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?

I think they made a good move, pay penalty to get a great deal.

Update on Petrofac Strategic Alliance Agreement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces that it has reached a mutually acceptable agreement with Petrofac to terminate the Strategic Alliance Agreement. This satisfies one of the conditions of the LUKOIL and NewAge farm-out transaction announced on 24 June 2014. The termination agreement is subject to completion of the farm-out.

Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the Strategic Alliance Agreement shall terminate.*

Kevin Hart, Chief Executive of Bowleven plc, said:
"We have worked closely with Petrofac over the last two years and we appreciate their co-operation in reaching a mutually acceptable termination agreement."

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven says the formal decree awarding the Etinde exploitation authorisation has been signed by the President of Cameroon.

This concludes the final stage of the EA award process and gives Bowleven and its joint venture partners, which will include SNH, the Cameroon State oil company, development and exploitation rights over block MLHP-7 for an initial period of 20 years with the option to renew for up to a further 10 years.

Bowleven says: "The award of the EA is a significant milestone in plans to develop the Etinde permit and in monetising our resources. Initial development plans are focused on the IM field on block MLHP-7 and initial dry gas sales are envisaged to be to a proposed fertiliser plant enabling liquids production. With significant upside potential on the Permit, additional gas offtake solutions are also being considered, in particular CLNG. The transaction with LUKOIL and NewAge, announced on 24 June 2014, enables accelerated appraisal drilling, aimed at confirming the additional resources available for the expanding range of gas sales opportunities."

Etinde Farm-out to LUKOIL/NewAge - Transaction Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces that all parties to the LUKOIL/NewAge Etinde farm-out agreement announced on 24 June 2014 have agreed to an extension to the longstop date. With the majority of conditions to transaction completion now satisfied, the longstop date has been extended by two months, to 31 October 2014, to enable satisfaction of the few remaining conditions.

The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship. The approval process by the Cameroon authorities has commenced and the longstop extension provides additional time to enable logistical arrangements to be made for this requisite step in the process.

Kevin Hart, Chief Executive of Bowleven plc, said:
"We have made significant progress towards completion of the Etinde farm-out transaction. We look forward to the support of the Cameroon authorities in concluding the transaction approval process and in so doing facilitating the progression of Etinde development plans and enhancing the monetisation of the Etinde acreage".

Westhouse Securities Buy 33.75 35.00 115.00 115.00 Reiterates

Etinde Farm-out Update

Highlights
· Cameroon Government approval received for assignment of Etinde equity interests to LUKOIL/NewAge and transfer of operatorship to Camop (NewAge).
· All parties working together to agree longstop extension to 31 December 2014 to enable formal completion of Etinde farm-out transaction.
· Rig contract signed for two well exploration drilling campaign on Bomono, onshore Cameroon.

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that notification of the Cameroon Government's approval of the assignment of the Etinde equity interests to the nominated affiliates of LUKOIL/NewAge, and the associated transfer of operatorship to Camop, has been received from the Ministry of Mines.

As a result of the Government's official approval, the only remaining formality to transaction completion under the Etinde farm-out agreement announced with LUKOIL/NewAge on 24 June 2014, is the gazetting of the signed Presidential decree. To allow for completion of this final condition, all parties to the farm-out agreement are progressing the extension of the transaction longstop date to 31 December 2014. Upon completion Bowleven will receive an initial payment of circa $170 million.

Whilst we do not expect it to be required, a $30 million short term bridge facility has been signed with Macquarie Bank which, alongside the Group's current cash balance of circa $20 million, provides financial flexibility pending transaction completion. The bridge facility matures on 31 December 2015, but will be cancelled on completion of the Etinde farm-out transaction and amounts drawn (if any) under the facility repaid from the proceeds. If the facility is drawn, or is in place beyond 31 December 2014, Macquarie will be entitled to a series of warrants."

Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its preliminary results for the year ended 30 June 2014.

HIGHLIGHTS
Corporate
· Agreement to farm-out two-thirds of Etinde to LUKOIL and NewAge for consideration of circa $250 million; comprises $170 million cash at completion, $40 million deferred cash payments and $40 million (net) drilling carry.
· Etinde farm-out transaction nearing completion, with the gazetting of the Presidential decree the final condition to be met.
· Group cash balance at 31 October 2014 circa $14 million with $30 million bridge facility undrawn and available pending farm-out completion although utilisation not anticipated.

