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?

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

StockMarketWire.com
Bowleven has put itself up for sale as part of a strategic review to maximise value for all shareholders.

It said the options to be considered would include, but were not limited to, a review of the strategy proposed by Crown Ocean Capital in its letter to Bowleven shareholders dated 15 February, a farm-out or sale of one or more of the existing assets or a corporate transaction such as a merger with or sale of the company to a third party.

StockMarketWire.com
Bowleven has stressed its strategic review would consider all options, including transforming it into a holding company as proposed by Crown Ocean Capital.

Bowleven issued an response to an announcement made by Crown Ocean Capital on Friday.

Bowleven said: "The decision to undertake a strategic review was unanimously approved by the board of directors of Bowleven, and was made in the light of the board changes effected to the board at the general meeting held on 14 March 2017.

"As previously stated, the strategic review will consider all options available to the Company, including transforming Bowleven into a holding company, as proposed by COC, alongside other matters already being progressed and negotiated by the Board prior to the GM.

"The strategic review is being undertaken in the interest of maximising value for shareholders.

"The board confirms that it has not pre-determined the outcome of the strategic review and, owing to the company's secure financial position, does not require or intend to undertake a 'fire sale' transaction of any kind, as suggested by COC.

"The board is fully aware of its regulatory obligations and fiduciary duties and has complied with these obligations in full to date.

"The board will fully investigate any evidence brought forward of breaches of fiduciary duty by existing and previous directors of the company.

"As of today's date, the company has not established, nor is aware of, any such breaches of duty.

"The board also confirms that the company, prior to entering into the farmout agreement with GDC Bomono SA, a subsidiary of Victoria Oil & Gas plc, contacted National Hydrocarbons Corporation to advise of the company's intention to enter into such arrangement, in line with established practice in Cameroon.

"As previously stated, the transaction remains subject to the approval of the Cameroon authorities and both Bowleven and VOG will be working with SNH and other authorities to obtain the necessary permissions."

The board said it had received and announced the requisition of a further general meeting from COC and would respond accordingly in due course and within the necessary timeframe set out in the Companies Act 2006.

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StockMarketWire.com
Bowleven's board has concluded its strategic review and the company said talks were being held with any third party in relation to a corporate transaction, such as a merger with or sale of the company.

Bowleven said the the Panel on Takeovers and Mergers had confirmed that the company was no longer in an offer period.

A statement said: "The board remains focused on maximising value for its shareholders and, having undertaken a review of all strategic options available to the company, is committed to the rationalisation of its cost base, and the preservation and enhancement of its existing assets.

"In addition, the board does not expect to pursue any new exploration activity at the current time."

Crown Ocean Capital has started buying into Bowleven again and now has owns over 85M shares or 26.23% of the issued shares. They have likely laid out over £20M in building up their stake. What return would you expect on that sort of risk money?

StockMarketWire.com
Africa-focused oil and gas explorer Bowleven's losses from continuing operations narrowed to $53.7m in the year to the end of June - down from $129.3m last time.

Revenue was nil- unchanged from 2016 - but impairment charges of $45.6m were down from $122.3m.

Chief executive Eli Chahin said: 'After a year of significant strategic change for Bowleven, I am confident that the company is well placed to support the advancement of its existing asset base in Cameroon and has the potential to deliver shareholder value into 2018 and beyond.

'We enter the year with a strong cash balance and a deferred consideration structure in place post completion of the Etinde farm-out transaction, no debt or outstanding work programme commitments.

'Additionally, we have scaled back the overhead base of the organisation, but retained a fit for purpose operating model from which to progress the monetisation of our assets.

'On Etinde, we anticipate commencing a tightly managed appraisal drilling campaign, according to a comprehensive plan developed with our joint venture partners.

'In Bomono, we have maintained the farm-in option with Victoria Oil and Gas, which allows us to leverage their infrastructure, but as a non-operator.

'Key to our business model is partnering, whilst continuing to scrutinise work programme costs and exercise capital discipline wherever possible.

'As an experienced and focused management team, we move forward from a position of financial strength, confident that we can meet future demands and protect our interests in Cameroon, whilst at the same time maximising value for all shareholders.'

