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 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."

Looking positive today after reaching new lows early on the day.

The closing Candlestick being a Bullish Hammer, should be the end of the recent downtrend

I've been watching these for sometime,just wondering when it might bottom out?
This is a post from a very astute Pi,who i have known for several years and find his
judgement usually sound.
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had this stock 'only' had the large holders selling do you really think a) we would be at this level and not lower and b) that it would drip a penny or so a day.

these are shifting sands, the recipient on the blackrock issue will take them on as a few pence either way wont matter, the other sellers and I believe buyer will take them as low as they can manage to get them.

this is a window of opportunity not just for us pi's but also the large holders who lets face it will be slightly more upto speed on matters than us.

when these turn and the agreements are all signed we wont see a penny a day rise, it will gap up straight away. im not blind to the fact theres a seller out there or the consistent drops of a penny or so, but the overall investment case here, unless something changes, gets better everyday.

we still have world class acreage and discoveries and drill results and flow test results, we are coming to the end game so why sell now. too many pi's are short sighted but will post a few k win and not their several few k losses trying to trade. we all have a bad deal in the closet, even le c im sure but time is the essence here, we aren't waiting on drill results, just I dotting and t crossing.
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Worth a punt i feel?

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News can come any day IMO with petrofac

A sudden surge end of day,wonder what;s the reason?


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Could this be anything to do with today's rise?


Ekales-1 Oil Discovery in Kenya
26 September 2013 - Tullow Oil plc ("Tullow") is pleased to announce that the Ekales-1 wildcat, located in Block 13T in Northern Kenya, has made a new oil discovery. Results of drilling, wireline logs and samples of reservoir fluid indicate a potential net oil pay in the Auwerwer and Upper Lokone sandstone reservoirs of between 60 and 100 metres. Future flow testing aims to confirm productivity from these zones.

This is the fourth consecutive wildcat discovery, in the first oil basin opened in Northern Kenya, since our drilling commenced in 2012. The Ekales-1 well is located between the Ngamia-1 and Twiga South-1 oil discoveries and the reservoir properties at this location appear similar to those previously encountered. Once operations have completed the rig will move to drill the exploration prospect Amosing-1 south of Ngamia-1.

Some interest here,SP creeping up.Could be time to take the plunge?

I just feel that something is happening here?
Today's chart.

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Part of a post from a seeminly well conected Pi,who i've followed for sometime.make of it what what you will???

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To hold right through this 'false market' on stocks that you have researched, been loyal to and trusted is no mean feat and takes the patience of a saint as we know but history shows when the value is in the asset the asset always in the end shows the value and i for one have my BLVN shares stuck to my chest with my left shoulder saint content and happy in the knowledge that simply....

An exploration company that after getting into bed with the elite, being courted by globally respected NOC's, completing one of the most successful drilling campaigns of the decade and entering the 'pre-end game' of development planning,.... fell to 25% of it's CaV.

Yeh, sure :)

Some action day end,60p resistence broken,61p+at present?

51.875p - 4.675p

has broken down and down it goes