Operational
Etinde Development
· Etinde Exploitation Authorisation (EA) awarded July 2014; gives exploitation and development rights over block MLHP-7 for an initial period of 20 years.
· Cameroon State (SNH) exercised 20% back-in right on Etinde development.
· Advancement of the fertiliser and Cameroon LNG (CLNG) projects; discussions on GSA and provisional LNG allocations progressed respectively.
· Operatorship to transfer to CAMOP (NewAge) on completion of farm-out transaction; Ministerial approval obtained.

Exploration
· Two well exploration drilling programme to commence on Bomono, onshore Cameroon; rig contract signed and mobilisation initiated, first well expected to spud around the end of the year.
· FTG acquired and seismic programme initiated on Kenya block 11B; licence extension awarded to May 2015 to enable evaluation ahead of second phase decision.
· New PSC application submitted for Etinde blocks MLHP-5 and MLHP-6, offshore Cameroon.
· 3 blocks awarded in Zambia with applications for 2 further blocks pending.

OUTLOOK
Key objectives for next 12 months:
· Completion of the Etinde farm-out.
· Support and assist Etinde joint venture with:
o Planning and execution of two carried appraisal well drilling campaign.
o Progress towards achieving final investment decision (FID).
· Drill two exploration wells on Bomono and ascertain commercial viability.
· Complete acquisition, processing and interpretation of 2D seismic on block 11B, Kenya pending decision to enter second exploration phase.
· Activity will be funded by carry arrangements and strong balance sheet post completion of Etinde farm-out transaction.

Kevin Hart, Chief Executive of Bowleven plc, said:
"We have made steady progress during the year in delivering a number of key milestones as we work towards converting resources to reserves and creating new value through further exploration and appraisal activity.

The EA award was a significant achievement and this, together with completion of the Etinde farm-out will allow the expanded joint venture to work together to progress development plans, further appraise the Intra Isongo reservoir interval and realise the considerable potential of Etinde. We are pleased to have received Ministerial approval of the assignment and transfer of operatorship and we now await the gazetting of the Presidential decree to formally close the deal. We look forward to working with our new partners to optimise the best gas solutions for all stakeholders.

Following the Etinde farm-out, coupled with near term drilling plans on Bomono, the Group expects to participate in four potentially significant exploration and appraisal wells over the next twelve months. Additionally, seismic activity on Kenya block 11B and new acreage in Zambia also bring early stage exploration interest to the portfolio. This activity will be fully funded by our strong balance sheet following completion of the Etinde farm-out transaction."

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StockMarketWire.com
The long-stop date for Bowleven's Etinde farm-out deal with LUKOIL/NewAge has been extended until 28 February.

Bowleven says the transaction is at the final stage of completion and following the government's official approval of the assignment of equity interest and transfer of operatorship, the formal decree award is being progressed by the Cameroon Authorities. It is understood that the Presidential signature is imminent.

The company says: "As such, while the formal gazetting of the decree remains achievable by 31 December 2014, all parties to the farm-out have agreed to an extension to the longstop date to 28 February 2015 to allow additional time if required."

Can it get o 100p by February?
target 109 is repeated again.

What does it mean?
Momentum to what levels?

What is attracting the buying? Bid rumours or drill early new year??

Tempting but would have to sell something.

No bid rumours. Early drill with good track record in collaboration with big boys,
Read RNSs from four months ago.

part of the crash was due to firing one of their board member who was against cancelling previous contract to make this deal.

StockMarketWire.com
Bowleven has been advised by SNH today that the formal decree approving the assignment of the Etinde equity interests to LUKOIL/NewAge and the associated transfer of operatorship to NewAge has been signed by the President of Cameroon.

Bowleven says it awaits formal written notification and the subsequent gazetting of the decree, the final condition of the Etinde farm-out transaction.

StockMarketWire.com
Bowleven, the Africa focused oil and gas exploration group, has issued an update on its two well exploration drilling programme on the Bomono permit.

At the Zingana well site civil engineering activities have been completed and the first surface casing string has been driven in place. Civil engineering activities continue with the preparation of the second well site, Moambe.

Under the lump sum drilling contract, AODL is responsible for the provision of the rig, equipment and ancillary services. AODL is now assembling the rig which will be integrity tested prior to commencing drilling operations. The first well, Zingana, is now due to be spudded in February following some minor logistical issues which have now been resolved.

Etinde Farm-out Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that it is now in receipt of the signed Presidential decree approving the transfer of interests. We now await the gazetting of the decree, the final condition to completion of the Etinde farm-out and receipt of transaction proceeds.