is vital to stay active, and to push ahead with key projects.
That’s because many expert industry commentators, including Goldman Sachs, are predicting an increase of consolidation among those fortunate enough to have found oil.

And, when Goldman Sachs talks, the market generally sits up and takes notice.
In taking a Nostradamus-like look at the oil exploration sector recently its substantive point (posed in three parts) was the giant integrated oil and gas firms are spending more than in recent history on exploration (US$25bn last year).
Yet it is actually cheaper to acquire already-discovered barrels than drilling for them, which puts mergers & acquisition (M&A) activity firmly on the agenda.

“Following the underperformance of the European E&Ps [explorers & producers], it is now cheaper for the integrated oils to buy discovered resources than undertake exploration,” the bulge bracket broker concluded in its note to clients.
“Over three quarters of the E&P sector is trading at a discount to the integrated finding costs, which have increased 60% per annum since 2010, to over US$8 per barrel in 2012.

StockMarketWire.com
Bowleven's bids for exploration blocks 25, 28 and 29 in Zambia's recent licensing round have been successful.

Bowleven has now applied for the petroleum exploration licences over these three blocks and confirmation from the Zambian Ministry of Mines, Energy and Water Development is expected in due course.

The three blocks lie in the extensive and under-explored Luangwa Rift Valley which last saw exploration activities in the 1980's. The Luangwa valley comprises a major north-east to south-west trending rift basin and regional evidence suggests that the critical elements of a petroleum system are present. The initial exploration period includes a minimum committed work programme estimated at approximately $500,000.

Bowleven says in Kenya the airborne geophysical survey (FTG) over Block 11B is now largely complete and initial results are very encouraging. The high quality, high resolution dataset indicates the presence of a number of geological basins and provides clear imaging of primary structural features, facilitating a targeted 2D seismic programme. Planning for seismic operations and the associated tender process are ongoing. Acquisition of seismic is expected to commence in H1 2014.

Chief executive Kevin Hart said: "We are delighted to have potentially secured exploration acreage in Zambia, expanding our significant exploration portfolio beyond Cameroon and Kenya. We are also pleased that Block 11B continues to provide very encouraging results and we look forward to the commencement of the seismic programme."

What's this..?...the rise of the dead ?...

Let the trend be your friend...

Worth looking at...

Rightly or wrongly I'm still holding out that things will come good. Went through my stop loss too quickly, but at least a bit of positive activity finally.

Ready for the move forward, has reached floor last Friday, slowly moving forward

Things are looking better on the Indicators side, and even the closing Candlestick

Time this went up...but it never does....

Since highlighted last week 25th is going places
good volume the last couple days

Another good day and finishing with the "UT" 37p best of the day

and another good start of the day 38.50p and over 2M shares traded

How far can it go?

Will depend of the price buyers are ready to pay and also the market movement at the moment a bit off by the Ukraine problem, but next stage looks ready for the 44p, after 56p and so on.

volume at ........ http://www.isdx.com/forcompanies/ourcompanies/companydetail/default.aspx?securityid=17701

Thank you.
Have they got the outstanding approval?

Interim Results Announcement

Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its interim results for the six months ended 31 December 2013.

http://www.moneyam.com/action/news/showArticle?id=4782277

After the last false dawn this could be the time to invest (gamble) on BLVN's potential or the possibility of a take over.

43 million shares traded yesterday and volume sprightly this morning

I thought it was cheap at 65p. I am still quite optimistic and expect a good recovery.

Steady rise for the last few days, and today aswell, though the market is fallen into the clif

a steady rise for the last week, today has gone bullish on the MACD on crossing up 0

Regrettably I find myself invested in the same stock as MRSI. Hmmm

http://www.investegate.co.uk/bowleven-plc--blvn-/rns/etinde-exploitation-authorisation-update/201406030700066475I/


RNS Number : 6475I

BowLeven Plc

03 June 2014

3 June 2014

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

Etinde Exploitation Authorisation Application (EEAA) Update

Bowleven, the Africa focused oil and gas exploration group traded on AIM, today is pleased to announce that a significant milestone has been achieved in the development of the Etinde Permit. Following a Special Operating Committee Meeting (OCM), held between the Cameroon State and the Contractor (EurOil and its partner CAMOP) on 21 May 2014, a formal resolution confirming the State's support and approval of the Etinde Exploitation Authorisation Application (EEAA) has been signed. The formal decree is expected to follow in due course.

The EEAA, which was submitted to the Cameroon authorities for their approval in early January 2014, defines the means of monetising the Etinde hydrocarbons by supplying treated gas to a Government sponsored fertiliser plant and also through a liquefied natural gas (LNG) scheme. The award of the Exploitation Authorisation (EA) will give development and exploitation rights over block MLHP-7 for an initial period of 20 years.

Kevin Hart, Chief Executive of Bowleven plc, said:

"We are delighted to have achieved this key milestone in the plans to develop Etinde and to have taken this important step towards the award of an EA. We thank the State for signalling its support of the application and look forward to the support of the Head of State, H.E. President Paul Biya, via the official award. This will enable the progression of the exciting development opportunities on Etinde as we support Cameroon in its ambition to further develop its considerable

Humm, They have succeed. Congratulations to those who didn't give up.

StockMarketWire.com
Bowleven has agreed a farm-out deal for its Etinde permit offshore Cameroon with LukOil and New Age.

Bowleven will reduce its interest in the Etinde permit from 75% to 25% and receive aggregate consideration of approximately $250m comprising a $170m cash payment at completion; $40m staged deferred cash payment due at Etinde development project FID and on completion of appraisal drilling; and $40m (net) carry for two appraisal wells.

LukOil will acquire a 37.5% interest and NewAge will acquire an additional 12.5% interest in the Etinde permit to increase its group holding from 25% to 37.5%.

Camop (a wholly-owned subsidiary of NewAge) will become operator of the Etinde permit following completion, allowing Bowleven to focus on its proven exploration skillset.

Bomono Permit
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that it has entered into a conditional drill-to-earn arrangement with privately held Africa Fortesa Corp Ltd (AFC) and its affiliate subject, inter alia, to approval by the Cameroon government.

In return for drilling two exploration wells at cost on the Bomono Permit, AFC will earn a 20% interest in the Bomono Permit. Based on the terms of the arrangement the budgeted cost of the two well programme (excluding testing) net to Bowleven is estimated to be approximately $13 - $15 million. Drilling is envisaged to commence prior to the end of 2014.

AFC, through its wholly owned subsidiary, Africa Onshore Drilling, has drilled numerous successful wells onshore West Africa and in Senegal, a number of which are currently producing for gas-to-power.

I think they made a good move, pay penalty to get a great deal.

I think they made a good move, pay penalty to get a great deal.

Update on Petrofac Strategic Alliance Agreement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces that it has reached a mutually acceptable agreement with Petrofac to terminate the Strategic Alliance Agreement. This satisfies one of the conditions of the LUKOIL and NewAge farm-out transaction announced on 24 June 2014. The termination agreement is subject to completion of the farm-out.

Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the Strategic Alliance Agreement shall terminate.*

Kevin Hart, Chief Executive of Bowleven plc, said:
"We have worked closely with Petrofac over the last two years and we appreciate their co-operation in reaching a mutually acceptable termination agreement."

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven says the formal decree awarding the Etinde exploitation authorisation has been signed by the President of Cameroon.

This concludes the final stage of the EA award process and gives Bowleven and its joint venture partners, which will include SNH, the Cameroon State oil company, development and exploitation rights over block MLHP-7 for an initial period of 20 years with the option to renew for up to a further 10 years.

