Up 10% today any interest.

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.

Peter Hitchens, analyst at Panmure Gordon, commented: "The company has significant other prospects to drill in the area. We maintain our Buy recommendation with a price target of 250p, although as we signalled earlier this looks increasingly conservative now."

Still to complete the Primary target,along with those sidetracks,dont understandwhy so little interest?
cyril

In as well....regret selling out a few months ago now...

Top share.

Comments (0)
Bowleven, the oil explorer focused on Africa, has gained nearly a third after it moved into profit and unveiled two potentially significant discoveries at its Sapele-1 well.

The company moved from full year losses of $10.2m to a $19.5m profit and, more importantly, announce it has found hydrocarbons at its exploration well in the Douala Basin, offshore Cameroon. Kevin Hart, the company's chief executive, said:

Whilst further evaluation and appraisal is required, we are confident that these are potentially transformational. We believe the Sapele-1 well is only the beginning of Bowleven unlocking the full potential of our Cameroon acreage.
Shares in the company - a favourite of private investors - have jumped 68p to 267.5p on the news. Phil Corbett, analyst at the company's broker RBS Hoare Govett, said:
The focus of the 2010 results is the disclosure that the Sapele-1 well has encountered potentially significant hydrocarbon bearing sands offshore Cameroon. These horizons will be tested via sidetracks after the well has been deepened to main Cretaceous target.

After [this] BowLeven is planning to sidetrack the well and test both the Lower Omicron and Deep Omicron discoveries. That the management is looking to accelerate an appraisal campaign is a positive sign, and could be a material event for the company if the drilling can push the oil in place ranges even higher.

We wouldn't focus on these two discoveries in isolation - the company has identified a number of tertiary leads and prospects on its acreage, and this well could potentially be the key that unlocks the upside prospectivity.
http://www.guardian.co.uk/business/marketforceslive/2010/nov/09/bowleven-oil-discovery-cameroon

cyril

From ZENGAS,typical quality research.

Finally had a good look over all the licences/blocks after the latest updates/results and there really is without doubt amazing potential.

7 Blocks (5 in Cameroon + 2 in Gabon).

163 mmboe 'contingent' P50 net resources in the process of being moved to reserves.
========================

Etinde Permit offshore Cameroon 2316 km2 (Blvn 75% Vitol 25%).

MLHP-7 Block consists of -

Isongo Marine field 466 bcf + 8 mmbls NGL.
Isongo E Field (known as IE) 496 bcf, 95 mmbl NGL + 7 mmbls oil.
Isongo F Field (known as IF) 225 mmbls oil.
Manyikebi Field 56 bcf.
Isongo C and D discovery,

Total discovered resource = 533 mmboe.

Isongo Marine, C, D + E exploration and Isongo G cluster account for a further potential estimate of 366 mmboe.

Vitol have option to acquire a further 10% in this block only for $50m gross work programme.
--------------------------------

MLHP-6 Block under seismic.
-------------------------------

MLHP-7 Block consists of -

Sapele well currently drilling -

Lower Omicron target found 106m gross of 15 - 20m net pay estimate of 75 - 595 bcf or 40 - 290 mmbo potential.

Deeper Omicron target found better quality sands with 64m gross of 10 - 15m net pay estimate of 55 - 380 mmbo potential.

At 3360m (9/11/2010). Target depth a further 1100m at 4450m.

To intersect the up coming Cross-Cut interval (Gas case P50/90 94 - 185 bcf or oil case 32 - 63 mmbo).
Followed by the deeper Epilson complex in the Cretaceous with potential for P50/90 of 887 bcf - 5.28 tcf gas or 628m - 3.7 billion bls oil in this same well. Just weeks away and could be absolutely huge to the company if partially successful.

Management say "further prospects with analogous characteristics have already been identified, highlighting the additional potential on the acreage in the event of a successful outcome on this well" - similarly then there is further potential for billion+ barrel finds if only partially successful at Sapele.
--------------------------------------

Bomono Permit onshore Cameroon 2328 km2. (Blvn 100%).
Comprises Blocks OLHP-1 + OLHP-2.

Still under seismic with substantial amount/interpretation acquired.
2 wells planned for H2 2011.

Multiple prospects with individual sizes ranging from 10 - 250 mmbls oip each.

Page 24 of the Nov 2010 presentation shows at least 19 prospects so far from about 2/3rds of the blocks seismic/interpretation. So again billions of barrel potential here.

Multiple seeps/shows on this 2328 km2 permit and it should be noted that Victoria Oil and Gas' ringfenced 60km2 mini block with the Logbaba field is inside Blvns permit - has 35.2 mmboe P2 confirmed in October 2010 from 2 wells - No1 flowing 10,100 boepd (1,000 bls being condensate) and No 2 well flowing 3600 boepd. Some of the Blvn prospects are in close analogous proximity and VOG estimate that Logbaba has up to 1 tcf of undiscovered resources as well. Many of the Blvn prospects dwarf Logbaba - and as can be seen from the presentation at least 19 prospects so far and likely more when the seismic is completed.
-----------------------------

EOV 105 km2 Permit - Gabon (expecting $35m from sale).

Epaemno 1340 km2 Permit - Gabon (Blvn and Addax 50% each).

Multiple prospects with 10 - 350 mmbls OIP "consistent with field sizes in the area" Sub Salt fields and Discoveries east and south of the block.
Drilling by Addax about 1 year away.
--------------------------------------------------

Valuation in current November 2010 presentation 555p at $80/b - 696p at $100/b based only on IE/IF fields in block MLHP-7, Vitol carry, EOV sale and current cash.

*** It does not include the further finds made in the IE-3 appraisal drilling on 28th August 2010 just 10 weeks ago which tested a total of 22,909 boepd in MLHP-7.
14,576 bpd of liquids produced (condensate and oil 36 - 43 API). Two other intervals were not tested. Analysis is taking place and any upside is not included - the rig was moved to Sapele which is currently drilling.

*** No upside included for Sapele (2 zones of net pay) currently drilling on MLHP-5.

*** Extensive and multiple prospects in a proven hydrocarbon area.

Ex Cairn Oil people at Bowleven.

193.5m shares @ 260p = 501m GBP m/cap ($115m/70m pounds cash incl EOV $35m proceeds to come - all post Sapele well drill).

Continuous drill programme after Sapele-1.

F-Davies had 1800p potential (433p risked) which will need revision due to large number of new additional prospects emerging from seismic and interpretation - so therefore potential for 2000p+ exists.