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?

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

The big support at 40p lasted till late yesterday and then finish at best of the day 41p
and so opening strong this morning with volume.

now needs time to break the small resistance @ 43p

Cheaper to take out smaller rivals with the E&P sector way undervalued.

*****Hello Tullow?*****

From iii--cheers

Author Bondholder
Date posted today 09:23
Subject Goldman Sachs view on valuation.

For mid and small sized oil firms it is vital to stay active, and to push ahead with key projects.
That’s because many expert industry commentators, including Goldman Sachs, are predicting an increase of consolidation among those fortunate enough to have found oil.

And, when Goldman Sachs talks, the market generally sits up and takes notice.
In taking a Nostradamus-like look at the oil exploration sector recently its substantive point (posed in three parts) was the giant integrated oil and gas firms are spending more than in recent history on exploration (US$25bn last year).
Yet it is actually cheaper to acquire already-discovered barrels than drilling for them, which puts mergers & acquisition (M&A) activity firmly on the agenda.

“Following the underperformance of the European E&Ps [explorers & producers], it is now cheaper for the integrated oils to buy discovered resources than undertake exploration,” the bulge bracket broker concluded in its note to clients.
“Over three quarters of the E&P sector is trading at a discount to the integrated finding costs, which have increased 60% per annum since 2010, to over US$8 per barrel in 2012.

StockMarketWire.com
Bowleven's bids for exploration blocks 25, 28 and 29 in Zambia's recent licensing round have been successful.

Bowleven has now applied for the petroleum exploration licences over these three blocks and confirmation from the Zambian Ministry of Mines, Energy and Water Development is expected in due course.

The three blocks lie in the extensive and under-explored Luangwa Rift Valley which last saw exploration activities in the 1980's. The Luangwa valley comprises a major north-east to south-west trending rift basin and regional evidence suggests that the critical elements of a petroleum system are present. The initial exploration period includes a minimum committed work programme estimated at approximately $500,000.

Bowleven says in Kenya the airborne geophysical survey (FTG) over Block 11B is now largely complete and initial results are very encouraging. The high quality, high resolution dataset indicates the presence of a number of geological basins and provides clear imaging of primary structural features, facilitating a targeted 2D seismic programme. Planning for seismic operations and the associated tender process are ongoing. Acquisition of seismic is expected to commence in H1 2014.

Chief executive Kevin Hart said: "We are delighted to have potentially secured exploration acreage in Zambia, expanding our significant exploration portfolio beyond Cameroon and Kenya. We are also pleased that Block 11B continues to provide very encouraging results and we look forward to the commencement of the seismic programme."

What's this..?...the rise of the dead ?...

Let the trend be your friend...

Worth looking at...

Rightly or wrongly I'm still holding out that things will come good. Went through my stop loss too quickly, but at least a bit of positive activity finally.

Ready for the move forward, has reached floor last Friday, slowly moving forward

Things are looking better on the Indicators side, and even the closing Candlestick

Time this went up...but it never does....

Since highlighted last week 25th is going places
good volume the last couple days

Another good day and finishing with the "UT" 37p best of the day

and another good start of the day 38.50p and over 2M shares traded