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
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."

StockMarketWire.com
Bowleven, the Africa focused oil and gas exploration group, has submitted the Bomono exploitation authorisation application to the Cameroon authorities as planned. The BEAA outlines plans to develop Bomono following completion of the ongoing extended well testing programme.

StockMarketWire.com
Bowleven said the extended flow testing programme at Moambe and Zingana is now complete. The results to date continue to support plans for an initial supply of around 5 to 6 mmscfd of gas for power generation under a development scheme formulated with Actis and Eneo in Cameroon.

As outlined in the Bomono Exploitation Authorisation Application (BEAA) submitted to the Cameroon authorities in December 2015, this initial development scheme is focused on the provision of feedstock for power generation from the shallower gas-prone sands.

The block-wide evaluation of these sands and the additional potential of the deeper sands that were also targeted with the wells are ongoing.

The results of the combined tests provide the confidence required to progress with the gas sales agreement and development planning, consistent with plans to deliver initial near-term production alongside the continuing evaluation of the acreage.

StockMarketWire.com
Bowleven has confirmed that it has decided not to pursue its interest in the proposed acquisition from Aminex of a 25% interest in the Kiliwani North Development Licence and a 50% interest in the Ruvuma PSA, in Tanzania, following the completion of due diligence.

Interim Results Announcement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its interim results for the six months ended 31 December 2015.

HIGHLIGHTS

Operational
Bomono
· Moambe and Zingana extended well tests completed and wells now suspended pending ongoing evaluation.
· Bomono Exploitation Authorisation Application (BEAA) submitted to the Cameroon authorities based on an initial in-situ small scale gas to power development.
· Discussions commenced with potential gas offtakers and MOU entered into with ENEO.

Etinde
· Two appraisal well locations agreed with our partners targeting combined additional in-place volumes of approximately 1 to 2 tcf of gas and associated liquids.
· Well design and planning underway with tendering anticipated in 2016 to exploit low cost/high rig availability operating environment.
· Ongoing operator evaluation of development options based on LNG, power and fertiliser gas offtake solutions.
· Operator-led discussions ongoing with Government on the potential to advance the Etinde development through an offshore processing facility.

Other
· Rationalisation of portfolio in current environment to align with strategy.
· Focus on near-term production and infrastructure-led exploration.

Corporate
· Group cash balance at 29 March 2016 circa $100 million; no debt. No outstanding work programme commitments.
· Under Etinde transaction a further $15 million cash receivable at end September 2016 with access to a $40 million (net) carry for two appraisal wells, including testing.
· $133 million impairment following prolonged market downturn; reflects revised commodity price ($65 per bbl) and planning assumptions on existing asset portfolio.
· Intensive screening of multiple new venture investment opportunities is continuing; capital disciplined approach maintained.

OUTLOOK
Key objectives for the next 12 months include:
· Working with the Etinde joint venture partners to enable earliest appraisal drilling and testing, together with the evaluation of additional offtake solutions and the progression of Etinde development planning.
· Securing the Exploitation Authorisation (EA) for Bomono to enable progression towards early development.
· Advance development planning, gas sales discussions and acreage evaluation on Bomono post drilling and testing activity.
· Active screening of new ventures opportunities to augment the Group's existing asset base and build sustainability through entry into producing or near-term producing assets and infrastructure-led exploration.
· Protect balance sheet strength by maintaining a disciplined approach to the consideration of further investment opportunities.

Kevin Hart, Chief Executive Officer of Bowleven Plc, said:
"We have continued to make steady progress towards our objective of converting resources to reserves in Cameroon. An Exploitation Authorisation Application was submitted to the Cameroon Authorities to enable development progression following the completion of drilling and testing activities at Bomono and meanwhile planning and evaluation work is continuing.

On Etinde, appraisal drilling and advancing development plans remain the focus under the operator, NewAge. With planning underway and tendering expected to follow, the joint venture is ideally placed to exploit the current environment of reduced costs and higher rig availability, with appraisal drilling expected to commence in 2017. Bowleven is covered for its share of drilling/testing on the two wells via the $40 million net carry from the Etinde farm-out transaction and will receive a further $15 million in cash in September 2016.