Bowleven says: "The award of the EA is a significant milestone in plans to develop the Etinde permit and in monetising our resources. Initial development plans are focused on the IM field on block MLHP-7 and initial dry gas sales are envisaged to be to a proposed fertiliser plant enabling liquids production. With significant upside potential on the Permit, additional gas offtake solutions are also being considered, in particular CLNG. The transaction with LUKOIL and NewAge, announced on 24 June 2014, enables accelerated appraisal drilling, aimed at confirming the additional resources available for the expanding range of gas sales opportunities."

Etinde Farm-out to LUKOIL/NewAge - Transaction Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces that all parties to the LUKOIL/NewAge Etinde farm-out agreement announced on 24 June 2014 have agreed to an extension to the longstop date. With the majority of conditions to transaction completion now satisfied, the longstop date has been extended by two months, to 31 October 2014, to enable satisfaction of the few remaining conditions.

The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship. The approval process by the Cameroon authorities has commenced and the longstop extension provides additional time to enable logistical arrangements to be made for this requisite step in the process.

Kevin Hart, Chief Executive of Bowleven plc, said:
"We have made significant progress towards completion of the Etinde farm-out transaction. We look forward to the support of the Cameroon authorities in concluding the transaction approval process and in so doing facilitating the progression of Etinde development plans and enhancing the monetisation of the Etinde acreage".

Westhouse Securities Buy 33.75 35.00 115.00 115.00 Reiterates

Etinde Farm-out Update

Highlights
· Cameroon Government approval received for assignment of Etinde equity interests to LUKOIL/NewAge and transfer of operatorship to Camop (NewAge).
· All parties working together to agree longstop extension to 31 December 2014 to enable formal completion of Etinde farm-out transaction.
· Rig contract signed for two well exploration drilling campaign on Bomono, onshore Cameroon.

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that notification of the Cameroon Government's approval of the assignment of the Etinde equity interests to the nominated affiliates of LUKOIL/NewAge, and the associated transfer of operatorship to Camop, has been received from the Ministry of Mines.

As a result of the Government's official approval, the only remaining formality to transaction completion under the Etinde farm-out agreement announced with LUKOIL/NewAge on 24 June 2014, is the gazetting of the signed Presidential decree. To allow for completion of this final condition, all parties to the farm-out agreement are progressing the extension of the transaction longstop date to 31 December 2014. Upon completion Bowleven will receive an initial payment of circa $170 million.

Whilst we do not expect it to be required, a $30 million short term bridge facility has been signed with Macquarie Bank which, alongside the Group's current cash balance of circa $20 million, provides financial flexibility pending transaction completion. The bridge facility matures on 31 December 2015, but will be cancelled on completion of the Etinde farm-out transaction and amounts drawn (if any) under the facility repaid from the proceeds. If the facility is drawn, or is in place beyond 31 December 2014, Macquarie will be entitled to a series of warrants."

Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its preliminary results for the year ended 30 June 2014.

HIGHLIGHTS
Corporate
· Agreement to farm-out two-thirds of Etinde to LUKOIL and NewAge for consideration of circa $250 million; comprises $170 million cash at completion, $40 million deferred cash payments and $40 million (net) drilling carry.
· Etinde farm-out transaction nearing completion, with the gazetting of the Presidential decree the final condition to be met.
· Group cash balance at 31 October 2014 circa $14 million with $30 million bridge facility undrawn and available pending farm-out completion although utilisation not anticipated.

Operational
Etinde Development
· Etinde Exploitation Authorisation (EA) awarded July 2014; gives exploitation and development rights over block MLHP-7 for an initial period of 20 years.
· Cameroon State (SNH) exercised 20% back-in right on Etinde development.
· Advancement of the fertiliser and Cameroon LNG (CLNG) projects; discussions on GSA and provisional LNG allocations progressed respectively.
· Operatorship to transfer to CAMOP (NewAge) on completion of farm-out transaction; Ministerial approval obtained.

Exploration
· Two well exploration drilling programme to commence on Bomono, onshore Cameroon; rig contract signed and mobilisation initiated, first well expected to spud around the end of the year.
· FTG acquired and seismic programme initiated on Kenya block 11B; licence extension awarded to May 2015 to enable evaluation ahead of second phase decision.
· New PSC application submitted for Etinde blocks MLHP-5 and MLHP-6, offshore Cameroon.
· 3 blocks awarded in Zambia with applications for 2 further blocks pending.

OUTLOOK
Key objectives for next 12 months:
· Completion of the Etinde farm-out.
· Support and assist Etinde joint venture with:
o Planning and execution of two carried appraisal well drilling campaign.
o Progress towards achieving final investment decision (FID).
· Drill two exploration wells on Bomono and ascertain commercial viability.
· Complete acquisition, processing and interpretation of 2D seismic on block 11B, Kenya pending decision to enter second exploration phase.
· Activity will be funded by carry arrangements and strong balance sheet post completion of Etinde farm-out transaction.

Kevin Hart, Chief Executive of Bowleven plc, said:
"We have made steady progress during the year in delivering a number of key milestones as we work towards converting resources to reserves and creating new value through further exploration and appraisal activity.

The EA award was a significant achievement and this, together with completion of the Etinde farm-out will allow the expanded joint venture to work together to progress development plans, further appraise the Intra Isongo reservoir interval and realise the considerable potential of Etinde. We are pleased to have received Ministerial approval of the assignment and transfer of operatorship and we now await the gazetting of the Presidential decree to formally close the deal. We look forward to working with our new partners to optimise the best gas solutions for all stakeholders.

Following the Etinde farm-out, coupled with near term drilling plans on Bomono, the Group expects to participate in four potentially significant exploration and appraisal wells over the next twelve months. Additionally, seismic activity on Kenya block 11B and new acreage in Zambia also bring early stage exploration interest to the portfolio. This activity will be fully funded by our strong balance sheet following completion of the Etinde farm-out transaction."

htTp://www.malcysblog.com/#sthash.Ew4dZ1vY.dpuf

StockMarketWire.com
The long-stop date for Bowleven's Etinde farm-out deal with LUKOIL/NewAge has been extended until 28 February.

Bowleven says the transaction is at the final stage of completion and following the government's official approval of the assignment of equity interest and transfer of operatorship, the formal decree award is being progressed by the Cameroon Authorities. It is understood that the Presidential signature is imminent.

The company says: "As such, while the formal gazetting of the decree remains achievable by 31 December 2014, all parties to the farm-out have agreed to an extension to the longstop date to 28 February 2015 to allow additional time if required."

Can it get o 100p by February?
target 109 is repeated again.

What does it mean?
Momentum to what levels?

What is attracting the buying? Bid rumours or drill early new year??

Tempting but would have to sell something.

No bid rumours. Early drill with good track record in collaboration with big boys,
Read RNSs from four months ago.

part of the crash was due to firing one of their board member who was against cancelling previous contract to make this deal.

StockMarketWire.com
Bowleven has been advised by SNH today that the formal decree approving the assignment of the Etinde equity interests to LUKOIL/NewAge and the associated transfer of operatorship to NewAge has been signed by the President of Cameroon.

Bowleven says it awaits formal written notification and the subsequent gazetting of the decree, the final condition of the Etinde farm-out transaction.

StockMarketWire.com
Bowleven, the Africa focused oil and gas exploration group, has issued an update on its two well exploration drilling programme on the Bomono permit.

At the Zingana well site civil engineering activities have been completed and the first surface casing string has been driven in place. Civil engineering activities continue with the preparation of the second well site, Moambe.

