Up 10% today any interest.

RNS Number : 7487L
BowLeven Plc
16 January 2009


16 January 2009

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

DIRECTORS' INTERESTS

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

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

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

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

ENQUIRIES

For further information please contact:

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

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

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


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2006 MoneyAM

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



For more Director Deals, visit Director Deals

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

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

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

Best take the money off the table.

Best who takes what money off which table?

Sell in the Market Harry take a profit.

good call mitzy

Up another 10%

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

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

should say 150p a certainty but could go much higher

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

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

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

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

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

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

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

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

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

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

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

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

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

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

commiserations to all who were

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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