soul traders
- 27 Mar 2006 18:07
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?
capetown
- 06 Dec 2006 12:39
- 42 of 403
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BowLeven Plc
06 December 2006
6 December 2006
BowLeven Plc ('BowLeven' and the 'Company')
Results of AGM, EGM and Appointment of Nominated Adviser
The Board of BowLeven announces that at the annual general meeting and at the
extraordinary general meeting of the Company held to grant authority to allot
shares and to disapply statutory pre-emption rights over up to 10 % of the
Company's issued ordinary share capital in connection with the BowLeven CSOP and
the BowLeven Long Term Incentive Plan, both of which were held today between
11.30a.m. and 12.00p.m., all the resolutions were passed.
The Board of BowLeven also announces with immediate effect the appointment of
Hoare Govett Limited as the Company's nominated advisers.
For further information please contact:
Peter G Wilson, BowLeven Plc: 0131 260 5100
Andrew Foster
Bertie Whitehead
Sean Wegerhoff, Hoare Govett Limited 020 7678 8000
Liz Morley, Maitland: 020 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
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2006 MoneyAM
capetown
- 06 Dec 2006 12:40
- 43 of 403
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BowLeven Plc
06 December 2006
BowLeven Plc ('BowLeven' or 'the Company')
6 December 2006
Directors Declaration
Further to the announcement on 2 November 2006, the appointments of Ronnie Hanna
as Non-Executive Chairman and Caroline Cook as Non-Executive Director of the
Company have become effective following the AGM held earlier today. Furthermore,
with effect from the AGM, Terry Heneaghan and Dr A. Easton Wren, formerly
Executive Chairman and Non-Executive Director respectively, have retired from
the Board of BowLeven.
For further information contact::
Kevin Hart, BowLeven plc 0131 260 5100
Neil Bennett, Maitland 020 7379 5151
Pursuant to the AIM Rules, the following information in respect of Ronnie Hanna
and Caroline Cook required to be disclosed is set out below. Other than this
information, there is no further information that is required to be disclosed
under paragraph (g) of Schedule 2 of the AIM Rules.
Ronnie Hanna
Full Name and Age:
Ronald George Hanna, aged 64
Current shareholding in BowLeven:
52,675 ordinary shares, representing 0.15% of the current issued share capital
of BowLeven
Current Directorships and partnerships:
AG Barr plc
Apremont Limited
Dumbarton Property and Trading Company Limited
Edinburgh New Income Trust Plc
Kenmore Homes Limited
Peatallan Plc
QMC Enterprises Limited
Queen Margaret University College, Edinburgh
Parkview Basingstoke LLP
Cuthill LLP
Previous Directorships and partnerships:
Bett Brothers plc
Edinburgh High Income Trust plc
Edinburgh High Zeros plc
Gladedale Holdings plc
Marlyn Ventures Limited
TIP Limited
Tubular (PHV) Limited
Strada Developments Limited
Members voluntary liquidation:
Edinburgh High Income Trust plc
Edinburgh High Zeros plc
Caroline Cook
Full Name and Age:
Caroline Elizabeth Cook, aged 38
Current shareholding in BowLeven:
No current shareholding
Current Directorships and partnerships:
None
Previous Directorships and partnerships:
None
This information is provided by RNS
The company news service from the London Stock Exchange
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2006 MoneyAM
capetown
- 06 Dec 2006 12:51
- 44 of 403
Any holders of these have any opinions of FAO offer and medium term prospects?
capetown
- 06 Dec 2006 14:57
- 47 of 403
Cheerts SOULTRADER
squidd
- 13 Jan 2007 12:12
- 48 of 403
A haul from Springtime bottom fishing and showing a modest gain, BLVN is my tip for Boom or Bust 2007. The new Cairn man does not appear to be a publicity seeker and perhaps at age 38 he is in no great hurry, yet the indications dating from his last sale of Cairn shares in Oct 05 are that he is moving quickly to build a new oil empire. With an enlarged acreage and healthy cash pile, he announced last week the start-up of drilling and spoke of exciting prospects- his first publc utterance that I've come across. It's still possible to buy in below the price he paid for his 50k (110k) stake in BLVN and I'm topping up.
sd.
capetown
- 13 Jan 2007 12:36
- 49 of 403
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BowLeven Plc
09 January 2007
BowLeven plc ('BowLeven' or 'the Company')
Operational update - commencement of drilling
BowLeven is pleased to announce that the GlobalSantaFe Adriatic VI drilling rig,
which has been contracted by the Company for a four well drilling programme, is
now on location and commenced drilling on 8 January 2007.