Under the lump sum drilling contract, AODL is responsible for the provision of the rig, equipment and ancillary services. AODL is now assembling the rig which will be integrity tested prior to commencing drilling operations. The first well, Zingana, is now due to be spudded in February following some minor logistical issues which have now been resolved.

Etinde Farm-out Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that it is now in receipt of the signed Presidential decree approving the transfer of interests. We now await the gazetting of the decree, the final condition to completion of the Etinde farm-out and receipt of transaction proceeds.

24th Feb StockMarketWire.com

African-focused Bowleven expects the Etinde farm-out with LUKOIL and NewAge to complete within 15 business days.

The company said the Presidential decree regarding the Etinde farm-out has now been gazetted.

Bowleven says this was the final outstanding condition of the farm-out process with LUKOIL and NewAge.

The transaction is now scheduled to complete within 15 business days, at which point the company will receive the initial cash proceeds of approximately $170m from LUKOIL and NewAge.

you have to wonder why 15 business days are now necessary given they have been waiting on the condition precedent of the gazetting of the decree for the best part of two months. Plenty of time to ensure all the contractual details were finalized and ready for signature.

'Cos we are talking about the Republic of Cameroon. I don't think anything happens very fast when African politics are involved.

StockMarketWire.com
Bowleven has completed the Etinde farm-out transaction and confirms it has received the initial $165m cash proceeds (excludes an estimated $5m working capital adjustment). The farm-out transaction comprised the sale of 30% and 10% interests in the Etinde permit to LUKOIL and NewAge, respectively, in return for a total consideration of approximately $250 million.

In addition to the $165m initial cash proceeds Bowleven will receive the following:
· An estimated $5 million cash to follow for working capital;

· Up to $40 million (net) carry for two Etinde appraisal wells, including testing;

· $15 million cash to be received on completion of appraisal drilling; and

· $25 million cash contingent upon and to be received at Etinde development project FID. The operatorship of Etinde has transferred to NewAge with Bowleven retaining a 20% non-operated interest.

The amount mentioned is well over the market cap of the company @ 33.75p is £104M, so one to look forward
profit taking at the moment as it wants to break, but the order book is heavy on the 34.25 and 34.50p offer

Barclays note:
"Our view: Completion of the Etinde PSC divestment confirms Bowleven’s relatively strong financial position, with cash in hand now exceeding the current ~$150m market capitalisation. Although the news was expected, we believe confirmation can provide some relief to investors increasingly wary of a sector where negative surprises have become a recurring theme during recent weeks.

Bowleven has now received the $165m cash in initial consideration due on the farm out of the Etinde PSC, offshore Cameroon, to Lukoil and NewAge. A further $5m is payable as a working capital adjustment. Bowleven is also to receive a carry through the two planned appraisal wells and $40m in contingent payments on completion of the appraisal campaign ($15m) and development FID ($25m).

Bowleven retains a 20% non-operated interest in the Etinde PSC. We expect an update on the forward plan for the asset alongside Bowleven’s Interim Results statement on Wednesday 25 March. We estimate deal completion gives Bowleven a pro forma End-2014E cash balance of $176m, placing it in a strong position to weather the current sector downturn. Our 46p/share Tangible NAV comprises this cash position (net of 2015-16E financial commitments), the proposed stage one development at Etinde and the outstanding contingent payments."

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven posts a loss of $81.0m for the six months ended 31 December (H1 2013: loss of $6.6m) including impairments of $76.0m.

The impairment charge has been recognised following a review of the Etinde intangible exploration asset.

Given the current market backdrop, the group has reviewed the key commodity price and planning assumptions used in calculating impairment (further detail provided in notes to financials).

The review has conservatively considered the discounted cashflows of the fertiliser offtake solution only. The results for the period also include administrative expenses of $5.7m (H1 2013: $5.5 million). Finance income comprises mainly of gains of $0.6 million arising from foreign exchange movements on US cash balances under IFRS (H1 2013: loss of $1.3 million).

StockMarketWire.com
Bowleven has confirmed that drilling operations have started on the Zingana exploration well on the Bomono permit, onshore Cameroon.

The Zingana well is the first of two wells in the 2015 exploration programme. Zingana is located 20 kilometres north-west of Douala and will target a Paleocene (Tertiary) aged three-way dip closed fault block that was partially penetrated by shallow wells drilled in the 1950s. The well will be drilled to an estimated target depth of circa 2,000 metres.

The second well location, Moambe, just over two kilometres east of Zingana, has been prepared for drilling. The rig is expected to be mobilised to Moambe on completion of drilling and logging activity at Zingana. Testing is expected to be carried out (if appropriate) after the drilling and logging of both wells is complete.

As previously announced, the delay to the drilling schedule has been caused by the need to address certain mechanical and control issues with the rig fabric and equipment that were identified during rig-up. These issues related to the top drive and the mud pumping system and have now been resolved.

StockMarketWire.com
Bowleven has confirmed the start of drilling operations on the Moambe exploration well on the Bomono permit, onshore Cameroon. Moambe, the second well in a two well programme, is located just over two kilometres east of the first well, Zingana, and is a previously undrilled Paleocene (Tertiary) three-way dip fault block targeting multiple sands.

The well will be drilled to an estimated target depth of circa 1,620 metres MD. Further petrophysical evaluation on the Zingana discovery well is continuing and as planned the well has been suspended to enable future re-entry and testing. As previously announced, the intention is to drill, log and evaluate both wells prior to determining any testing plan.

Harrycat,
I am still positive about BLVN.
DO you hold these?
What's your views?

Let's hope the chairman designate has some experience in M&A. He should also trim Hart`s remuneration package. Should be tied to stock performance. He is grossly overpaid for the market cap of this company. Half his salary should be going to stock purchases until the share price has recovered above £1.

Yes I do.
My view: Despair! I have written these off. if it comes good, it will be a bonus.

Thank you. I am in a similar situation, holding from £1+

StockMarketWire.com
Africa focused oil and gas explorer Bowleven reports a loss of $90.0m for the year to the end of June - up from $13.6m last time.

The loss included an impairment charge of $76.0m following a review of the Etinde intangible exploration asset. Given the current market backdrop, the group has reviewed the key commodity price and planning assumptions used in calculating impairment (further detail provided in notes to financials). The review has conservatively considered the discounted cashflows of the fertiliser offtake solution only.

The results for the year also include administrative expenses of $11.9 million (2014: $12.0 million). Finance costs comprise mainly of losses of $2.4 million arising from foreign exchange movements on US cash balances under IFRS due to the parent Company's functional currency being GB pounds. (2014: loss of $1.7 million). The Group's current G&A charge (gross) is estimated at around $1 million per month (previously $1.5 million). Managing and reducing G&A costs continues to be a priority for the Group and further cost saving initiatives are being implemented. On completion of the Etinde farm-out transaction in March 2015, the Group received $165 million in cash and a subsequent $5 million cash for working capital. $9 million was paid to Petrofac for the termination of the previously announced Strategic Alliance Agreement intended to facilitate the development and funding of Etinde on a stand-alone basis. Capital expenditure cashflows during the period were $35.1 million (2014: $18.0 million). This relates mainly to expenditure incurred preparing for and drilling two exploration wells on the Bomono Permit, as well as activity on Etinde and on block 11B, Kenya (which is primarily covered by First Oil funding). As outlined in the Bomono update, operations were impacted by contractor non-performance, both prior to and during the drilling programme, and discussions are ongoing with the service providers regarding the recovery of a proportion of additional expenditure incurred. At 30 June 2015, Bowleven had $145.3 million of cash and bank deposits and no debt (2014: $25.5 million and no debt). The Group has no remaining work programme obligations following the completion of the two well exploration commitment on Bomono.

looks like one to short as surely only heading for the dustbin .... and no, i shall not be taking a position

Harrycat,
What is the outcome? worth holding?
what do you think?

