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?

More institutions stocking up: RNS out on 31 March (Friday):

BowLeven Plc ('the Company')



Notifiable Interest



The Company announces that it received notification on 29 March 2006 that on 27
March 2006 Credit Suisse Securities (Europe) Limited ('CSSEL') had a notifiable
interest in 1,622,000 ordinary shares of 10p each in the Company, representing
5.48% of the issued share capital of the Company.



This represents the entire holding of CSSEL in the issued share capital of the
Company.



Looks as if this was the purchase that took CSFB over the notifiable interest threshold:

Trade time Price (p) Volume Assumed purchase/sale* (p) Bid (p) Ask (p)
12:31 (27/03) 184 1612000 purchase 178 184

At last - a nice, healthy bounce of 9p to 170/171.

RNS out today:

BowLeven Plc - Cancellation of Options
RNS Number:0037B
BowLeven Plc
05 April 2006

5 April 2006


BowLeven Plc ('the Company' or 'BowLeven')

Cancellation of Options


Following the announcement on 28 March 2006 of the issue of new share options
and rebasing of existing share options, the Board of BowLeven has cancelled the
rebasing of the existing share options to existing employees of the Company and
the issue of new share options to existing employees. However, the issue of new
share options to the new employees who joined after 1 January 2006 will remain
in place.

Therefore the only options to be issued as announced on 28 March 2006 are over
285,000 ordinary shares of 10 pence each in the Company (17,143 approved options
and 267,857 unapproved options) to Jerry Anthony, the new Exploration Director,
and a total of 34,286 approved options and 246,964 unapproved options to new
employees of the Company following their recent joining of the Company. These
options have an exercise price of 175 pence per ordinary share

There are a total of 1,669,235 options, representing 5.6% of the issued share
capital, in issue to directors and employees over the ordinary shares of the
Company following this amendment.

Only a 1p spread today - makes me think the MM's have decided to entice a few people in. Market cap only 51m

Up 4.5p today, to 172.75p/176.75p

Posted today by Andy on the SEY thread, No. 5696. It appears some of the other oil co's may be interested in BLVN.


>> From today's Financial Times.
---------------------------------

"Bowleven eased 0.9% to 172p, in despite talk that Sterling Energy, up 5% at 26p, might seek to make an offer for the troubled oil exploration company"


Bowleven has a market cap of 48 million, and between 50 - 60 million in the bank! <

Actually the bank balance should still be near the thick end of 60 million, plus the Resources alone of 60.3 million bbl (leaving out the Contingent Reserves), risked at a niggardly 10% using $40 a barrel, should be worth 137 million.

"Ladies and Gentlemen, am I bid 197 million for this struggling oil company?" (That's around 650p a share . . . ).

When the SP was at around 8, that gave a valuation of 320 mil, but that was before the drilling showed a dry hole and everybody dashed for the exits.

Somebody must be able to find at least 4.50 a share, surely? If we passed the hat round here on this B/B, maybe we could stage some sort of leveraged buy-out ??????

Although SEY or any other suitor would almost certainly offer shares, wouldn't they? I'd vote for it . . .

soul - I've been 'diverted' here off the SEY thread, in which co I hold shares.
The previous SEO of BLVN is very determinedly seeking to cause embarrassment to and trouble for his old company. The detail has not been released yet (for legal reasons) so there could be some awkward revelations!
To what extent do you think this could interfere with or affect SEY's interest - if indeed their interest is real and genuine?

Schiff - good to hear from you.

Am not sure what kind of mud former CEO Philip Rhind is trying to sling. This article

http://news.scotsman.com/edinburgh.cfm?id=247602006

mentions that there were a number of issues, but no financial skulduggery. Chairman Terry Heneaghen said the board had "reviewed his performance and his general conduct and concluded they would like him to resign. He didn't want to resign, so the board said, 'We will dismiss you'." He added: "The board simply took the view that he was not the right man for the job. There were a number of issues." Mr Heneaghan said the dismissal was nothing to do with financial matters: "There will be no impact on finances."

At this stage clearly it's difficult to tell what the impact of Rhind's legal action might be. On the face of it, he could just be a troublemaker, in which case the suit would only be a distracting sideshow. All the same, it's not helpful at a time when BLVN might be up for sale.

This article http://edinburghnews.scotsman.com/business.cfm?id=326372006 adds that Rhind >>insisted he still planned to deliver a dossier setting out his concerns about the company's dealings with the board.

Philip Rhind, who was recently dismissed and stripped of his directorship of the firm, said he was "absolutely, 100 per cent going to submit a report" - but did not say when that would be.

His remarks came just days after a court heard the industry veteran had a "red button" at his fingertips to destroy the oil and gas company if he was sacked.<<

Rhind has also been quoted as having threatened to "f***" Bowleven were he to be sacked.

