Up 10% today any interest.

ii buying again - 450k buy LOL

A month now since Sapele 3 results were announced. Apparently the well is undergoing MDT and coring, how long can it take? Like many AIM oil and exp comps, nothing is done quickly and PIs are kept in the dark in an almost contemptible manner, meanwhile the SP drifts ever downwards.

(As an exception, Rockhopper are really good at investor relations)

It has lost its upward momentum.

Hyleo, you have a genius for stating the blindingly obvious. Keep up the good work, don't know how we'd manage without you.

My guess is that the MDT etc is not going well. (An observation which has about as much merit as post 233 of 233).

from iii


JUST SPOKE TO BOWLEVEN

ronson333

Spoke to Emma on 0131 524 5678, and they did recieve approval to continue drilling towards the Epilson a few weeks back. I did ask why they didnt RNS that information, she said they felt it wasn't important enough (I did say in these market conditions they should remove any uncertainty by supplying ALL information to the market ).

I'm afraid 60p is on the cards unless the awaited news on Sap 3 is released pretty smartly. Even then, in these markets and if positive it may not have much effect on the SP.

Yes that's how i see it,almost sold am,but thought it worth waiting for news,probably the wrong choice?

Cyril, pleased you didn't sell - an outstanding result!

Cheers,yes an excellent result, now lets see what response we get in this dreadful market?

I could have sold yesterday am, higher than their offering at present. Hoping it's to flush out the sell on news and we will see the value of todays update later,wishful thinking maybe?

A post which seems to sum up the market at present and why i'm considering selling.

MARGIN REQUIREMENTS-The margin requirement on a stock like Medusa is some 40%.

thus you have forced sellers,BEING FORCED to diminish their overall portfolio margin requirements and looking to reduce the heaviest margin requirement stocks first so they can stay at the table. That's the SB /CFD MARKETS for you.Welcome to 1929 and horrific deleveraging.Whether the stock is cheap or not,is, for the time being,irrelevant.Pointless to rationalise,you have forced selling and it won't just apply to Medusa,as we all know.

Hi Cyril
Obviously I didn't expect that sell off on such good news.
Well, that's the markets for you at the moment, as always at times like this many stocks will become very cheap, it's just knowing when to buy.

cyril - a point i have alluded to a couple of times on the FTSE thread, exacerbated by the fear (real or otherwise) that the markets are indeed odds-on to implode along with the eurozone etc

Hi pete, can only put sp down to a lack of testing along with funding issues?

cynic i must admit i've been busy of late(diy) and missed your posts,most spare time
checking out GKP.


http://investing.thisismoney.co.uk/broker-views/

Here's one that I cannot believe the drop.....

This comment from the FT Oil sector watcher:
"If not quite the slam-dunk result we were hoping for, a reasonably encouraging update from BLVN. The Sapele-3 well offshore Cameroon has encountered an additional 8 metres of hydrocarbons following the initial 11 metres announced a month ago. The extra pay has been found in the deeper Epsilon complex following the earlier find in the Deep Omicron. Sapele-3 is located 16 kilometres north-west of the Sapele 1 well, i.e. a fairly extensive stepout, and if the structure ultimately proves to be one continuous one then the reserves potential would be extremely material. However quite clearly it is too early for the group to make this claim, and it appears that a lot more work is needed on Sapele to prove whether or not it is commercial at all. Disappointingly the group was unable to test either of the intervals for technical/safety reasons, although the well has been suspended with a view to re entering in the future to undertake a test. Currently BLVN expects to have a rig back on its permit by Q2 next year which will appraise both Sapele and the IE/IF discoveries.
On balance then, Id certainly be a long-term buyer of the shares, given the enormous upside, despite the short-term lack of clarity. Our risked NAV is 280p/share vs a current price of 74p, a level last seen in summer 2009. The group is well-financed following a recent $120m fund-raising at 103p/share, and the imminent completion of the EOV asset disposal would add a further $35m."

Well the completion of the EOV asset should solve funding? A lack Flow tests is the stumbling block?

Cyril

Even without the EOV asset biz there were no funding issues after the recent placing.

Problem is that BLVN have been unable to test and therefore the pay zones they have discovered remain unproven. Previous appraisal wells didn't go exactly to plan either, hence the fall from grace from 400p to where we are today.

I have no doubt that the resevoir is potentially massive, but until they can flow test and prove connectivity between Sapele 1 & 3, the SP is vulnerable.

Could be a long wait until Q2 2012 :-(

Hi pete,yes the recent fund raising certainly ensures the immediate future,however the
costs of drilling these deep offshore wells eat into any cash pile. I think tey can exceed $100k a day for hire of the rig and at 4400m total depth it's taken approx 100 days(spud 11th aug),so EOV becomes vital long term.
On a more positive note S-1 flow rates, 9th June RNS.


Bowleven, the West Africa focused oil and gas exploration group traded on AIM is pleased to announce the results of testing activities at the Sapele-1ST appraisal well drilling in the Douala Basin, offshore Cameroon. Drill stem testing was performed within the Deep Omicron interval at Sapele-1ST and a light oil flowed on test.

Highlights
Stabilised flow rate of 3,101 boepd produced on test at Sapele-1ST

High quality light oil (39.2 degree API) produced on test; oil quality and gas-oil ratio comparable to that encountered at the original Sapele-1 well