Edit: Oops just seen Cynic opinion.

my opinion may neither be the same as harry's nor even correct :-)

I understand. That's your opinion.
I am worried, still holding quite a lot...

oh .... that's not good to hear :-(

in that case, ask yourself why, if the likes of PMO and TLW are struggling badly, and they are both "proper" companies with real producing assets, this minnow e+p (BLVN) should (ever) recover, especially as crude looks set to be depressed for at least the next 18 months - some say much longer

My opinion in post #350 still stands. With the price of oil sub $50, BLVN are drilling for a non-profitable asset. Anything over $60pb then my opinion might change. I have a small amount of these.......certainly wish I hadn't!

Thank You. I don't like the speed of burning cash ....
I accepted the loss.

i'm sure that was the right move though i'm terrible at obeying same on my own stocks

That's very normal, the same for me.... I usually wait until too late.
Today, I sold from 25.4 to 23.6. Last 22.5k junk at 24.4.

"Bowleven (BLVN) has announced that, following the installation of testing equipment, the Moambe well has now commenced flowing hydrocarbons.

The extended well testing programme at Moambe is planned to determine the productivity and connectivity of the shallower reservoir units.

It is intended that these reservoir units will provide the basis for the initial supply of gas for power generation under a development scheme formulated with Actis and Eneo in Cameroon".


I assume that the mention of flowing hydrocarbons, while hardly truly informative, must mean significant flows. If insignificant, why mention at all?

conversely, if they were significant, why wouldn't they holler it from the rooftops?
perhaps insignificant is better than a dead duck!

StockMarketWire.com
Bowleven is pleased with initial flow test results from the extended well test programme under way at the Bomono permit in Cameroon. To date, the Moambe well has achieved a maximum stabilised flow rate of 7.3 mmscfd through a 48/64 choke with a flowing well head pressure of 664 psig with no signs of depletion during the initial test period. As a result of this success, the well has now moved into the planned extended test period. This is intended to confirm sustainable deliverability to a proposed gas-to-power development scheme.

Initial indications are that under such a development scenario the Moambe well would be capable of delivering around 4 to 5 mmscfd. Meanwhile, as testing continues at Moambe, we continue to progress plans to commence extended well testing at the Zingana well. Further update announcements will be made in due course.

Chief executive Kevin Hart said: "We are pleased with the positive initial flow test results on Moambe which give us increased confidence in the commercial viability of future development plans at Bomono. We look forward to the Zingana test augmenting the results at Moambe and to progressing gas sales negotiations."

StockMarketWire.com
Bowleven, the Africa focused oil and gas exploration group, has submitted the Bomono exploitation authorisation application to the Cameroon authorities as planned. The BEAA outlines plans to develop Bomono following completion of the ongoing extended well testing programme.

StockMarketWire.com
Bowleven said the extended flow testing programme at Moambe and Zingana is now complete. The results to date continue to support plans for an initial supply of around 5 to 6 mmscfd of gas for power generation under a development scheme formulated with Actis and Eneo in Cameroon.

As outlined in the Bomono Exploitation Authorisation Application (BEAA) submitted to the Cameroon authorities in December 2015, this initial development scheme is focused on the provision of feedstock for power generation from the shallower gas-prone sands.

The block-wide evaluation of these sands and the additional potential of the deeper sands that were also targeted with the wells are ongoing.

The results of the combined tests provide the confidence required to progress with the gas sales agreement and development planning, consistent with plans to deliver initial near-term production alongside the continuing evaluation of the acreage.

StockMarketWire.com
Bowleven has confirmed that it has decided not to pursue its interest in the proposed acquisition from Aminex of a 25% interest in the Kiliwani North Development Licence and a 50% interest in the Ruvuma PSA, in Tanzania, following the completion of due diligence.

Interim Results Announcement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its interim results for the six months ended 31 December 2015.

HIGHLIGHTS

Operational
Bomono
· Moambe and Zingana extended well tests completed and wells now suspended pending ongoing evaluation.
· Bomono Exploitation Authorisation Application (BEAA) submitted to the Cameroon authorities based on an initial in-situ small scale gas to power development.
· Discussions commenced with potential gas offtakers and MOU entered into with ENEO.

Etinde
· Two appraisal well locations agreed with our partners targeting combined additional in-place volumes of approximately 1 to 2 tcf of gas and associated liquids.
· Well design and planning underway with tendering anticipated in 2016 to exploit low cost/high rig availability operating environment.
· Ongoing operator evaluation of development options based on LNG, power and fertiliser gas offtake solutions.
· Operator-led discussions ongoing with Government on the potential to advance the Etinde development through an offshore processing facility.

Other
· Rationalisation of portfolio in current environment to align with strategy.
· Focus on near-term production and infrastructure-led exploration.

Corporate
· Group cash balance at 29 March 2016 circa $100 million; no debt. No outstanding work programme commitments.
· Under Etinde transaction a further $15 million cash receivable at end September 2016 with access to a $40 million (net) carry for two appraisal wells, including testing.
· $133 million impairment following prolonged market downturn; reflects revised commodity price ($65 per bbl) and planning assumptions on existing asset portfolio.
· Intensive screening of multiple new venture investment opportunities is continuing; capital disciplined approach maintained.

OUTLOOK
Key objectives for the next 12 months include:
· Working with the Etinde joint venture partners to enable earliest appraisal drilling and testing, together with the evaluation of additional offtake solutions and the progression of Etinde development planning.
· Securing the Exploitation Authorisation (EA) for Bomono to enable progression towards early development.
· Advance development planning, gas sales discussions and acreage evaluation on Bomono post drilling and testing activity.
· Active screening of new ventures opportunities to augment the Group's existing asset base and build sustainability through entry into producing or near-term producing assets and infrastructure-led exploration.
· Protect balance sheet strength by maintaining a disciplined approach to the consideration of further investment opportunities.

Kevin Hart, Chief Executive Officer of Bowleven Plc, said:
"We have continued to make steady progress towards our objective of converting resources to reserves in Cameroon. An Exploitation Authorisation Application was submitted to the Cameroon Authorities to enable development progression following the completion of drilling and testing activities at Bomono and meanwhile planning and evaluation work is continuing.

On Etinde, appraisal drilling and advancing development plans remain the focus under the operator, NewAge. With planning underway and tendering expected to follow, the joint venture is ideally placed to exploit the current environment of reduced costs and higher rig availability, with appraisal drilling expected to commence in 2017. Bowleven is covered for its share of drilling/testing on the two wells via the $40 million net carry from the Etinde farm-out transaction and will receive a further $15 million in cash in September 2016.

The macro-economic environment of prolonged lower oil prices has had sector-wide repercussions. The Group's strong balance sheet of circa $100 million in cash and no debt or outstanding work programme commitments means it is well positioned to manage the challenges faced by the industry and to exploit opportunities as they arise. As the downturn persists the number of potential opportunities is increasing. Whilst the evaluation of such opportunities is time-consuming, we continue to exert a rigorous screening approach when assessing potential value-creating transactions for shareholders whilst ensuring that our key differentiating feature of balance sheet strength is maintained.

We are optimistic that portfolio enhancing transactions can be identified and delivered alongside the progression of our existing asset base and look forward to making further progress in the coming year."