StockMarketWire.com
Bowleven non-executive director board Joe Darby was not re-elected at yesterday's annual general meeting and chairman Chris Ashworth has been told the directors will propose a resolution to replace him at the next board meeting.

Shareholders were told that a search process for a new independent director had formally begun.

All other resolutions proposed at the AGM were passed.

StockMarketWire.com
Bowleven has confirmed that while the current farm-out agreement with Victoria Oil and Gas relating to the Bomono production sharing contract lapsed at the end of December, talks with the Cameroon government to advance the project were continuing.

Bowleven and VOG signed a farm-out agreement relating to the Bomono production sharing contract on 6 Mar.

On 17 Sep, VOG elected to exercise its option to extend the termination date of the agreement to 31 Dec

Etinde - Rig Contract
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce a key milestone in the appraisal drilling campaign of its Etinde asset, in which the Company holds a 25% offshore interest.

The Company's partner, New Age Cameroon Offshore Petroleum S.A., a wholly owned subsidiary of New Age (African Global Energy Ltd) ("New Age"), the Operator of the Etinde PSC, has entered into a contract with Vantage Drilling International, an offshore drilling contractor for the jack-up rig the "Topaz Driller".

The Topaz Driller, has been contracted for 150 days to perform drilling services in Cameroon on the Joint Venture's proposed appraisal wells, on the Etinde licence. Planning for the delivery of the appraisal wells is ongoing and the Company currently expects the well IM-6 spud during Q2 2018. The Topaz Driller is currently in South East Asian waters and will transit to Singapore before mobilising to Cameroon.

Been moving up a lot in last couple of days. Almost 8% Friday and 4% so far today. Looks like there may be life again in the old dog. I wouldn't be surprised to see it sold before year end.

Interim Results
Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces its unaudited interim results for the six months ended 31 December 2017.

HIGHLIGHTS
· Etinde two well appraisal programme progressed with partners; first well spudding Q2 2018

· Significant, ongoing reduction in Group G&A

· Improved relationships and alignment of planned activity within the Etinde joint venture partners

· Strengthened relationships with the Government of Cameroon and SNH, the state oil company and Oil & Gas sector regulators

Operational

Etinde
· Two appraisal well locations have been agreed with our partners targeting combined additional volumes of approximately 1 to 2 tcf of gas in place (GIIP). A 2 tcf increase in GIIP resource approximates to an addition of 0.8 bcf of dry gas and 131 mmbbl of condensate.

· Bowleven's share of the drilling and testing programmes' expenditure is covered by a carry with a nominal value of up to $40 million

· Rig contract signed on behalf of the JV partners with Vantage for the 'Topaz Driller', a modern jack-up rig which will mobilise to Cameroon waters shortly

· First well, IM-6, due to be spud in Q2 2018

Bomono
· Farm-out transaction with Victoria Oil and Gas plc ("VOG") terminated on 31 December 2017 following the inability to meet a number of conditions, including regulatory approval. Bowleven, VOG and SNH remain in informal discussion regarding a proposed replacement transaction. The Group continues to explore all available options

Corporate
· Group cash balance at 31 December 2017 circa $83.3 million (excluding $0.5 million held on deposit in respect of a guarantee) with no debt and material financial commitments

Eli Chahin, Chief Executive Officer of Bowleven plc, said:
"This first set of interim results since the governance overhaul and appointment of a new management team in March 2017, reflects the swift turnaround achieved through the implementation of a new strategic and operating model. The Company has put in place a fit for purpose business model that has enabled us to focus on creating value for shareholders whilst maintaining strict capital discipline.

Our interest in the Etinde field offers the potential to deliver significant returns for the Company, its partners and its shareholders. The appraisal programme planned for this year, for which Bowleven is fully carried, is the next step in maximising the value from this world class asset, with preparation well underway for this tightly-managed appraisal drilling campaign commencing in Q2 2018.

Our strong balance sheet, lean cost base and interest in a major asset, present an almost unique value proposition in the London market. I look forward to reporting on progress in the coming year as we seek to maximise value for all shareholders."

Bowleven, the Africa focused oil and gas exploration group (AIM: BLVN), is pleased to announce the arrival of the Topaz-Driller rig in Cameroon waters.
The two well appraisal drilling campaign on the Etinde asset, in which the Company holds a 25% interest, is due to commence shortly with the IM-6 well expected to spud at the end of May.
The Topaz-Driller has been contracted for 150 days.

