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?

Just goes to show you can't always trust candles.

The bullish hammer on the 23rd (correctly identified by magicpants) could have given investors the impression that the SP was ready to reverse, but then was made invalid by further weakness for the next four days.

Ultimately he was sort of proven correct yesterday when BLVN released positive trading news. But for a scalping trader dealing in very small moves, the candles didn't work.

Money AM chart candles? do not trust any

anyway - magigjoe - said " 64p that was 61.8 fibonacci."
share price only went 63.50p as the low point, me thinks his point was valid OK

as i always said, his pix and comments were interesting even if you didn't want to follow, but his persistent stream of personal abuse was NOT

anyway, his funeral was afew days ago by the looks of it

A bit more buying can push it above its recent highs.
Does anyone know the level of short positions on this company?

Spread Magazine are bullish, mind you they have been adding recently, so take it with a pinch of salt
Bias? RAMP?


Posted on Monday, February 4, 2013 at 9:06AM
Bowleven ready to make an assault on 80p?

Below is an excerpt from our Zak Mir & SBM Q1 guide concerning Bowleven

“Technical overview - Shares of Bowleven have actually been in a mildly rising trend channel on the daily chart since June, with the floor of this channel running currently at 62p. The implication of this is that while there is no sustained price action back below the 59p August intraday low, the upside here should be back towards the post September resistance zone at 80p plus. In fact, the RSI looks to me as if it is just beginning to turn higher and so will provide the fuel to carry Bowleven back towards the top of its range during the 2nd half of 2012.”

Well, with the look of the price action over the last 10 days, aswell as the updated chart formation below, our confidence in this key constituent of our SBM Dream Oil Explorers portfolio is growing and it looks to us as if the 80p level will be breached in the short term. We have been adding in recent weeks.

Bowleven ready to make an assault on 80p?

>>> 80p
Is on the way to 80p today , but before has to break intraday 74p

If it wants to break, volume was there today

the 74p broken then up she goes in a strait line

Going places once again this morning, a short distance to the 80p now.
Yesterday's comments that Dragon is full of cash and looking for acquisitons is helping

yep. Watching both with interest .... DGO should be above £12 soon

Bowleven is a STRONG BUY at 76p.

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven's IM-5 well offshore Cameroon has reached the Middle Isongo primary objective.

The company says the well has encountered liquids-rich hydrocarbon-bearing pay in both this and the Intra Isongo reservoir objectives based on the results of drilling, core analysis, wireline logs, fluid samples and pressure data. The well, which was designed to appraise the reservoir and fluid properties of the Middle Isongo and to explore the additional potential of the Intra Isongo, has reached TD of 3,430 metres MD. The forward programme is to set liner and conduct testing operations.

Chief executive Kevin Hart said: "We are very pleased with the results so far on the IM-5 well, which has confirmed the presence of liquids-rich hydrocarbons in both the Middle Isongo primary objective and the potentially significant Intra Isongo discovery.

"We eagerly await the results of the forthcoming testing.

"The group is intensely focused on delivering the key requirements that will enable the final investment decision for the Etinde development to be made.

"With the validation of sufficient gas volumes to meet the requirements of the proposed fertiliser plant, our efforts continue on finalising the gas sales heads of terms with Ferrostaal and obtaining the Exploitation Authorisation from the government."

FT comment today:
"A positive update from BLVN’s latest appraisal well offshore Cameroon, where it has a 75% interest in the MLHP-7 licence. The IM-5 well has encountered liquids-rich hydrocarbons in its primary objective, following earlier success in a shallower interval. The well is now at TD and will shortly commence a testing programme. The primary Middle Isongo objective encountered 25 metres of net pay over a gross interval of 33 metres. This follows on from the Intra Isongo secondary objective encountering 70 metres net from 80 metres of gross. This in itself is an increase on the 52-56 metres that the group announced three weeks ago. The liquids to gas ratio in the Middle was 150 bbls/mmcf and 200 bbls/mmcf from the Intra. Testing will now take place although it is difficult to forecast what the group would deem to be a successful flow-rate. Previous testing on the nearby IE field in 2010 yielded a substantial rate of 14,500 b/d of liquids and 50 mmcfd of gas i.e. a liquids to gas ratio of 300 bbls/mmcf. I’d imagine the group would be hoping for more than 5,000 b/d of liquids. All looks good therefore and the shares should advance today. Commerciality not yet confirmed but certainly heading in the right direction. Be prepared though, if IM-5 does indeed deliver a strong flow-rate, I imagine the first thing the group will do is attempt an equity fund-raise, as its cash will start to get a bit tight from the end of this year, despite its strategic alliance with Petrofac ."

IM-5 well, Block MLHP-7, Etinde Permit, Cameroon
Following assessment of the IM-5 well data, including logs, fluid samples, revised depth conversion and structure mapping, Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce a substantial increase to the Isongo Marine field (IM) in-place hydrocarbon volumes.


Highlights
· Intra Isongo discovery represents material volume addition.
· Combined P90 WGIIP increased by over 300% to 531 bscf post IM-5 drilling.
· Validation of more than sufficient gas volumes on a P90 basis to meet fertiliser plant requirements.
· Combined Mean WGIIP and CIIP increased by 162% and 868% to 1,222 bscf and 184 mmbbls respectively.
· Preparing to test both Middle and Intra Isongo reservoir intervals.

http://www.moneyam.com/action/news/showArticle?id=4549551

Very impressive news... more intervals to be tested... STRONG BUY

SmallCapNewsShares in Bowelven (BLVN) are volatile at the best of times and this week has been no exception with the group seeing its stock lead the AIM market top risers.

Cameroon-focused Bowleven saw its shares close last Friday at 75.5p but go on to touch 82.5p during trading yesterday. This morning it announced better than expected results from test work on its IM-5 well on its Etinde permit, which drove the price further to over 87p.