StockMarketWire.com
Bowleven has been awarded a one year extension to the existing Bomono exploration licence, onshore Cameroon, pending the final award of an exploitation authorisation.

The Bomono exploitation authorisation application (BEAA) was submitted to the Cameroon authorities prior to the formal expiry of the exploration licence on 12 December 2015 to enable the progression of development activities.

The interim extension award ensures that the group's interest in the acreage is maintained while dialogue is ongoing with the Cameroon authorities on the BEAA.

Barclays Capital today reaffirms its equal weight investment rating on BowLeven PLC (LON:BLVN) and cut its price target to 26p (from 27p).

StockMarketWire.com
Bowleven (LON:BLVN) was the sector's biggest riser after the board approved a share buyback programme of up to US$10 million.

The company believes that the programme is in shareholders' interests, being accretive to net asset value per share whilst retaining sufficient financial flexibility to evaluate growth options. The programme will be executed in accordance with the company's general authority to make market purchases which was approved by shareholders at the Company's AGM on 16 December 2015. It is now the intention of Bowleven to utilise this authority which enables the purchase of up to a maximum of 48,619,857 ordinary shares of 10p each to reduce the outstanding issued share capital of the Company.

All shares will be purchased on-market on the London Stock Exchange and held in treasury.

Why is it falling these days?

.... coz it has risen too fast and people takes profits
It seems the ones on charge of buying back shares went at one time bunkers buying large at 28.50p ( 650K on one day ) one suppose to buy the loose shares on the market not bidding for stock

3rd Oct 2016 StockMarketWire.com
Bowleven, the Africa focused oil and gas exploration group traded on AIM, has received the $15 million cash proceeds payable under the Etinde farm-out transaction with LUKOIL and NewAge.

As at 30 September 2016, Bowleven had circa $100 million cash and no debt.

Under the terms of the Etinde farm-out transaction, Bowleven also has access to a $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable on FID.

Preliminary Results Announcement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its preliminary results for the year ended 30 June 2016.

HIGHLIGHTS
Operational
Etinde, offshore Cameroon
· Ongoing operator evaluation of development options, including scope for early-stage development plans that align with the Government’s preferred offtake solutions.
· Two carried appraisal well locations agreed with our partners targeting combined additional in-place volumes of up to 2 tcf of gas and associated liquids at the P90 level; drilling to progress once joint venture development alignment achieved.

Bomono, onshore Cameroon
· Drilling and testing of Moambe and Zingana exploration wells completed in the period, with wells suspended pre development.
· Ongoing discussion with Cameroon authorities on the award of a Provisional Exploitation Authorisation (PEA) to enable development progression; initial plans envisage the sale of gas for power generation or domestic supply.
· Prospect inventory compiled highlighting both Tertiary and Cretaceous prospectivity.

Other
· Focus on new venture opportunities with near-term production and infrastructure-led exploration.
· Portfolio rationalisation completed with the relinquishment of frontier exploration acreage in Kenya and Zambia.
Corporate
· Group cash balance at 31 October 2016 circa $99 million; no debt. No outstanding work programme commitments.
· Under the Etinde transaction, access to further $40 million (net) carry for two appraisal wells (including testing) and $25 million at FID.
· Year-on-year reduction (23%) in administrative expenses with further reduction initiatives ongoing.
· As per interim results, $134 million impairment/unsuccessful exploration charge following prolonged market downturn, reflecting revised commodity price ($65/bbl) and planning assumptions.
· Extensive screening of multiple new venture investment opportunities continues.
· Launched share buyback programme in August 2016 to purchase up to $10 million of shares with the purpose of reducing the outstanding issued share capital of the company; financial flexibility maintained.

OUTLOOK
Key objectives for the next 12 months include:
· Working with Etinde joint venture partners to determine the optimal development solution for stakeholders and enable earliest appraisal drilling and testing.
· Secure PEA for Bomono to enable development progression.
· Continue to evolve development planning, gas sales discussions and farm-out plans on Bomono.
· Active screening of new venture opportunities to augment the Group’s existing asset base and build sustainability through entry into producing or near-term producing assets and infrastructure-led exploration.
· Protect balance sheet strength by maintaining a disciplined approach to further investment opportunities.

Kevin Hart, Chief Executive Officer of Bowleven plc, said:
"We have continued to make steady progress towards our objective of converting resources to reserves in Cameroon, despite the challenging macro environment.

The Etinde operator, NewAge, has prioritised advancing development plans with the Government over planned appraisal drilling activity. Bowleven remains eager to drill the two wells as soon as practicable, being covered for its share of drilling/testing via the $40 million net carry from the Etinde farm-out transaction. On Bomono, discussions are ongoing with the Cameroon authorities for a PEA to enable the progression of development activities.

The macroeconomic environment of prolonged lower oil prices has had sector-wide repercussions. The Group's strong balance sheet including $100 million in cash and no debt or outstanding work programme commitments means it is well positioned to manage the challenges faced by the industry and to exploit opportunities as they arise.

We have extensively screened multiple opportunities and the search is continuing. This is a time-consuming exercise that demands proper rigour be applied to the evaluation of any potential transaction to ensure value is created for shareholders whilst protecting our key differentiating feature of balance sheet strength.

Bowleven remains optimistic that portfolio-enhancing transactions will be identified and delivered alongside the progression of our existing asset base and we look forward to making further progress in the coming year."

Barclays Capital today reaffirms its equal weight investment rating on BowLeven PLC (LON:BLVN) and raised its price target to 32p (from 30p)

StockMarketWire.com
Bowleven exploration director Ed Willett is leaving the company on 31 December by mutual agreement to pursue other opportunities.

The company said he leaves with "our grateful thanks for his contribution to the success of Bowleven since he joined in 2007".

All those $100M on the bank and not able to buyback their cheap shares ........

14/12/16 16:02 BowLeven PLC (BLVN) - Bowleven to halt buyback programme

Bowleven is having to end its share buyback programme after a resolution for its continuation was defeated at today's annual general meeting due to opposition by Crown Ocean Capital.

Bowleven chairman Billy Allan said he believes Crown Ocean Capital's actions are part of a broader agenda to frustrate the strategy of the management team and to try cheaply to obtain control of the future direction of the company for its own interests.

Bowleven said resolutions 1-6 were successfully passed but resolutions 7 and 8 (relating to the disapplication of pre-emption rights and purchase of own shares) were not passed.

The company said that excluding the votes of Crown Ocean Capital, a Monaco-based offshore private investment vehicle, all resolutions tabled would have been passed with a vast majority of votes cast in favour of each resolution. All major institutional shareholders who voted, voted in favour of all the resolutions.

Allan said: "We believe the actions of Crown Ocean Capital are part of a broader agenda to frustrate the strategy of the management team and to try cheaply to obtain control of the future direction of the Company for its own interests. We believe the Board's strategy for creating future value is in the best interests of all shareholders. No satisfactory explanation has been provided as to why COC has voted against the resolutions, nor has COC made clear its intentions, despite having previously expressed confidence in the Chairman and the executive management team.

"As a result of COC's actions, we have been required to cease our share buyback programme which was implemented under authority granted by an overwhelming majority of shareholders at the 2015 AGM. As part of my remit since joining the Company in October 2015, I have overseen a comprehensive review of the composition, skill-set and governance framework provided by the Board and we remain absolutely focused on ensuring that the Board delivers on its strategy for the benefit of all shareholders."

