Up 10% today any interest.

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

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

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

No news is bad news.

Looks like market thinks so too!

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

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

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


Bowleven value hit by Cameroon drilling setback

21 Apr 2011


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

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

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

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

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

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

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

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

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

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

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

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

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

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

234p... very grim

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

LOL.

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


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

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

crikey more south here!

Same type of chart as for AVN and PDX.

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

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


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

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

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

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

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

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

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

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

140p now.

sp heading sub 100p.

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