I hold shares in this and it has performed very well this year. There is a saying that the best way to ruin a good oil/mineral prospect is to put a hole in it. In this case, I think the chance of further success is more than even.

Etinde Operational Update

Spud of IM-6 well, Etinde, Cameroon
Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the spud on 21 May 2018 of the IM-6 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum SA ("NewAge").

The IM-6 well is the first of two appraisal wells to be drilled in 2018. The Etinde Joint Venture partners have contracted the Vantage jack-up rig "Topaz Driller" for this campaign, Drilling and logging operations of IM-6 are expected to take approximately 100 days in total with Schlumberger providing most of the drilling services. As previously announced, the well is designed to delineate the size and extent of the Intra-Isongo stratigraphic sand traps as a primary target, with the Upper Isongo sand as a secondary target.

New Age is the operator of the Etinde field, with a 37.5% working interest. Bowleven and LUKOIL are partners with a 25% and 37.5% working interest respectively. The Company intends to announce the final well results after the end of drilling and testing operations

Eli Chahin, CEO of Bowleven said:
"We are pleased to have commenced our 2018 two well appraisal drilling programme at Etinde. This is a significant event for Bowleven, its shareholders, partners and stakeholders in Cameroon. I would like to thank New Age's operations team and our drilling contractor, Vantage, for all their efforts in achieving this milestone.

The appraisal program, for which Bowleven is fully carried, aims to further improve the already robust economics for future development of this world class asset and we look forward to providing an update on IM-6 results over the coming weeks."

Spud of IE-4 well, Etinde, Cameroon 31.08.18
Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the spud of the IE-4 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum SA ("NewAge").

The IE-4 well is the second of two appraisal wells to be drilled in 2018. The Etinde Joint Venture partners have contracted the Vantage jack-up rig "Topaz Driller" for this campaign. Drilling and logging operations of IE-4 is expected to take approximately 90 days in total with Schlumberger providing most of the drilling services.

The IE-4 well will target a previously undrilled sand package "Drillbit" of Intra-Isongo origin, which is believed to be analogous to the 410 sand package at the IM-5 location. Any discovery in this appraisal well could prove up or de-risk a further 0.2 to 0.6 tcf of resources (Drillbit, Bolt, Crowbar sites).

It is expected that it will be required to drill to -2840 meters True Vertical Depth Subsea ("TVDSS") to fully penetrate the prognosed reservoir targets. A further ~50 meter rat hole will be required to allow for logging sump. Well Total Depth will be at -2890 meters TVDSS.

New Age is the operator of the Etinde field, with a 37.5% working interest. Bowleven and LUKOIL are partners with a 25% and 37.5% working interest respectively. The Company intends to announce the final well results after the end of drilling and testing operations.

Update on ongoing post drilling analysis of IM-6 well
Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the completion of drilling of the IE-4 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum SA ("NewAge").

The object of the well was to appraise two Intra-Isongo aged 410 sand packages in two fault bounded structures. The primary target, "Drillbit", is structurally higher than the lower, "Crowbar" sand package, which partially sits below and to the west of Drillbit

The crowbar 410 sand package is tagged very close to the separating boundary fault between the two structures.

Initial wireline logging and down hole fluid sampling has been completed and an initial interpretation of the data has been completed. The preliminary results are:

· The Drillbit sand body is water saturated at the IE-4 location. Whilst there are indications that hydro-carbons may have been present in the Drillbit sand package at one time, the fault block either never completely sealed or was opened at a subsequent time.

· The Crowbar 410 sand package results indicate that the tagged location shows low permeability, probably due to being adversely affected by fluid flow around the fault. Fluid sampling indicates that the upper part of the 410 sand package at the IE-4 location is volatile light Oil or Condensate bearing with gas. This appears to be sitting above water saturated lower 410 sands. The data suggests that the Crowbar 410 sand package is partially hydrocarbon charged.

In addition, an unprognosed sequence of thinly bedded high porosity sand horizons of about 30 metres gross (20 metres net) thickness was drilled some 50 metres above the drillbit 410 sand package. Fluid sampling has shown the sands to be light oil saturated.