Up 10% today any interest.

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

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

should say 150p a certainty but could go much higher

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

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

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

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

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

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

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

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

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

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

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

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

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

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

commiserations to all who were

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Any personal thoughts on this comp, harry??

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

Thanks harry.

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

This was compared with $10.9m last time.

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

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

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

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

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

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

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

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

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

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

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

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