Up 10% today any interest.

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

No news is bad news.

Looks like market thinks so too!

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

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

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


Bowleven value hit by Cameroon drilling setback

21 Apr 2011


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

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

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

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

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

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

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

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

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

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

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

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

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

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

234p... very grim

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

LOL.

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


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

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

crikey more south here!

Same type of chart as for AVN and PDX.

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

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


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

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

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

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

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

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

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

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

140p now.

sp heading sub 100p.

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

From citi recently:

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

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

gulp......she is sliding quickly