Specifically, the new data suggests that Bowleven has found a lot more wet gas and condensate than it originally thought. That is good news because the current drilling is focused on appraising the field ahead of potential development. There has been 300% increase in the estimated P90 wet gas initially-in-place to 531 billion standard cubic feet. And overall, the combined average wet gas and condensate in place have increased by 162% and 868% to 1,222 bscf and 184 million barrels respectively.

Latest broker forecasts:

07-Mar-13 Barclays Overweight 86.25p 235.00p 235.00p Reiteration
06-Mar-13 Jefferies Buy 88.50p 195.00p 195.00p Reiteration

Interim Results Announcement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its interim results for the six months ended 31 December 2012.

OPERATIONAL UPDATE
· Gas sales term sheet for proposed fertiliser plant agreed with Ferrostaal; signing ceremony being organised.
· Good progress made towards Etinde staged development FID.
· Testing programme underway on IM-5.
· IM-5 Intra Isongo discovery highlights new material exploration/appraisal upside.


INTERIM REPORT HIGHLIGHTS
Resources to Reserves
· IM-5 appraisal/development well exceeds pre-drill expectations:
o Significant discovery (70 metres net pay) made in Intra Isongo.
o Middle Isongo primary objective encountered 25 metres net pay in 33 metre interval.
o Preliminary volumes indicate combined IM P90 WGIIP increased by over 300% to 531 bscf; more than sufficient gas volumes to meet fertiliser plant requirements.
o Combined IM Mean WGIIP and CIIP increased by 162% and 868% to 1,222 bscf and 184 mmbbls respectively.
o Logging samples confirm the presence of liquids-rich hydrocarbons in both the Intra and Middle Isongo reservoir intervals.
o Testing programme underway on Middle and Intra Isongo intervals.
· Good progress made towards Etinde staged development FID:
o Etinde Exploitation Authorisation Application (EEAA) submitted to Cameroon authorities as planned.
o Gas sales term sheet for proposed fertiliser plant agreed with Ferrostaal.
o Strategic Alliance Agreement signed with Petrofac; potential access to up to $500 million towards Stage I of the Etinde development and to Petrofac expertise.

Exploration
· Etinde
o Intra Isongo discovery highlights new material exploration/appraisal play.
· Bomono
o Exploration well (Zingana-1) site location is drill ready; rig sourcing continuing.
o Ministerial approval given to two year renewal of exploration phase to December 2014.
o Farm-out discussions continue.
· Kenya
o 50% farm-in to block 11B approved by Kenyan authorities.
o Preparation for airborne geophysical and 2D seismic surveys underway.

Corporate
· Group cash balance at 31 December 2012 $90 million (end February 2013 circa $65 million), no debt.
· Significant financing flexibility maintained:
o Petrofac Alliance provides up to $500 million development funding for Etinde with up to $60 million IM-5 well costs reimbursed at FID.
o High equity interests facilitate farm-out opportunities.


Kevin Hart, Chief Executive of Bowleven plc, said:

"The recent IM-5 results, which significantly exceeded our pre-drill expectations, have placed us in great stead to deliver the staged development of Etinde. The substantial uplift in both gas and liquids volumes ensures we can move forward with the development plan and gas sales agreement knowing we are underpinned by an extremely robust project. We now look forward to putting these pieces of the jigsaw together to reach FID.

In addition, the recent Intra Isongo discovery reinforces our view that a significant volume of hydrocarbons remains still to be discovered on our Etinde and Bomono Permits. We remain convinced that Bowleven is ideally positioned to become a major contributor to Cameroon's hydrocarbon production for years to come and we have the funding flexibility to deliver this potential."

0

Merrills:

Gas Sales Agreement terms agreed; FID on track for YE13
We reiterate our Buy rating and PO of 215p offering c.170% upside potential post
the completion in Cameroon of the Gas Sales Agreement (GSA) terms with
Ferrrostaal, the operator of the proposed fertiliser plant. The terms have now
been agreed and a signing ceremony is anticipated imminently. We expect the
pricing to be close to the company’s previous indications and our estimate of
c.US$3/mcf. This represents a key milestone, which, in addition to EEAA approval
from the government expected post IM-5 flow test results, will allow BowLeven to
progress to key Final Investment Decision (FID); still on track for completion by
the end of 2013. As previously stated, Stage 1 terms of the agreement are for
70mmscf/d for a minimum period of 10 years with first gas in 2016.
IM-5 flow test results early April; updated reserves in 2H13
BowLeven is currently mid-way through the IM-5 flow testing programme, which
will determine both flow rates and more accurate hydrocarbon content. Results
from both the primary (Middle Isongo) and secondary (Intra Isongo) horizons are
expected in early April. An updated reserves report may follow in 2H13 but only if
necessary for debt financing; Petrofac appear to be comfortable with the data.
9 further prospects on the Intra Isongo horizon identified
Further to the recent large upward revision in estimated discovered volumes on
the IM Field (gas-in-place of 1.2Tcf and condensate-in-place of 184mmboe)
BowLeven has identified further prospectives. Additional gas-in-place of c.1.6Tcf and unrisked condensate-in-place of c.273mmboe across 9 prospects has been delineated and will be the subject of future exploration drilling.
Bomono farmout delayed but discussion ongoing
The farm-out discussions on the onshore Bomono acreage are still ongoing, with
BowLeven considering alternative farmout partners in parallel to ongoing
discussions with original farm-in partner. We anticipate the company will continue to seek full carry on 2 wells worth a total of c.US$30mn. The first 2 well targets have been identified, with both targeted to be drilled by the end of 2014, subject to the completion of a farm-out and the availability of a rig.

This is starting to look interesting.