The initial well being drilled is an Isongo E 2 ('IE 2') location, the first
appraisal well on the existing Isongo E discovery in Block MLHP 7 of the Etinde
Permit in Cameroon. The primary objectives of the IE 2 well are to appraise the
extent and volume of the Isongo Sand 1 in the discovery well IE 1 and explore
the deeper Isongo sands which were water wet in IE 1. If successful, the well
will be suspended to allow for later re-entry and completion as a gas condensate
producer. The well will be drilled to a depth in excess of 8,500 feet and total
operational time is currently estimated at approximately 8 weeks.
Further update announcements will be made as appropriate.
Commenting on this, Kevin Hart, BowLeven's Chief Executive said:
'I am delighted that we have now commenced the drilling programme. With the four
wells to be drilled over the forthcoming months we have an exciting period
ahead.'
ENQUIRIES
For further information contact:
BowLeven plc
Kevin Hart, Chief Executive Officer 00 44 777 193 4974
Maitland
Neil Bennett 00 44 207 379 5151
Liz Morley
Notes to the Editor:
BowLeven is an African oil and gas group, based in Edinburgh and traded on AIM
since December 2004. BowLeven holds, through its wholly-owned subsidiary EurOil
Limited, a 100% equity interest in the Etinde Permit area being three shallow
water blocks in offshore Cameroon, West Africa; namely Blocks MHLP 5, MHLP 6 and
MHLP 7. In total BowLeven has approximately 2,300 km2 of exploration acreage
located across the Rio del Rey and Douala basins in the Etinde Permit. As well
as P50 hydrocarbon reserves and contingent resources on Block MHLP 7 (which has
had 11 wells drilled in it) the total acreage has very attractive exploration
potential. Bowleven has operated in Cameroon since 1999.
The discovery well IE 1 was drilled in 1980 by Total and encountered three sands
at the Isongo level (one partially gas bearing). A drill stem test was taken in
the top Isongo sand in IE 1 and flow rates of 8 mmscf/d of gas and 1,446 bbl/d
of condensate were recorded giving a condensate gas ratio of 180 bbl/mmscf.
The IE 2 well being drilled is located approximately 27 km from the power plant
at Limbe in Cameroon.
This information is provided by RNS
The company news service from the London Stock Exchange
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2006 MoneyAM
capetown
- 19 Feb 2007 09:49
- 50 of 403
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BowLeven Plc
19 February 2007
Bowleven plc: Well drilling update
Bowleven plc announces it has now completed drilling and logging operations on
the IE-2 well located in Block MHLP 7 of the Etinde Permit in Cameroon. The
well, which was drilled to appraise the IE-1 discovery made by Total in 1981,
reached a depth of 8675 feet subsea.
Based on petrophysical log evaluation, two hydrocarbon bearing zones have been
identified. The upper zone, located in the Biafra formation at a depth of
approximately 3310 feet, comprises approximately 50 feet of net pay in good
quality gas bearing sandstone. The gas is believed to be relatively dry with few
associated gas liquids.
The lower zone is located in the Isongo formation at a depth of 7850 feet. It
comprises approximately 130 feet of net pay in good quality sandstone and is
believed to contain both gas and condensate. A drill stem test is planned over
this lower interval and a further update will be issued shortly.
Enquiries:
Bowleven +44 131 260 5100
Kevin Hart
John Morrow
John Brown
Maitland +44 207 379 5151
Neil Bennett
Liz Morley
This information is provided by RNS
The company news service from the London Stock Exchange
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2006 MoneyAM
capetown
- 19 Feb 2007 09:50
- 51 of 403
Nice rise of 8% this morning,good news for former fao holders
squidd
- 19 Feb 2007 20:22
- 52 of 403
The news is certainly encouraging and the market is beginning to warm to the new management.
sd.
capetown
- 19 Feb 2007 21:20
- 53 of 403
Squidd,might get afew of these tommorrow ,in for a penny in for sd!
capetown
- 20 Feb 2007 10:56
- 54 of 403
Seems to be gaining momentum,up another 4% this am,i am looking forward to the further update to be issued shortly which is mentioned in the latest RNS.
squidd
- 21 Feb 2007 05:46
- 55 of 403
CT: I started buying nearly a year ago 'cos I liked the chart with those director buys at the bottom of the cliff and filled my boots when Kevin Hart came on the scene; since then have enjoyed the ride. The chart is looking like a classic recovery play and if 240p can be passed, where I think Suntera came aboard, we may have blue sky ahead.