The macro-economic environment of prolonged lower oil prices has had sector-wide repercussions. The Group's strong balance sheet of circa $100 million in cash and no debt or outstanding work programme commitments means it is well positioned to manage the challenges faced by the industry and to exploit opportunities as they arise. As the downturn persists the number of potential opportunities is increasing. Whilst the evaluation of such opportunities is time-consuming, we continue to exert a rigorous screening approach when assessing potential value-creating transactions for shareholders whilst ensuring that our key differentiating feature of balance sheet strength is maintained.

We are optimistic that portfolio enhancing transactions can be identified and delivered alongside the progression of our existing asset base and look forward to making further progress in the coming year."

StockMarketWire.com
Bowleven has been awarded a one year extension to the existing Bomono exploration licence, onshore Cameroon, pending the final award of an exploitation authorisation.

The Bomono exploitation authorisation application (BEAA) was submitted to the Cameroon authorities prior to the formal expiry of the exploration licence on 12 December 2015 to enable the progression of development activities.

The interim extension award ensures that the group's interest in the acreage is maintained while dialogue is ongoing with the Cameroon authorities on the BEAA.

Barclays Capital today reaffirms its equal weight investment rating on BowLeven PLC (LON:BLVN) and cut its price target to 26p (from 27p).

StockMarketWire.com
Bowleven (LON:BLVN) was the sector's biggest riser after the board approved a share buyback programme of up to US$10 million.

The company believes that the programme is in shareholders' interests, being accretive to net asset value per share whilst retaining sufficient financial flexibility to evaluate growth options. The programme will be executed in accordance with the company's general authority to make market purchases which was approved by shareholders at the Company's AGM on 16 December 2015. It is now the intention of Bowleven to utilise this authority which enables the purchase of up to a maximum of 48,619,857 ordinary shares of 10p each to reduce the outstanding issued share capital of the Company.

All shares will be purchased on-market on the London Stock Exchange and held in treasury.

Why is it falling these days?

.... coz it has risen too fast and people takes profits
It seems the ones on charge of buying back shares went at one time bunkers buying large at 28.50p ( 650K on one day ) one suppose to buy the loose shares on the market not bidding for stock

3rd Oct 2016 StockMarketWire.com
Bowleven, the Africa focused oil and gas exploration group traded on AIM, has received the $15 million cash proceeds payable under the Etinde farm-out transaction with LUKOIL and NewAge.

As at 30 September 2016, Bowleven had circa $100 million cash and no debt.

Under the terms of the Etinde farm-out transaction, Bowleven also has access to a $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable on FID.

Preliminary Results Announcement
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its preliminary results for the year ended 30 June 2016.

HIGHLIGHTS
Operational
Etinde, offshore Cameroon
· Ongoing operator evaluation of development options, including scope for early-stage development plans that align with the Government’s preferred offtake solutions.
· Two carried appraisal well locations agreed with our partners targeting combined additional in-place volumes of up to 2 tcf of gas and associated liquids at the P90 level; drilling to progress once joint venture development alignment achieved.

Bomono, onshore Cameroon
· Drilling and testing of Moambe and Zingana exploration wells completed in the period, with wells suspended pre development.
· Ongoing discussion with Cameroon authorities on the award of a Provisional Exploitation Authorisation (PEA) to enable development progression; initial plans envisage the sale of gas for power generation or domestic supply.
· Prospect inventory compiled highlighting both Tertiary and Cretaceous prospectivity.

Other
· Focus on new venture opportunities with near-term production and infrastructure-led exploration.
· Portfolio rationalisation completed with the relinquishment of frontier exploration acreage in Kenya and Zambia.
Corporate
· Group cash balance at 31 October 2016 circa $99 million; no debt. No outstanding work programme commitments.
· Under the Etinde transaction, access to further $40 million (net) carry for two appraisal wells (including testing) and $25 million at FID.
· Year-on-year reduction (23%) in administrative expenses with further reduction initiatives ongoing.
· As per interim results, $134 million impairment/unsuccessful exploration charge following prolonged market downturn, reflecting revised commodity price ($65/bbl) and planning assumptions.
· Extensive screening of multiple new venture investment opportunities continues.
· Launched share buyback programme in August 2016 to purchase up to $10 million of shares with the purpose of reducing the outstanding issued share capital of the company; financial flexibility maintained.

