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?

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven posts a loss of $81.0m for the six months ended 31 December (H1 2013: loss of $6.6m) including impairments of $76.0m.

The impairment charge has been recognised following a review of the Etinde intangible exploration asset.

Given the current market backdrop, the group has reviewed the key commodity price and planning assumptions used in calculating impairment (further detail provided in notes to financials).

The review has conservatively considered the discounted cashflows of the fertiliser offtake solution only. The results for the period also include administrative expenses of $5.7m (H1 2013: $5.5 million). Finance income comprises mainly of gains of $0.6 million arising from foreign exchange movements on US cash balances under IFRS (H1 2013: loss of $1.3 million).

StockMarketWire.com
Bowleven has confirmed that drilling operations have started on the Zingana exploration well on the Bomono permit, onshore Cameroon.

The Zingana well is the first of two wells in the 2015 exploration programme. Zingana is located 20 kilometres north-west of Douala and will target a Paleocene (Tertiary) aged three-way dip closed fault block that was partially penetrated by shallow wells drilled in the 1950s. The well will be drilled to an estimated target depth of circa 2,000 metres.

The second well location, Moambe, just over two kilometres east of Zingana, has been prepared for drilling. The rig is expected to be mobilised to Moambe on completion of drilling and logging activity at Zingana. Testing is expected to be carried out (if appropriate) after the drilling and logging of both wells is complete.

As previously announced, the delay to the drilling schedule has been caused by the need to address certain mechanical and control issues with the rig fabric and equipment that were identified during rig-up. These issues related to the top drive and the mud pumping system and have now been resolved.

StockMarketWire.com
Bowleven has confirmed the start of drilling operations on the Moambe exploration well on the Bomono permit, onshore Cameroon. Moambe, the second well in a two well programme, is located just over two kilometres east of the first well, Zingana, and is a previously undrilled Paleocene (Tertiary) three-way dip fault block targeting multiple sands.

The well will be drilled to an estimated target depth of circa 1,620 metres MD. Further petrophysical evaluation on the Zingana discovery well is continuing and as planned the well has been suspended to enable future re-entry and testing. As previously announced, the intention is to drill, log and evaluate both wells prior to determining any testing plan.

Harrycat,
I am still positive about BLVN.
DO you hold these?
What's your views?

Let's hope the chairman designate has some experience in M&A. He should also trim Hart`s remuneration package. Should be tied to stock performance. He is grossly overpaid for the market cap of this company. Half his salary should be going to stock purchases until the share price has recovered above £1.

Yes I do.
My view: Despair! I have written these off. if it comes good, it will be a bonus.

Thank you. I am in a similar situation, holding from £1+

StockMarketWire.com
Africa focused oil and gas explorer Bowleven reports a loss of $90.0m for the year to the end of June - up from $13.6m last time.

The loss included an impairment charge of $76.0m following a review of the Etinde intangible exploration asset. Given the current market backdrop, the group has reviewed the key commodity price and planning assumptions used in calculating impairment (further detail provided in notes to financials). The review has conservatively considered the discounted cashflows of the fertiliser offtake solution only.

The results for the year also include administrative expenses of $11.9 million (2014: $12.0 million). Finance costs comprise mainly of losses of $2.4 million arising from foreign exchange movements on US cash balances under IFRS due to the parent Company's functional currency being GB pounds. (2014: loss of $1.7 million). The Group's current G&A charge (gross) is estimated at around $1 million per month (previously $1.5 million). Managing and reducing G&A costs continues to be a priority for the Group and further cost saving initiatives are being implemented. On completion of the Etinde farm-out transaction in March 2015, the Group received $165 million in cash and a subsequent $5 million cash for working capital. $9 million was paid to Petrofac for the termination of the previously announced Strategic Alliance Agreement intended to facilitate the development and funding of Etinde on a stand-alone basis. Capital expenditure cashflows during the period were $35.1 million (2014: $18.0 million). This relates mainly to expenditure incurred preparing for and drilling two exploration wells on the Bomono Permit, as well as activity on Etinde and on block 11B, Kenya (which is primarily covered by First Oil funding). As outlined in the Bomono update, operations were impacted by contractor non-performance, both prior to and during the drilling programme, and discussions are ongoing with the service providers regarding the recovery of a proportion of additional expenditure incurred. At 30 June 2015, Bowleven had $145.3 million of cash and bank deposits and no debt (2014: $25.5 million and no debt). The Group has no remaining work programme obligations following the completion of the two well exploration commitment on Bomono.

looks like one to short as surely only heading for the dustbin .... and no, i shall not be taking a position

Harrycat,
What is the outcome? worth holding?
what do you think?

Edit: Oops just seen Cynic opinion.

my opinion may neither be the same as harry's nor even correct :-)

I understand. That's your opinion.
I am worried, still holding quite a lot...

oh .... that's not good to hear :-(

in that case, ask yourself why, if the likes of PMO and TLW are struggling badly, and they are both "proper" companies with real producing assets, this minnow e+p (BLVN) should (ever) recover, especially as crude looks set to be depressed for at least the next 18 months - some say much longer

My opinion in post #350 still stands. With the price of oil sub $50, BLVN are drilling for a non-profitable asset. Anything over $60pb then my opinion might change. I have a small amount of these.......certainly wish I hadn't!

Thank You. I don't like the speed of burning cash ....
I accepted the loss.

i'm sure that was the right move though i'm terrible at obeying same on my own stocks

That's very normal, the same for me.... I usually wait until too late.
Today, I sold from 25.4 to 23.6. Last 22.5k junk at 24.4.

"Bowleven (BLVN) has announced that, following the installation of testing equipment, the Moambe well has now commenced flowing hydrocarbons.

The extended well testing programme at Moambe is planned to determine the productivity and connectivity of the shallower reservoir units.

It is intended that these reservoir units will provide the basis for the initial supply of gas for power generation under a development scheme formulated with Actis and Eneo in Cameroon".


I assume that the mention of flowing hydrocarbons, while hardly truly informative, must mean significant flows. If insignificant, why mention at all?

conversely, if they were significant, why wouldn't they holler it from the rooftops?
perhaps insignificant is better than a dead duck!

StockMarketWire.com
Bowleven is pleased with initial flow test results from the extended well test programme under way at the Bomono permit in Cameroon. To date, the Moambe well has achieved a maximum stabilised flow rate of 7.3 mmscfd through a 48/64 choke with a flowing well head pressure of 664 psig with no signs of depletion during the initial test period. As a result of this success, the well has now moved into the planned extended test period. This is intended to confirm sustainable deliverability to a proposed gas-to-power development scheme.

Initial indications are that under such a development scenario the Moambe well would be capable of delivering around 4 to 5 mmscfd. Meanwhile, as testing continues at Moambe, we continue to progress plans to commence extended well testing at the Zingana well. Further update announcements will be made in due course.

Chief executive Kevin Hart said: "We are pleased with the positive initial flow test results on Moambe which give us increased confidence in the commercial viability of future development plans at Bomono. We look forward to the Zingana test augmenting the results at Moambe and to progressing gas sales negotiations."