Up 10% today any interest.

"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'.

does the fact that that chat room has FT as a hanger make it any more reliable than ADVFN or even this one? ....... i would doubt it greatly, and this reads like a typical touting exercise

The usual contributors to the FT comment side are employees of the FT. Those who post on the public side of the screen are of various & unknown origin and as such should be read with caution (& often amusement!) It's only a 1 hour slot between 11.03 hrs & noon.

This 'Boring' company was touted on CNBC Friday as a 'sleeping giant' and has risen 4% since then. I have found that these little gems usually do well for a few weeks then sink slowly back. Anyone else hear this?

Broker note from Canaccord today:
"Initial news from the IE-3 appraisal well offshore Cameroon looks encouraging although the release is fairly light on detail. Whilst the company says that the well encountered multiple hydrocarbon-bearing reservoirs, there is no mention of gross or net pay and no indication of size or whether or not the well met pre-drill expectations. However it is encouraging to note that BLVN is planning to run four separate Drill Stem Tests (DSTs), implying an expectation of reasonable flow-rates. Whilst our current NAV for BLVN is only 123p/share (vs 136p close yesterday) this assumes only a risked valuation for the IF discovery. On an unrisked basis we reach a NAV in excess of 300p/share if we include both IE and IF. Hence on the basis of today's news we are cautiously optimistic on BLVN and continue to be BUYers"

Very happy with this result.
cyri

l9 November 2010



Bowleven plc ('Bowleven' or 'the Company')



Two Potentially Significant Discoveries, Offshore Cameroon



Sapele-1 Exploration Well, Block MLHP-5, Etinde Permit, Cameroon



Bowleven, the West Africa focused oil and gas exploration group listed on AIM, announces that the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon has made two potentially significant hydrocarbon discoveries in Miocene reservoirs based on the results of drilling and initial wireline logs and pressure data. The first discovery, Lower Omicron, encountered light oil/gas condensate in moderate quality reservoir units. The second, Deep Omicron, encountered oil in high quality sands. This well was designed to intersect multiple stacked objectives through Miocene and Cretaceous horizons. As a result, it is believed to have penetrated the extremities of both Miocene prospects at sub-optimal locations.





Highlights



Two potentially significant Miocene discoveries, offshore Cameroon.

Preliminary log evaluation indicates 25 to 35 metres of net pay intersected to date, with continued drilling through Deep Omicron set to recommence shortly.

Cross-cut event and the Cretaceous Epsilon Complex still to be drilled.

Preparing for immediate testing and subsequent appraisal sidetrack(s) post completion of current well.





Drilling update



The targets of the Sapele-1 exploration well, on block MLHP-5, Etinde Permit, are a series of vertically stacked reservoir objectives, from the proven Miocene fairway down to the deeper Cretaceous fairway that is proving prolific elsewhere in West Africa.



The well, which is drilling in water depths of around 20 metres, has so far been drilled to a depth of 3,360 metres and has intersected two of the three identified Miocene reservoir targets.



The initial results from the three separate reservoir sections are outlined below:



Upper Omicron

Although there were indications of gas whilst drilling, reservoir development was limited at this location.



Lower Omicron

The well has intersected a log evaluated gross hydrocarbon interval of approximately 106 metres in what are believed to be moderate quality interbedded units. The provisional net pay is estimated to be approximately 15 to 20 metres, with an average porosity of 16%. The well is believed to be located in a sub-optimal location on the extreme edge of the Lower Omicron prospect.



Deep Omicron

The well has intersected a log evaluated gross hydrocarbon interval of approximately 64 metres in high quality reservoir sands. The provisional net pay is estimated to be approximately 10 to 15 metres, with an average porosity of 21%. The well is believed to be located in a sub-optimal location on the edge of the Deep Omicron prospect. Drilling through the remainder of Deep Omicron will continue upon completion of the current logging run. Evaluation of fluid samples and pressure data suggests oil being present down to the current well depth.



