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?

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.

Oil & Gas Sector: GeoPark up after Colombia well successes

StockMarketWire.com
Africa focused oil and gas explorer Bowleven is pleased with results of the first test at the IM-5 appraisal/development well drilling offshore Cameroon.

Bowleven says a drill stem test (DST) was performed on the Middle Isongo interval and preparations are now under way to test the Intra Isongo interval.

The company said condensate-rich gas flowed on test confirming significant liquids content of gas.

The maximum flow rate of 23 mmscfd and 3,155 bcpd (total over 7,000 boepd) delivered on test demonstraed productivity at commercial rates from Middle Isongo with high quality condensate (43 degree API) produced on test.

Chief executive Kevin Hart said: "The results from the IM-5 well continue to please. We are encouraged to see the first DST result at IM-5 confirm the deliverability of liquid-rich hydrocarbons from the Middle Isongo reservoir interval at commercial rates in excess of our pre-drill estimates.

"This result bodes well for the planned phased development of Etinde. We now look forward to test results from the Intra Isongo."

Blackrock has increased it holding by almost 2M shares.

IM-5 well, Block MLHP-7, Etinde Permit, Cameroon

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the results of the second test at the IM-5 appraisal/development well drilling offshore Cameroon. A drill stem test (DST) has now been performed on the Intra Isongo reservoir interval and this following the Middle Isongo DST announced on 2 April 2013 completes the successful drilling and testing programme at IM-5.

Highlights
Testing Overview
· Condensate-rich gas flowed on test from both Middle and Intra Isongo intervals confirming commercial production rates and the significant liquids content of gas.
· Combined maximum flow rates of 60 mmscfd and 7,819 bcpd (total over 17,800 boepd).

Intra Isongo update
· Average flow rate of 37 mmscfd and 4,664 bcpd (total over 10,800 boepd) achieved from 29 metres of perforated section out of 70 metres of net pay.
· High quality condensate (approximately 43 degree API) produced on test.

http://www.moneyam.com/action/news/showArticle?id=4577805

Merrill's:

Secondary target Intra Isongo flows > 10,800 boe/d
We reiterate our BUY recommendation and PO of 215p post today’s very positive
and final DST (Drill Stem Test) result on the IM-5 well offshore Cameroon. The
flow rate, testing a 29m perforated column of the Intra Isongo interval (c. 70m of
discovered net pay), revealed an impressive flow rate of 37 mmscf/d of gas (c.
6,140boe/d) and 4,664 boe/d of 43º API condensate; a combined flow rate
therefore in excess of 10,800 boe/d. Pressure drawdown on testing was restored
comfortably within the planned 72 hour period, hinting at a potentially large lateral
extent of the tested interval; a source of future upside optionality for Bowleven.
Combined flow rates from IM-5 testing > 17,800boe/d
Along with the previously disclosed flow rate achieved on the Middle Isongo
interval, this takes maximum combined flow rates to over 17,800 boe/d, well in
excess of the plateau gas volumes agreed for the proposed fertiliser plant of 70
mmsc/d of dry gas (equivalent to 80mmscf/d wet gas or c. 13,270boe/d). This
would indicate that 2 wells flowing at c. 40mmscf/d each could suffice; a very
material potential saving on well & infrastructure requirements that are estimated
at c. US$600mn gross at this stage, based on a 6 well development concept.
Condensate yield compares favourably to wells nearby
Whilst the condensate: gas ratio (c. 133 bbl/mmscf) was in the lower half of
company estimates (c. 100-285 bbl/mmscf) for the Intra Isongo layer, it is
important to note that i) the test was only conducted in a relatively narrow 29m
section and the ratio is likely to vary over the rest of the 41m section of net pay
and ii) compared to other assets in the region (e.g. Marathon’s Alba field offshore
EG), the results is still c. 2x the liquid yield achieved in those producing wells.
EEAA approval is the next catalyst; FID targeted for 2H13
The Entinde Exploitation Authorisation Application incorporating the IM-5 well
result is currently with the government pending approval, anticipated imminently.

Bowleven says IM-5 discovery confirmed

Bowleven, the Africa focused oil and gas exploration group, said a discovery of condensate and gas was confirmed following the drilling of the IM-5 appraisal/development well.

IM-5 is in the offshore Etinde Exclusive Exploration Authorization, in the Rio Del Rey Basin, Cameroon. Bowleven holds an interest in the licence.

The National Hydrocarbons Corporation and the Executive Chairman of EurOil Limited, Chief TABETANDO, confirmed the discovery.