OUTLOOK
Key objectives for the next 12 months include:
· Working with Etinde joint venture partners to determine the optimal development solution for stakeholders and enable earliest appraisal drilling and testing.
· Secure PEA for Bomono to enable development progression.
· Continue to evolve development planning, gas sales discussions and farm-out plans on Bomono.
· Active screening of new venture opportunities to augment the Group’s existing asset base and build sustainability through entry into producing or near-term producing assets and infrastructure-led exploration.
· Protect balance sheet strength by maintaining a disciplined approach to further investment opportunities.

Kevin Hart, Chief Executive Officer of Bowleven plc, said:
"We have continued to make steady progress towards our objective of converting resources to reserves in Cameroon, despite the challenging macro environment.

The Etinde operator, NewAge, has prioritised advancing development plans with the Government over planned appraisal drilling activity. Bowleven remains eager to drill the two wells as soon as practicable, being covered for its share of drilling/testing via the $40 million net carry from the Etinde farm-out transaction. On Bomono, discussions are ongoing with the Cameroon authorities for a PEA to enable the progression of development activities.

The macroeconomic environment of prolonged lower oil prices has had sector-wide repercussions. The Group's strong balance sheet including $100 million in cash and no debt or outstanding work programme commitments means it is well positioned to manage the challenges faced by the industry and to exploit opportunities as they arise.

We have extensively screened multiple opportunities and the search is continuing. This is a time-consuming exercise that demands proper rigour be applied to the evaluation of any potential transaction to ensure value is created for shareholders whilst protecting our key differentiating feature of balance sheet strength.

Bowleven remains optimistic that portfolio-enhancing transactions will be identified and delivered alongside the progression of our existing asset base and we look forward to making further progress in the coming year."

Barclays Capital today reaffirms its equal weight investment rating on BowLeven PLC (LON:BLVN) and raised its price target to 32p (from 30p)

StockMarketWire.com
Bowleven exploration director Ed Willett is leaving the company on 31 December by mutual agreement to pursue other opportunities.

The company said he leaves with "our grateful thanks for his contribution to the success of Bowleven since he joined in 2007".

All those $100M on the bank and not able to buyback their cheap shares ........

14/12/16 16:02 BowLeven PLC (BLVN) - Bowleven to halt buyback programme

Bowleven is having to end its share buyback programme after a resolution for its continuation was defeated at today's annual general meeting due to opposition by Crown Ocean Capital.

Bowleven chairman Billy Allan said he believes Crown Ocean Capital's actions are part of a broader agenda to frustrate the strategy of the management team and to try cheaply to obtain control of the future direction of the company for its own interests.

Bowleven said resolutions 1-6 were successfully passed but resolutions 7 and 8 (relating to the disapplication of pre-emption rights and purchase of own shares) were not passed.

The company said that excluding the votes of Crown Ocean Capital, a Monaco-based offshore private investment vehicle, all resolutions tabled would have been passed with a vast majority of votes cast in favour of each resolution. All major institutional shareholders who voted, voted in favour of all the resolutions.

Allan said: "We believe the actions of Crown Ocean Capital are part of a broader agenda to frustrate the strategy of the management team and to try cheaply to obtain control of the future direction of the Company for its own interests. We believe the Board's strategy for creating future value is in the best interests of all shareholders. No satisfactory explanation has been provided as to why COC has voted against the resolutions, nor has COC made clear its intentions, despite having previously expressed confidence in the Chairman and the executive management team.

"As a result of COC's actions, we have been required to cease our share buyback programme which was implemented under authority granted by an overwhelming majority of shareholders at the 2015 AGM. As part of my remit since joining the Company in October 2015, I have overseen a comprehensive review of the composition, skill-set and governance framework provided by the Board and we remain absolutely focused on ensuring that the Board delivers on its strategy for the benefit of all shareholders."

At 4:02pm: (LON:BLVN) BowLeven PLC share price was -2p at 24.5p

Group Operations Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the following update on activities.
Etinde Permit (NewAge, operator)
Following a recent Operating Committee Meeting (OCM), the Cameroon government and Etinde joint venture are to convene a technical workshop to discuss development options for Etinde, with a view to determining the preferred development solution(s) between all stakeholders. The development options include FLNG, gas-to-power and other possible solutions. In addition, a new potentially attractive option was raised at the recent OCM that involves the processing of the gas and associated liquids in Equatorial Guinea utilising existing facilities.

