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?

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.

Following and researching HARRYCAT - you are not alone.

Seems like yesterday's conference call went down like a lead balloon but I suppose there is a limit to what can be said that is not already public knowledge.
I do hold some of these but wish I never had. The previous mob appeared to have treated it like a personal piggy bank. At least the new lot have put money in, by way of share buys, instead of taking it out in the form of exorbitant pay and benefits while the share price tanked. Cameroon is the real drag with another tin pot dictator. One man, one vote, vote once.

A 15p special dividend announced. They now need to flog the rest off.

StockMarketWire.com
Oil and gas company Bowleven approved Monday a special dividend of about £50m.

The company said it had decided to distribute a significant portion of its surplus cash resources to shareholders following the completion of the two well drilling campaign in October 2018.

As at 30 November 2018, Bowleven held $80m in cash and financial instruments and expected to receive a further $25m at Final Investment Decision on Etinde.

'With the 2019 budget agreed, the Board is comfortable that the Company's resulting cash position will allow it to reach FID, with our JV partners, creating a further significant value accretive event for shareholders and immediately allowing for the payment of $25 million under the terms of the Etinde farm-out agreement,' said Eli Chahin, Bowleven CEO.

Confirmation of Special Dividend Payment
Bowleven, the Africa focussed oil and gas company traded on AIM, is pleased to confirm the payment today of the special dividend of approximately £50 million, or 15 pence per ordinary share.

As previously announced, the upcoming Etinde work programme and budget has now been agreed amongst the upstream joint venture partners for 2019. The detailed effort will contribute towards the interpretation of the data and the development options for the block with a view to its commercialisation.

The dividend has today been paid to those shareholders on the register on 18th January 2019.