The well location was selected to access multiple targets from a single location. By necessity, the resulting locations for both the Lower and Deep Omicron objectives were significantly compromised. Consequently, given the extremely encouraging results it is likely sidetracks will be drilled to appraise both prospects at better locations. Maps relating to Sapele-1 are available on our website www.bowleven.com under the heading presentations; the presentation is titled "Sapele-1 announcement - 9 November 2010".





Initial in place estimates



Based on the better than prognosed reservoir quality the revised preliminary in place volumetrics on a P90 to P10 range are estimated to be for Lower Omicron 40 to 290 mmbbls or, in the event that the hydrocarbons at that interval are determined to be gas condensate, 75 to 595 bcf, and for Deep Omicron 55 to 380 mmbbls. These numbers remain provisional. Due to the stratigraphic nature of these prospects further appraisal will be required and is being planned.





Forward exploration and appraisal programme



Wireline logging operations are ongoing over the Omicron reservoir objectives. Once completed, it is planned to drill to a total depth of approximately 4,450 metres to test further prospective horizons, including the deeper Cretaceous, a new play untested within this part of the Douala Basin. Drilling activity is expected to take a further 30 to 40 days (excluding testing). The forward plan will be reviewed on reaching the target depth and when the results from the additional targets are obtained. Meanwhile, planning for testing and sidetrack activities on the Miocene discoveries is underway.





Further update announcements on drilling activities will be made as appropriate.



Kevin Hart, Chief Executive of Bowleven plc, commented:



"We are delighted with the results so far on our high potential Sapele-1 exploration well, offshore Cameroon. The discovery of hydrocarbons in two separate Miocene reservoir intervals is a significant event for Bowleven. Whilst further evaluation and appraisal is required, we are confident that these are potentially transformational. Sapele-1 is already demonstrating the significant prospectivity of our acreage in the Douala Basin, with the high potential deeper Cretaceous target still to be drilled. The Douala Basin is a major emerging hydrocarbon bearing province. We believe that the Sapele-1 well is only the beginning of Bowleven unlocking the full potential of our Cameroon acreage. This is a very exciting time for the Company. "

Very nice cyril.

mitzy a whole lot nore than nice(although understand your ref)
" as the CEO states,Whilst further evaluation and appraisal is required, we are confident that these are potentially transformational".

TRANSFORMATIONAL IS BRIILLIENT.

cyril

Here is a summing up by possibly the best and most respected of oil researchers.
cyril

Great initial results from the Miocence which as they say could be potentially significant.

The Lower Omicron encountered light oil/gas condensate (net pay 15-20m estimate).
This was initially estimated as being gas (Sept 2010 Deutsche Bank 10th O&G Conference) so could be a significant improvement in this zone already with it being light oil/gas condensate.

Also, Pre drill the Deep Omicron estimate was -
P90 27 mmbo, P50 84 mmbo, P10 259 mmbo.

10-15m of net pay estimate of oil in higher quality sands encountered.

This announcement puts the deep omnicron estimate range at up to 380 mmbls and they are still drilling it.
---------------------------------------------------

Beyond drilling the remainder of the deep omnicron are -

Cross Cut Zone - potential
(Gas case P50 94 bcf - P10 185 bcf or Oil case P50 32 mmbo - P90 63 mmbo).

Folllowed by the deeper Epsilon complex.
(Gas case P50 887 bcf - P10 5.28 TCF or Oil case P50 628 mmbo - P90 3.7 billion bls).

All from the current Sapele well.

Numerous exploration targets elsewhere over additional blocks.

None of this potential was included in the previous value estimates.

Circa 400p+ value estimated on previous July 2010 guidance on $80/b oil for their existing discoveries.

With the recent IE-3 appraisal drilling in late August which made additional discoveries, the potential remains immense on top of what they have announced today.

$110m cash confirmed after this Sapele well (including expected $35m proceeds from EOV sale).

No wonder Kevin Harte says they are confident that these discoveries are potentially transformational.

Biggest mover today.