Etinde contains sufficient existing discovered resources to support one initial offtake solution. In addition, appraisal drilling is targeting un-risked P90 in-place volumes of up to 2 tcf of gas and associated liquids which, in the event of successful drilling, creates scope for multiple offtake solutions for Etinde. The timing of appraisal drilling will in part be driven by which development scheme proceeds initially. As previously highlighted, Bowleven remains eager to progress development activities and to drill the appraisal wells as soon as practicable.
Bomono Permit (Bowleven, operator)
Following a Special Operating Committee meeting (SOCM), held between the Cameroon State and the Contractor (Bowleven), formal resolutions confirming the State's support for the award of a two year extension to the Bomono Exploration licence (to 12 December 2018) and a Provisional Exploitation Authorisation (PEA) have been signed. Ministerial approval for the licence extension has now been received and as stipulated by the Cameroon authorities, the PEA approval process will now follow.

The PEA, awarded under the framework of the exploration licence, grants the right to progress development and commercialisation activities on Bomono, enabling the anticipated sale of gas to either the domestic gas market or power generation.

In conjunction with this approval process we are in advanced discussions on the potential farm-out of the Bomono licence in order to facilitate early cashflows and further appraisal activities. Any assignment to a third party will require the requisite regulatory approvals.
Other Opportunities
In accordance with the Group's strategy, the active screening of new venture opportunities that have near-term production with upside and infrastructure-led exploration is ongoing.

During 2016, the company screened and evaluated over 50 potential asset or corporate transactions and detailed due diligence was undertaken on a number of opportunities. The Company continues to exert rigour in the evaluation of potential transactions to ensure value is created for shareholders whilst protecting our key differentiating feature of balance sheet strength.
Corporate
The Group's cash balance at the end December 2016 was circa $95 million with no debt and no outstanding work programme commitments. The company remains focused on reducing G&A expenditure whilst ensuring an optimal fit-for-purpose team is maintained and in 2016 the Company achieved a 23% reduction in administrative expenses. Since the year end further cost savings have recently been implemented through redundancies, salary reductions and other initiatives.

The company remains focused on capital discipline and ensuring that cash is retained to enable the progression of the Group's existing asset base and in particular the development of Etinde. Existing cash balances, combined with access to a $40 million (net) carry for the drilling and testing of two appraisal wells and the receipt of a further $25 million in cash at Etinde FID under the terms of the Etinde farm-out transaction, ensures balance sheet strength and financial flexibility is maintained in a challenging macro-environment for the industry.

Kevin Hart, Chief Executive, said:
"2017 is a key year for the Company as we focus on executing our stated strategy for the benefit of all our shareholders. Progress is being made on our entire asset base in Cameroon and in the active screening of new opportunities. The Company's robust balance sheet position enables it to move forward from a position of strength."

StockMarketWire.com
Bowleven's board has warned shareholders that Crown Ocean Capital wants to take control of the company without paying fair value and strip cash from the balance sheet.

Bowleven said the Monaco-based private investment vehicle has continued to buy the company's stock following its requisition of a general meeting, issued on 24 January.

Bowleven said that in view of this, and ahead of the more detailed response within the circular convening the general meeting, it wished to advise all shareholders of its view of key aspects of the COC proposals and why the board would unanimously be recommending shareholders vote against all resolutions.

It said that in the meantime, shareholders were urged to support the board and take no immediate action with regard to their holdings.

Chairman Billy Allan said: "Ahead of our formal response, we wish to give timely advice to shareholders that COC's proposal has absolutely no merit.

"It is self-evidently, and solely, a means to turn Bowleven into a cash dispenser for themselves, by taking control of the board.

"By contrast the company is progressing exciting plans at Etinde and Bomono that have the potential to deliver material upside.

"We see a clear choice for shareholders between losing control of the company, or retaining substantial upside in an E&P company at a favourable point in the market cycle."

StockMarketWire.com
Bowleven's board has reiterated its recommendation that shareholders reject proposals put forward by Crown Ocean Capital P1 Ltd art a forthcoming general meeting and pointed out '10 significant errors' in an open letter sent out by COC.