Production tests performed from March 17 to April 21 revealed the following results:

- for the Middle Isongo, the maximum daily flow rate of 23 million cubic feet of gas and 3,155 barrels of condensate;

- for the Intra Isongo, the average daily flow rate of 37 million cubic feet of gas and 4,664 barrels of condensate.

The combined maximum daily flow rates of Middle and Intra Isongo are 60 million cubic feet of gas and 7,819 barrels of condensate. These rates could have been higher using increased tubing size. The condensate is high quality (approximately 43 degree API).

The total volumes of hydrocarbons (P50 in-place) of the IM field are estimated at 155 million barrels of condensates and 1,050 billion cubic feet of gas.

The well is being suspended as a future development/production well.

Group Operations Update
Bowleven announces the following update on operations on the Etinde Permit in Cameroon.

Drilling operations - IM-5 well
Following the successful testing of the Middle Isongo and Intra Isongo reservoirs, the IM-5 well has been suspended as a future development/producing well and the Atwood Aurora jack-up rig has been released from contract.

Gas sales term sheet signing ceremony, Cameroon
Stage I of the Etinde development project is based on supplying 70 mmscfd of dry gas to a proposed fertiliser plant in Cameroon. As announced on 20 March 2013, a detailed term sheet for the proposed sale of EurOil's gas production from Etinde has been agreed among Ferrostaal, SNH and EurOil. The term sheet includes an agreement on the applicable pricing mechanism. A formal signing ceremony, attended by senior officials from all parties and the German Chancellor's G8 Personal Representative for Africa in the Federal Ministry for Economic Cooperation and Development was held yesterday at the SNH headquarters in Yaoundé, Cameroon.

The focus will now move to preparing and agreeing the detailed Gas Sales Agreement prior to FID. The Group is targeting FID by the end of 2013.

Etinde Exploitation Authorisation Application (EEAA)
The EEAA was initially submitted to the Cameroon authorities in late November 2012. As planned, an update to integrate the IM-5 well results is underway with formal submission to the Cameroon authorities anticipated during June 2013.

Kevin Hart, Chief Executive, said:

"We are focused on the planned phased development of Etinde and the delivery of first production from the Permit, anticipated in 2016. The agreement of a gas sales term sheet with Ferrostaal is a key step towards achieving this objective and the signing ceremony highlights the importance of this project for Cameroon, Bowleven and all stakeholders. The EEAA is in the process of being updated for the results of the successful IM-5 well and with this, alongside the progress on gas sales, we remain on track for FID and project sanction by the end of 2013."

First Oil Investment in Bowleven New Ventures
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that First Oil, a privately owned UK E&P company, has acquired a 30% holding in Bowleven's East African focused new ventures subsidiary, in return for funding exploration activities.

Under the arrangement, First Oil have committed to fund up to $9 million of an initial work programme (net carry of $6 million), with a further commitment to fund up to $12.5 million (net carry of $5 million) of an additional contingent work programme.

Separately, the parties have also agreed to co-operate in investigating early entry exploration opportunities across the East African Rift System. As part of this agreement First Oil may contribute up to $3.6 million towards Bowleven's share of funding in any resulting new investments.

Kevin Hart, Chief Executive of Bowleven, said:

"We are delighted to welcome First Oil as a strategic partner in our early stage exploration activities in East Africa and we look forward to working with the team going forward in this exciting emerging area."

Steve Bowyer of First Oil, said:

"We are pleased to announce our entry into the developing East African Rift System and look forward to working in partnership with Bowleven."

Resistance will be broken today at 62p, so looking positive from now on

on the turn

Is going places today already a high of 68p

Etinde Exploitation Authorisation Application (EEAA) update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that the process to integrate the recently-drilled IM-5 well results into the EEAA is well progressed.

With the successful IM-5 well demonstrating both a sufficient resource base to underpin the fertiliser scheme and resource potential to allow consideration of other schemes, the Cameroon authorities have requested that the EEAA be expanded to capture other additional gas off-take solutions (including the GDF Suez and SNH Cameroon LNG initiative) prior to submission. These schemes are in addition to Stage I of the Etinde development project which is based on supplying 70 mmscfd of dry gas to a planned fertiliser plant in Cameroon and for which Gas Sales Agreement (GSA) negotiations have now commenced.

The Cameroon authorities have indicated that an early grant of the Exploitation Authorisation is a priority and consequently, in line with timescales outlined by SNH, the final EEAA submission is planned for late Q3/Q4 2013.

Kevin Hart, Chief Executive of Bowleven, said:

"Good progress continues to be made on our path to development in Cameroon. We are focused on the planned phased development of Etinde and with the EEAA progressing well we are on track for FID."