I've noticed that since KH left Cairn, they have wilted and could face ejection from the FT 100 - still, thats our gain.
sd.
capetown
- 01 Mar 2007 14:26
- 56 of 403
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BowLeven Plc
01 March 2007
BowLeven plc ('BowLeven')
Operational update - IE-2 well test results
Further to the announcement of 19 February 2007, BowLeven is pleased to announce
that the IE-2 appraisal well, drilled in the E Field, Block MLHP 7 of the Etinde
Permit in Cameroon, has successfully tested gas and condensate from the Isongo
formation. The well flowed at a stabilised rate of 30 mmscfd and 3800 bpd
through a 60/64 inch choke with a flowing well head pressure of 2126 psi. The
rate of flow was constrained due to the capacity of the test equipment.
The well will now be suspended as a possible future producer. The Adriatic VI
drilling rig will then be moved a short distance to Block 5 of the Etinde Permit
to drill a higher risk exploration prospect in the sparsely explored Douala
Basin.
Following this second well it is likely that the rig will return to Block 7 and
drill an exploration prospect which is located up dip from the adjacent E Field.
Further information on the drilling programme will be issued in due course.
Commenting on the test result Kevin Hart, BowLeven's CEO, said
'Whilst further evaluation is required to determine the extent of the IE Field
and associated reserves, the result of the IE-2 well has been very encouraging,
especially as flow rates were constrained by the test equipment.
The high liquids ratio and excellent deliverability combined with the Field's
close proximity to both the Bioko Island LNG facility and the Limbe Power
Station, should materially enhance the chance of a commercially viable
development'
John Morrow, Chief Operating Officer of BowLeven plc, a member of the Society of
Petroleum Engineers who holds a C.Eng, is the qualified person that has reviewed
and approved the technical information contained in this announcement.
ENQUIRIES
For further information contact:
BowLeven plc
Kevin Hart, Chief Executive Officer 00 44 131 260 5100
John Morrow, Chief Operating Officer 00 44 131 260 5100
Ed Willett, Deputy Exploration Director 00 44 131 260 5100
Maitland
Neil Bennett 00 44 207 379 5151
Liz Morley
Notes to the Editor:
BowLeven is an African oil and gas group, based in Edinburgh and traded on AIM
since December 2004.
BowLeven holds, through its wholly-owned subsidiary EurOil Limited, a 100%
equity interest in the Etinde Permit area being three shallow water blocks in
offshore Cameroon, West Africa; namely Blocks MHLP 5, MHLP 6 and MHLP 7. In
total BowLeven has approximately 2,300 km2 of exploration acreage located across
the Rio del Rey and Douala basins in the Etinde Permit. Bowleven has operated in
Cameroon since 1999.
The IE-2 well is located approximately 27 km from the power plant at Limbe in
Cameroon. The Cameroon Government has recently announced a cooperation agreement
with the Government of Equatorial Guinea to investigate a project to export gas
from Cameroon to the gas liquefaction plant on Bioko Island on Equatorial
Guinea. It is proposed that Limbe would be the gathering hub for any such
scheme.
The IE-2 well is an appraisal well to the IE-1 discovery made by Total in 1981.
BowLeven has also recently acquired First Africa Oil, which has a 100% equity
interest in both the EOV offshore block in Gabon, which contains an existing oil
discovery that it is seeking to develop, and the Epaemeno Block which is 1,340
km2 of exploration acreage in onshore Gabon which lies to the North of Shell's
recent discoveries in the Awoun Block.
BowLeven will announce its interim results on 22nd March.
This information is provided by RNS
The company news service from the London Stock Exchange
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2006 MoneyAM
capetown
- 01 Mar 2007 14:27
- 57 of 403
well done sqidd,its begining to look better.
squidd
- 02 Mar 2007 05:30
- 58 of 403
CT: I think I can sense some Scottish reserve from Kevin Hart in the RNS and this adds to my confidence in BLVN for the longer term. But even yesterday's intra-day did not breach the magic 240 mark which I'm hoping for soon.
On the bigger picture, I think global warming has brought out the Sell in May brigade a couple of months earlier than usual, so BLVN was a welcome splash of blue in a mainly red sea (tho' I've also got some GNG).
sd.
capetown
- 02 Mar 2007 09:21
- 59 of 403
squidd,hope you have some rift?,like you i am adding blvn @every opportunity at under 220,small amounts i hasten to add.
squidd
- 02 Mar 2007 20:03
- 60 of 403
CT: Rift?: now you tell me, and it looks like I've been standing in the wrong place again. Why am I always the last to hear about these.
sd.
capetown
- 02 Mar 2007 20:21
- 61 of 403
Dont be too envious,i boght rift at 10 pence months ago then again at 3.75 noe in profit,but it has been painfull,holding and very exited here.