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?

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.

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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."