At 4:02pm: (LON:BLVN) BowLeven PLC share price was -2p at 24.5p

Group Operations Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the following update on activities.
Etinde Permit (NewAge, operator)
Following a recent Operating Committee Meeting (OCM), the Cameroon government and Etinde joint venture are to convene a technical workshop to discuss development options for Etinde, with a view to determining the preferred development solution(s) between all stakeholders. The development options include FLNG, gas-to-power and other possible solutions. In addition, a new potentially attractive option was raised at the recent OCM that involves the processing of the gas and associated liquids in Equatorial Guinea utilising existing facilities.

Etinde contains sufficient existing discovered resources to support one initial offtake solution. In addition, appraisal drilling is targeting un-risked P90 in-place volumes of up to 2 tcf of gas and associated liquids which, in the event of successful drilling, creates scope for multiple offtake solutions for Etinde. The timing of appraisal drilling will in part be driven by which development scheme proceeds initially. As previously highlighted, Bowleven remains eager to progress development activities and to drill the appraisal wells as soon as practicable.
Bomono Permit (Bowleven, operator)
Following a Special Operating Committee meeting (SOCM), held between the Cameroon State and the Contractor (Bowleven), formal resolutions confirming the State's support for the award of a two year extension to the Bomono Exploration licence (to 12 December 2018) and a Provisional Exploitation Authorisation (PEA) have been signed. Ministerial approval for the licence extension has now been received and as stipulated by the Cameroon authorities, the PEA approval process will now follow.

The PEA, awarded under the framework of the exploration licence, grants the right to progress development and commercialisation activities on Bomono, enabling the anticipated sale of gas to either the domestic gas market or power generation.

In conjunction with this approval process we are in advanced discussions on the potential farm-out of the Bomono licence in order to facilitate early cashflows and further appraisal activities. Any assignment to a third party will require the requisite regulatory approvals.
Other Opportunities
In accordance with the Group's strategy, the active screening of new venture opportunities that have near-term production with upside and infrastructure-led exploration is ongoing.

During 2016, the company screened and evaluated over 50 potential asset or corporate transactions and detailed due diligence was undertaken on a number of opportunities. The Company continues to exert rigour in the evaluation of potential transactions to ensure value is created for shareholders whilst protecting our key differentiating feature of balance sheet strength.
Corporate
The Group's cash balance at the end December 2016 was circa $95 million with no debt and no outstanding work programme commitments. The company remains focused on reducing G&A expenditure whilst ensuring an optimal fit-for-purpose team is maintained and in 2016 the Company achieved a 23% reduction in administrative expenses. Since the year end further cost savings have recently been implemented through redundancies, salary reductions and other initiatives.

The company remains focused on capital discipline and ensuring that cash is retained to enable the progression of the Group's existing asset base and in particular the development of Etinde. Existing cash balances, combined with access to a $40 million (net) carry for the drilling and testing of two appraisal wells and the receipt of a further $25 million in cash at Etinde FID under the terms of the Etinde farm-out transaction, ensures balance sheet strength and financial flexibility is maintained in a challenging macro-environment for the industry.

Kevin Hart, Chief Executive, said:
"2017 is a key year for the Company as we focus on executing our stated strategy for the benefit of all our shareholders. Progress is being made on our entire asset base in Cameroon and in the active screening of new opportunities. The Company's robust balance sheet position enables it to move forward from a position of strength."

StockMarketWire.com
Bowleven's board has warned shareholders that Crown Ocean Capital wants to take control of the company without paying fair value and strip cash from the balance sheet.

Bowleven said the Monaco-based private investment vehicle has continued to buy the company's stock following its requisition of a general meeting, issued on 24 January.

Bowleven said that in view of this, and ahead of the more detailed response within the circular convening the general meeting, it wished to advise all shareholders of its view of key aspects of the COC proposals and why the board would unanimously be recommending shareholders vote against all resolutions.

It said that in the meantime, shareholders were urged to support the board and take no immediate action with regard to their holdings.

Chairman Billy Allan said: "Ahead of our formal response, we wish to give timely advice to shareholders that COC's proposal has absolutely no merit.

"It is self-evidently, and solely, a means to turn Bowleven into a cash dispenser for themselves, by taking control of the board.

"By contrast the company is progressing exciting plans at Etinde and Bomono that have the potential to deliver material upside.

"We see a clear choice for shareholders between losing control of the company, or retaining substantial upside in an E&P company at a favourable point in the market cycle."

StockMarketWire.com
Bowleven's board has reiterated its recommendation that shareholders reject proposals put forward by Crown Ocean Capital P1 Ltd art a forthcoming general meeting and pointed out '10 significant errors' in an open letter sent out by COC.

Bowleven said that following its announcement on 15 February of the posting of the circular to convene the general meeting, COC released its own 'open letter' to shareholders on the same day.

Bowleven said that while the board did not believe shareholders were best served by a series of public claims and counterclaims, there were ten significant errors in the COC letter that should not pass unchallenged.

It said these concerned: Directors' Remuneration and Cost Saving; Board Independence; COC Board Proposal; Share Buy Back Authority; 2016 MBO Approach; Deferral of Vesting Date for LTIP Awards; Carried Appraisal Wells on Etinde; Circumstances of award of Bomono PEA; SNH Right to Back-in to Bomono and Lack of Transparency on Bomono Farm-out Discussions.

StockMarketWire.com
Bowleven and Victoria Oil & Gas have signed a farm-out agreement relating to the Bomono production sharing contract.

Gas produced from the Bomono PSC will be fed into the customer distribution network owned and operated by Gaz du Cameroun SA, a wholly owned subsidiary of VOG.

First gas supply to the GDC network is anticipated to start following granting of a provisional exploitation authorisation and other approvals.

Farm out highlights:
- On completion, EurOil Limited, a Bowleven subsidiary, will have a 20% working interest in the Bomono PSC and GDC Bomono, a wholly owned VOG subsidiary, will have an 80% working interest.

- Bowleven will remain as operator of the project.

- Gas from Bomono PSC will be sold to GDC less a tolling fee. The gas price paid will be a weighted average received by GDC for its total domestic sales less a tolling fee for use of the pipeline network.

- The pipeline connection from the Bomono PSC to the main network will be managed and funded by GDC. GDC Bomono will complete the civil engineering works necessary for the gas processing plant installation at the Bomono site. The estimated capital cost for these works is US$6 million.

- Bowleven has agreed to pay GDC Bomono 50% of any deficit, limited to a maximum payment of US$2 million, if the first 3 years of net income received by GDC Bomono is less than the development expenditure incurred.

- EurOil will receive a 3.5% royalty from GDC Bomono's production share of hydrocarbons, with an aggregate cap limiting the total royalty payments to US$20 million.

- Bowleven will, on completion, also receive £100,000 worth of new ordinary shares in VOG based on the volume weighted average share price 10 days preceding the date of the Agreement, being 69.23 pence per share. It is the intention of Bowleven to retain these shares initially, but keep that decision under regular review as there are no restrictions on their disposal.

RESULT OF GENERAL MEETING
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces the result of the general meeting (the General Meeting) held at 11.00 a.m. (UK time) on 14 March 2017. The General Meeting was requisitioned by Crown Ocean Capital P1 Limited (COC), a Monaco-based offshore private investment vehicle, to propose extensive changes to the Board. The notice of the General Meeting, including the full text of each resolution, was set out in the circular to Shareholders dated 14 February 2017 (the Circular).

The resolutions put to the General Meeting, and the result of the voting on each resolution, are summarised in Table 1 of the Appendix to this announcement. Each Shareholder present in person or by proxy was entitled to one vote per share held.

Resolutions 1, 2 and 4 to 9 were passed. Resolution 3 (relating to the removal of Billy Allan as a Director) was not passed.

