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?

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.

24th Feb StockMarketWire.com

African-focused Bowleven expects the Etinde farm-out with LUKOIL and NewAge to complete within 15 business days.

The company said the Presidential decree regarding the Etinde farm-out has now been gazetted.

Bowleven says this was the final outstanding condition of the farm-out process with LUKOIL and NewAge.

The transaction is now scheduled to complete within 15 business days, at which point the company will receive the initial cash proceeds of approximately $170m from LUKOIL and NewAge.

you have to wonder why 15 business days are now necessary given they have been waiting on the condition precedent of the gazetting of the decree for the best part of two months. Plenty of time to ensure all the contractual details were finalized and ready for signature.

'Cos we are talking about the Republic of Cameroon. I don't think anything happens very fast when African politics are involved.

StockMarketWire.com
Bowleven has completed the Etinde farm-out transaction and confirms it has received the initial $165m cash proceeds (excludes an estimated $5m working capital adjustment). The farm-out transaction comprised the sale of 30% and 10% interests in the Etinde permit to LUKOIL and NewAge, respectively, in return for a total consideration of approximately $250 million.

In addition to the $165m initial cash proceeds Bowleven will receive the following:
· An estimated $5 million cash to follow for working capital;

· Up to $40 million (net) carry for two Etinde appraisal wells, including testing;

· $15 million cash to be received on completion of appraisal drilling; and

· $25 million cash contingent upon and to be received at Etinde development project FID. The operatorship of Etinde has transferred to NewAge with Bowleven retaining a 20% non-operated interest.

The amount mentioned is well over the market cap of the company @ 33.75p is £104M, so one to look forward
profit taking at the moment as it wants to break, but the order book is heavy on the 34.25 and 34.50p offer

Barclays note:
"Our view: Completion of the Etinde PSC divestment confirms Bowleven’s relatively strong financial position, with cash in hand now exceeding the current ~$150m market capitalisation. Although the news was expected, we believe confirmation can provide some relief to investors increasingly wary of a sector where negative surprises have become a recurring theme during recent weeks.

Bowleven has now received the $165m cash in initial consideration due on the farm out of the Etinde PSC, offshore Cameroon, to Lukoil and NewAge. A further $5m is payable as a working capital adjustment. Bowleven is also to receive a carry through the two planned appraisal wells and $40m in contingent payments on completion of the appraisal campaign ($15m) and development FID ($25m).

Bowleven retains a 20% non-operated interest in the Etinde PSC. We expect an update on the forward plan for the asset alongside Bowleven’s Interim Results statement on Wednesday 25 March. We estimate deal completion gives Bowleven a pro forma End-2014E cash balance of $176m, placing it in a strong position to weather the current sector downturn. Our 46p/share Tangible NAV comprises this cash position (net of 2015-16E financial commitments), the proposed stage one development at Etinde and the outstanding contingent payments."