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?

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

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven reports a loss of $11.1m for the year to the end of June - down from $13.1m last time.

The results for the year include a foreign exchange loss of $0.5m (2012: $2.4m gain) arising from foreign exchange movements on US cash balances under IFRS.

Administrative expenses for the group were $11.1m (2012: $9.5m).

The group's ongoing G&A expenditure is generally estimated to continue at between $1.5m to $1.7m gross per month.

Capital expenditure cashflows in the year were $109.4m (2012: $97.3m). This expenditure relates to exploration and appraisal activities, primarily drilling operations on the Etinde permit and surveyactivity for block 11B, Kenya.

As at the balance sheet date, 30 June 2013, the group had cash and deposit balances of $24.7m (2012: $142.5m). This includes $5m of cash collateral in respect of a guarantee which will be released on fulfilment of the Kenyan work programme commitment.

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Issue of up to 29,470,000 ordinary shares
Bowleven today announces that it has conditionally agreed to issue up to 26,146,051 new ordinary shares (the "Subscription Shares") at a price of 45 pence per share to a number of investors to raise up to £11,765,722 million (approximately US$18.7 million) (the "Direct Subscription").

The Company also announces its intention to place up to a further 3,323,949 new ordinary shares (the "Placing Shares") (the"Placing") with both new and existing investors. The Company and the Joint Bookrunners may, in their discretion, increase the size of the Placing to up to 9,823,949 Placing Shares and, in order to accommodate any such increase, the Company has the right to scale back part of the Direct Subscription. The aggregate maximum number of new ordinary shares which may be issued pursuant to the Direct Subscription and the Placing will not exceed 29,470,000 ordinary shares.

Someone on the know?
or it was plenty on the know by the way it was marked down, specially yesterday.

Well is getting close to placing price @ 45p, so soon time to get in again
lets wait an see how low it goes I so 45.25 / 45.50p at one time did not last.

Large intraday chart to spot the lows

@ 40.875p

Ready to bounce after the sharp drop on Placing last week at 45p

LARGER BUYERS ARE APPEARING ON THE TICKER

or maybe is shorters closing positions now are 41.375p