Excluding the votes cast in respect of the shares held by COC and its nominees (COC Shares), all resolutions proposed at the General Meeting would have been defeated by a significant margin. Voting excluding the COC Shares is set out in Table 2 in the Appendix.

All major institutional shareholders remaining on the register of members of the Company after posting of the Circular voted against all of the resolutions. The only exception to this was a single institutional shareholder that voted in favour of resolution 8, consistent with the PIRC proxy guidance for the General Meeting.

As a consequence of the business conducted at the General Meeting, Kevin Hart, Kerry Crawford, John Martin, Tim Sullivan and Philip Tracy ceased office as Directors with immediate effect. David Clarkson and Billy Allan will continue as Directors, with the former continuing to be employed as Chief Operating Officer of the Company and the latter remaining as Chairman.

The appointment of Christopher Ashworth and Eli Chahin as Directors has also occurred with immediate effect.

http://www.bowleven-generalmeeting.com/Requisition_Notice_17_Mar_17.pdf

StockMarketWire.com
Bowleven has put itself up for sale as part of a strategic review to maximise value for all shareholders.

It said the options to be considered would include, but were not limited to, a review of the strategy proposed by Crown Ocean Capital in its letter to Bowleven shareholders dated 15 February, a farm-out or sale of one or more of the existing assets or a corporate transaction such as a merger with or sale of the company to a third party.

StockMarketWire.com
Bowleven has stressed its strategic review would consider all options, including transforming it into a holding company as proposed by Crown Ocean Capital.

Bowleven issued an response to an announcement made by Crown Ocean Capital on Friday.

Bowleven said: "The decision to undertake a strategic review was unanimously approved by the board of directors of Bowleven, and was made in the light of the board changes effected to the board at the general meeting held on 14 March 2017.

"As previously stated, the strategic review will consider all options available to the Company, including transforming Bowleven into a holding company, as proposed by COC, alongside other matters already being progressed and negotiated by the Board prior to the GM.

"The strategic review is being undertaken in the interest of maximising value for shareholders.

"The board confirms that it has not pre-determined the outcome of the strategic review and, owing to the company's secure financial position, does not require or intend to undertake a 'fire sale' transaction of any kind, as suggested by COC.

"The board is fully aware of its regulatory obligations and fiduciary duties and has complied with these obligations in full to date.

"The board will fully investigate any evidence brought forward of breaches of fiduciary duty by existing and previous directors of the company.

"As of today's date, the company has not established, nor is aware of, any such breaches of duty.

"The board also confirms that the company, prior to entering into the farmout agreement with GDC Bomono SA, a subsidiary of Victoria Oil & Gas plc, contacted National Hydrocarbons Corporation to advise of the company's intention to enter into such arrangement, in line with established practice in Cameroon.

"As previously stated, the transaction remains subject to the approval of the Cameroon authorities and both Bowleven and VOG will be working with SNH and other authorities to obtain the necessary permissions."

The board said it had received and announced the requisition of a further general meeting from COC and would respond accordingly in due course and within the necessary timeframe set out in the Companies Act 2006.

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StockMarketWire.com
Bowleven's board has concluded its strategic review and the company said talks were being held with any third party in relation to a corporate transaction, such as a merger with or sale of the company.

Bowleven said the the Panel on Takeovers and Mergers had confirmed that the company was no longer in an offer period.

A statement said: "The board remains focused on maximising value for its shareholders and, having undertaken a review of all strategic options available to the company, is committed to the rationalisation of its cost base, and the preservation and enhancement of its existing assets.

"In addition, the board does not expect to pursue any new exploration activity at the current time."

Crown Ocean Capital has started buying into Bowleven again and now has owns over 85M shares or 26.23% of the issued shares. They have likely laid out over £20M in building up their stake. What return would you expect on that sort of risk money?

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven's losses from continuing operations narrowed to $53.7m in the year to the end of June - down from $129.3m last time.

Revenue was nil- unchanged from 2016 - but impairment charges of $45.6m were down from $122.3m.

Chief executive Eli Chahin said: 'After a year of significant strategic change for Bowleven, I am confident that the company is well placed to support the advancement of its existing asset base in Cameroon and has the potential to deliver shareholder value into 2018 and beyond.

'We enter the year with a strong cash balance and a deferred consideration structure in place post completion of the Etinde farm-out transaction, no debt or outstanding work programme commitments.

'Additionally, we have scaled back the overhead base of the organisation, but retained a fit for purpose operating model from which to progress the monetisation of our assets.

'On Etinde, we anticipate commencing a tightly managed appraisal drilling campaign, according to a comprehensive plan developed with our joint venture partners.

'In Bomono, we have maintained the farm-in option with Victoria Oil and Gas, which allows us to leverage their infrastructure, but as a non-operator.

'Key to our business model is partnering, whilst continuing to scrutinise work programme costs and exercise capital discipline wherever possible.

'As an experienced and focused management team, we move forward from a position of financial strength, confident that we can meet future demands and protect our interests in Cameroon, whilst at the same time maximising value for all shareholders.'

StockMarketWire.com
Bowleven non-executive director board Joe Darby was not re-elected at yesterday's annual general meeting and chairman Chris Ashworth has been told the directors will propose a resolution to replace him at the next board meeting.

Shareholders were told that a search process for a new independent director had formally begun.

All other resolutions proposed at the AGM were passed.

StockMarketWire.com
Bowleven has confirmed that while the current farm-out agreement with Victoria Oil and Gas relating to the Bomono production sharing contract lapsed at the end of December, talks with the Cameroon government to advance the project were continuing.

Bowleven and VOG signed a farm-out agreement relating to the Bomono production sharing contract on 6 Mar.

On 17 Sep, VOG elected to exercise its option to extend the termination date of the agreement to 31 Dec

Etinde - Rig Contract
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce a key milestone in the appraisal drilling campaign of its Etinde asset, in which the Company holds a 25% offshore interest.

The Company's partner, New Age Cameroon Offshore Petroleum S.A., a wholly owned subsidiary of New Age (African Global Energy Ltd) ("New Age"), the Operator of the Etinde PSC, has entered into a contract with Vantage Drilling International, an offshore drilling contractor for the jack-up rig the "Topaz Driller".

The Topaz Driller, has been contracted for 150 days to perform drilling services in Cameroon on the Joint Venture's proposed appraisal wells, on the Etinde licence. Planning for the delivery of the appraisal wells is ongoing and the Company currently expects the well IM-6 spud during Q2 2018. The Topaz Driller is currently in South East Asian waters and will transit to Singapore before mobilising to Cameroon.

Been moving up a lot in last couple of days. Almost 8% Friday and 4% so far today. Looks like there may be life again in the old dog. I wouldn't be surprised to see it sold before year end.

Interim Results
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its unaudited interim results for the six months ended 31 December 2017.

HIGHLIGHTS
· Etinde two well appraisal programme progressed with partners; first well spudding Q2 2018

· Significant, ongoing reduction in Group G&A

· Improved relationships and alignment of planned activity within the Etinde joint venture partners

· Strengthened relationships with the Government of Cameroon and SNH, the state oil company and Oil & Gas sector regulators

Operational

Etinde
· Two appraisal well locations have been agreed with our partners targeting combined additional volumes of approximately 1 to 2 tcf of gas in place (GIIP). A 2 tcf increase in GIIP resource approximates to an addition of 0.8 bcf of dry gas and 131 mmbbl of condensate.