Bowleven said that following its announcement on 15 February of the posting of the circular to convene the general meeting, COC released its own 'open letter' to shareholders on the same day.

Bowleven said that while the board did not believe shareholders were best served by a series of public claims and counterclaims, there were ten significant errors in the COC letter that should not pass unchallenged.

It said these concerned: Directors' Remuneration and Cost Saving; Board Independence; COC Board Proposal; Share Buy Back Authority; 2016 MBO Approach; Deferral of Vesting Date for LTIP Awards; Carried Appraisal Wells on Etinde; Circumstances of award of Bomono PEA; SNH Right to Back-in to Bomono and Lack of Transparency on Bomono Farm-out Discussions.

StockMarketWire.com
Bowleven and Victoria Oil & Gas have signed a farm-out agreement relating to the Bomono production sharing contract.

Gas produced from the Bomono PSC will be fed into the customer distribution network owned and operated by Gaz du Cameroun SA, a wholly owned subsidiary of VOG.

First gas supply to the GDC network is anticipated to start following granting of a provisional exploitation authorisation and other approvals.

Farm out highlights:
- On completion, EurOil Limited, a Bowleven subsidiary, will have a 20% working interest in the Bomono PSC and GDC Bomono, a wholly owned VOG subsidiary, will have an 80% working interest.

- Bowleven will remain as operator of the project.

- Gas from Bomono PSC will be sold to GDC less a tolling fee. The gas price paid will be a weighted average received by GDC for its total domestic sales less a tolling fee for use of the pipeline network.

- The pipeline connection from the Bomono PSC to the main network will be managed and funded by GDC. GDC Bomono will complete the civil engineering works necessary for the gas processing plant installation at the Bomono site. The estimated capital cost for these works is US$6 million.

- Bowleven has agreed to pay GDC Bomono 50% of any deficit, limited to a maximum payment of US$2 million, if the first 3 years of net income received by GDC Bomono is less than the development expenditure incurred.

- EurOil will receive a 3.5% royalty from GDC Bomono's production share of hydrocarbons, with an aggregate cap limiting the total royalty payments to US$20 million.

- Bowleven will, on completion, also receive £100,000 worth of new ordinary shares in VOG based on the volume weighted average share price 10 days preceding the date of the Agreement, being 69.23 pence per share. It is the intention of Bowleven to retain these shares initially, but keep that decision under regular review as there are no restrictions on their disposal.

RESULT OF GENERAL MEETING
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces the result of the general meeting (the General Meeting) held at 11.00 a.m. (UK time) on 14 March 2017. The General Meeting was requisitioned by Crown Ocean Capital P1 Limited (COC), a Monaco-based offshore private investment vehicle, to propose extensive changes to the Board. The notice of the General Meeting, including the full text of each resolution, was set out in the circular to Shareholders dated 14 February 2017 (the Circular).

The resolutions put to the General Meeting, and the result of the voting on each resolution, are summarised in Table 1 of the Appendix to this announcement. Each Shareholder present in person or by proxy was entitled to one vote per share held.

Resolutions 1, 2 and 4 to 9 were passed. Resolution 3 (relating to the removal of Billy Allan as a Director) was not passed.

Excluding the votes cast in respect of the shares held by COC and its nominees (COC Shares), all resolutions proposed at the General Meeting would have been defeated by a significant margin. Voting excluding the COC Shares is set out in Table 2 in the Appendix.

All major institutional shareholders remaining on the register of members of the Company after posting of the Circular voted against all of the resolutions. The only exception to this was a single institutional shareholder that voted in favour of resolution 8, consistent with the PIRC proxy guidance for the General Meeting.

As a consequence of the business conducted at the General Meeting, Kevin Hart, Kerry Crawford, John Martin, Tim Sullivan and Philip Tracy ceased office as Directors with immediate effect. David Clarkson and Billy Allan will continue as Directors, with the former continuing to be employed as Chief Operating Officer of the Company and the latter remaining as Chairman.

The appointment of Christopher Ashworth and Eli Chahin as Directors has also occurred with immediate effect.

http://www.bowleven-generalmeeting.com/Requisition_Notice_17_Mar_17.pdf