Sounds like the kind of CEO who will go down in history more for his legal battles than for his business successes. I'm not surprised BLVN wanted to be shot of him.

We'll just have to wait and see, I think. On the upside, I would think that any serious bidder for the company will be able to overlook any court case that is purely a "spoiling" action.

The other thing to be aware of is that there seem to be a lot of rumours around the small-cap hydrocarbon industry at the moment. Two weeks ago NOP's broker hitched the company's skirts suggestively and hinted it was ripe for takeover. Now Andy posts on the JKX thread that there was also a "vague rumour" concerning that company. Some of these rumours may be based in fact, others just Chinese whispers.

Personally I'd like to see Black Rock Oil and Gas take over Bowleven in an all-paper deal as Black Rock desperately needs the cash on Bowleven's balance-sheet, but if I start that myth, no-one will believe me :o)

Posted by Seawallwalker on the SEY thread, no. 5698:


>>soul traders, have to agree re blvn.

Mind you any bid now on them would not attract full value unless there are more than one interested parties.

The formula looks similar to the Fusion Oil & Gas takeover by Sterling, in that the Management were seen as the reason why they were not backed by shareholders when the approach was made.

Reckon if there is any truth behind this, and the Sterling sp indicates something is afoot, then blvn will soon be a part of a rapidly developing Company<

Another nice little rise today, seems to be leaving behind the recent lows - I hope!!

Bid: 174.75p Offer: 175p Change: 3.25 The spread is in buyers' favour, too.

MAN sells:

BowLeven Plc - Notifiable Interest
RNS Number:6717BBowLeven Plc19 April 200619 April 2006 BowLeven Plc ('the Company') Notifiable InterestThe Company announces that it received notice on 13 April 2006 that on 12 April2006 Man Financial Limited ('MFL') no longer had a notifiable interest in the share capital of the Company.On 29 March 2006 the Company announced that MFL had an interest in 948,068ordinary shares of 10p each in the Company, representing 3.20% of the issued share capital of the Company.

And Credit Suisse buys:

BowLeven Plc - Notifiable Interest
RNS Number:6718BBowLeven Plc19 April 200619 April 2006 BowLeven Plc ('the Company') Notifiable InterestThe Company announces that it received notification on 18 April 2006 that on 12April 2006 Credit Suisse Securities (Europe) Limited ('CSSEL') had a notifiable interest in 1,797,000 ordinary shares of 10p each in the Company, representing 6.07% of the issued share capital of the Company.This represents the entire holding of CSSEL in the issued share capital of theCompany.On 31 March 2006 the Company announced that CSSEL had a notifiable interest in1,622,000 ordinary shares of 10p each in the Company, representing 5.48% of the issued share capital of the Company.

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up 3.25p yesterday and up 3.5p so far today. unbelievable.

BLVN Bid: 178p Offer: 180p Change: 3.5

When I wrote my earlier post I was struggling to contain my sarcasm, but now this has roared up 7% today.

BLVN Bid: 188.25p Offer: 192.75p Change: 12.75

Has anyone heard anything?

Closed up 11%: BLVN Bid: 193p Offer: 197.25p Change: 20 and my holding is finally in profit!!

Is the run likely to continue tomorrow? The chart looks encouraging.

Making slightly heavier weather today, but the Offer Price has breached 200p, and with a wider spread it appears the MM's are trying to force a few sales. One or two big purchases of 100K went through at 199p though.

The current position: BLVN Bid: 195p Offer: 203p Change: 0.5

Gave up 4 or 5p on Friday, but up again today on turnover of about 60k.

BLVN Bid: 194.75p Offer: 198p Change: 6.25

In post #10, I estimated the company's value: cash balance near to 60 million, plus Resources alone of 60.3 million bbl (leaving out the Contingent Reserves), risked at 10% using $40 a barrel, should be worth 137 million, total NAV 197 million. In spite of this the company's market cap remains around 58 mil (at today's SP of 197p)

Since then I've thought about the maths some more and in view of current oil price strength, on a very optimistic view one could use $60-oil for Resources of 205 million, plus the cash = total 265 million.

Use even a more conservative $50/bbl and you get 231 mil. That's 4 times current market cap. Nearly 8 a share . . . Oh, and you could throw in the P50 contingent resources of 58.2 mmboe for another 166 mil or 550p per share, but we're trying to be conservative and sensible in our estimations, so we won't.

I'm not barking mad, am I?

PDYOR/IMO, etc.

EDIT The scores at close of play today: BLVN Bid: 195.5p Offer: 198p Change: 7.25 Shares moved: 100,955

The Investor's Chronicle of 31st March said that the SP was "high enough" at 178p. Although the SP is up since then, it seems most are reluctant to disagree too much.

Am still umming and aahing about what to do with this one.