· Bowleven's share of the drilling and testing programmes' expenditure is covered by a carry with a nominal value of up to $40 million

· Rig contract signed on behalf of the JV partners with Vantage for the 'Topaz Driller', a modern jack-up rig which will mobilise to Cameroon waters shortly

· First well, IM-6, due to be spud in Q2 2018

Bomono
· Farm-out transaction with Victoria Oil and Gas plc ("VOG") terminated on 31 December 2017 following the inability to meet a number of conditions, including regulatory approval. Bowleven, VOG and SNH remain in informal discussion regarding a proposed replacement transaction. The Group continues to explore all available options

Corporate
· Group cash balance at 31 December 2017 circa $83.3 million (excluding $0.5 million held on deposit in respect of a guarantee) with no debt and material financial commitments

Eli Chahin, Chief Executive Officer of Bowleven plc, said:
"This first set of interim results since the governance overhaul and appointment of a new management team in March 2017, reflects the swift turnaround achieved through the implementation of a new strategic and operating model. The Company has put in place a fit for purpose business model that has enabled us to focus on creating value for shareholders whilst maintaining strict capital discipline.

Our interest in the Etinde field offers the potential to deliver significant returns for the Company, its partners and its shareholders. The appraisal programme planned for this year, for which Bowleven is fully carried, is the next step in maximising the value from this world class asset, with preparation well underway for this tightly-managed appraisal drilling campaign commencing in Q2 2018.

Our strong balance sheet, lean cost base and interest in a major asset, present an almost unique value proposition in the London market. I look forward to reporting on progress in the coming year as we seek to maximise value for all shareholders."

Bowleven, the Africa focused oil and gas exploration group (AIM: BLVN), is pleased to announce the arrival of the Topaz-Driller rig in Cameroon waters.
The two well appraisal drilling campaign on the Etinde asset, in which the Company holds a 25% interest, is due to commence shortly with the IM-6 well expected to spud at the end of May.
The Topaz-Driller has been contracted for 150 days.

I hold shares in this and it has performed very well this year. There is a saying that the best way to ruin a good oil/mineral prospect is to put a hole in it. In this case, I think the chance of further success is more than even.

Etinde Operational Update

Spud of IM-6 well, Etinde, Cameroon
Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the spud on 21 May 2018 of the IM-6 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum SA ("NewAge").

The IM-6 well is the first of two appraisal wells to be drilled in 2018. The Etinde Joint Venture partners have contracted the Vantage jack-up rig "Topaz Driller" for this campaign, Drilling and logging operations of IM-6 are expected to take approximately 100 days in total with Schlumberger providing most of the drilling services. As previously announced, the well is designed to delineate the size and extent of the Intra-Isongo stratigraphic sand traps as a primary target, with the Upper Isongo sand as a secondary target.

New Age is the operator of the Etinde field, with a 37.5% working interest. Bowleven and LUKOIL are partners with a 25% and 37.5% working interest respectively. The Company intends to announce the final well results after the end of drilling and testing operations

Eli Chahin, CEO of Bowleven said:
"We are pleased to have commenced our 2018 two well appraisal drilling programme at Etinde. This is a significant event for Bowleven, its shareholders, partners and stakeholders in Cameroon. I would like to thank New Age's operations team and our drilling contractor, Vantage, for all their efforts in achieving this milestone.

The appraisal program, for which Bowleven is fully carried, aims to further improve the already robust economics for future development of this world class asset and we look forward to providing an update on IM-6 results over the coming weeks."

Spud of IE-4 well, Etinde, Cameroon 31.08.18
Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the spud of the IE-4 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum SA ("NewAge").

The IE-4 well is the second of two appraisal wells to be drilled in 2018. The Etinde Joint Venture partners have contracted the Vantage jack-up rig "Topaz Driller" for this campaign. Drilling and logging operations of IE-4 is expected to take approximately 90 days in total with Schlumberger providing most of the drilling services.

The IE-4 well will target a previously undrilled sand package "Drillbit" of Intra-Isongo origin, which is believed to be analogous to the 410 sand package at the IM-5 location. Any discovery in this appraisal well could prove up or de-risk a further 0.2 to 0.6 tcf of resources (Drillbit, Bolt, Crowbar sites).

It is expected that it will be required to drill to -2840 meters True Vertical Depth Subsea ("TVDSS") to fully penetrate the prognosed reservoir targets. A further ~50 meter rat hole will be required to allow for logging sump. Well Total Depth will be at -2890 meters TVDSS.

New Age is the operator of the Etinde field, with a 37.5% working interest. Bowleven and LUKOIL are partners with a 25% and 37.5% working interest respectively. The Company intends to announce the final well results after the end of drilling and testing operations.

Update on ongoing post drilling analysis of IM-6 well
Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the completion of drilling of the IE-4 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum SA ("NewAge").

The object of the well was to appraise two Intra-Isongo aged 410 sand packages in two fault bounded structures. The primary target, "Drillbit", is structurally higher than the lower, "Crowbar" sand package, which partially sits below and to the west of Drillbit

The crowbar 410 sand package is tagged very close to the separating boundary fault between the two structures.

Initial wireline logging and down hole fluid sampling has been completed and an initial interpretation of the data has been completed. The preliminary results are:

· The Drillbit sand body is water saturated at the IE-4 location. Whilst there are indications that hydro-carbons may have been present in the Drillbit sand package at one time, the fault block either never completely sealed or was opened at a subsequent time.

· The Crowbar 410 sand package results indicate that the tagged location shows low permeability, probably due to being adversely affected by fluid flow around the fault. Fluid sampling indicates that the upper part of the 410 sand package at the IE-4 location is volatile light Oil or Condensate bearing with gas. This appears to be sitting above water saturated lower 410 sands. The data suggests that the Crowbar 410 sand package is partially hydrocarbon charged.

In addition, an unprognosed sequence of thinly bedded high porosity sand horizons of about 30 metres gross (20 metres net) thickness was drilled some 50 metres above the drillbit 410 sand package. Fluid sampling has shown the sands to be light oil saturated.

Following and researching HARRYCAT - you are not alone.

Seems like yesterday's conference call went down like a lead balloon but I suppose there is a limit to what can be said that is not already public knowledge.
I do hold some of these but wish I never had. The previous mob appeared to have treated it like a personal piggy bank. At least the new lot have put money in, by way of share buys, instead of taking it out in the form of exorbitant pay and benefits while the share price tanked. Cameroon is the real drag with another tin pot dictator. One man, one vote, vote once.

A 15p special dividend announced. They now need to flog the rest off.

StockMarketWire.com
Oil and gas company Bowleven approved Monday a special dividend of about £50m.

The company said it had decided to distribute a significant portion of its surplus cash resources to shareholders following the completion of the two well drilling campaign in October 2018.

As at 30 November 2018, Bowleven held $80m in cash and financial instruments and expected to receive a further $25m at Final Investment Decision on Etinde.

'With the 2019 budget agreed, the Board is comfortable that the Company's resulting cash position will allow it to reach FID, with our JV partners, creating a further significant value accretive event for shareholders and immediately allowing for the payment of $25 million under the terms of the Etinde farm-out agreement,' said Eli Chahin, Bowleven CEO.

Confirmation of Special Dividend Payment
Bowleven, the Africa focussed oil and gas company traded on AIM, is pleased to confirm the payment today of the special dividend of approximately £50 million, or 15 pence per ordinary share.

As previously announced, the upcoming Etinde work programme and budget has now been agreed amongst the upstream joint venture partners for 2019. The detailed effort will contribute towards the interpretation of the data and the development options for the block with a view to its commercialisation.

The dividend has today been paid to those shareholders on the register on 18th January 2019.