Up 10% today any interest.

Another of Zens analysts,
cyril

Just updating my earlier post from last week.

I've updated this with info available from the farm out document for the Bomono Permit Onshore Cameroon which shows 1.7 - 4.7 billion bls potential from 10 of circa 30 prospects/leads.

Please see section below - updated in CAPITALS in Bomono.

Finally had a good look over all the licences/blocks after the latest updates/results and there really is without doubt amazing potential.

7 Blocks (5 in Cameroon + 2 in Gabon).

163 mmboe 'contingent' P50 net resources in the process of being moved to reserves.
========================

Etinde Permit offshore Cameroon 2316 km2 (Blvn 75% Vitol 25%).

MLHP-7 Block consists of -

Isongo Marine field 466 bcf + 8 mmbls NGL.
Isongo E Field (known as IE) 496 bcf, 95 mmbl NGL + 7 mmbls oil.
Isongo F Field (known as IF) 225 mmbls oil.
Manyikebi Field 56 bcf.
Isongo C and D discovery,

Total discovered resource = 533 mmboe.

Isongo Marine, C, D + E exploration and Isongo G cluster account for a further potential estimate of 366 mmboe.

Vitol have option to acquire a further 10% in this block only for $50m gross work programme.
--------------------------------

MLHP-6 Block under seismic.
-------------------------------

MLHP-7 Block consists of -

Sapele well currently drilling -

Lower Omicron target found 106m gross of 15 - 20m net pay estimate of 75 - 595 bcf or 40 - 290 mmbo potential.

Deeper Omicron target found better quality sands with 64m gross of 10 - 15m net pay estimate of 55 - 380 mmbo potential.

At 3360m (9/11/2010). Target depth a further 1100m at 4450m.

To intersect the up coming Cross-Cut interval (Gas case P50/90 94 - 185 bcf or oil case 32 - 63 mmbo).
Followed by the deeper Epilson complex in the Cretaceous with potential for P50/90 of 887 bcf - 5.28 tcf gas or 628m - 3.7 billion bls oil in this same well. Just weeks away and could be absolutely huge to the company if partially successful.

Management say "further prospects with analogous characteristics have already been identified, highlighting the additional potential on the acreage in the event of a successful outcome on this well" - similarly then there is further potential for billion+ barrel finds if only partially successful at Sapele.
--------------------------------------

Bomono Permit onshore Cameroon 2328 km2. (Blvn 100%).
Comprises Blocks OLHP-1 + OLHP-2.

Still under seismic with substantial amount/interpretation acquired.
2 wells planned for H2 2011.

Multiple prospects with individual sizes ranging from 10 - 250 mmbls oip each.

Page 24 of the Nov 2010 presentation shows at least 19 prospects so far from about 2/3rds of the blocks seismic/interpretation. So again billions of barrel potential here.

Multiple seeps/shows on this 2328 km2 permit and it should be noted that Victoria Oil and Gas' ringfenced 60km2 mini block with the Logbaba field is inside Blvns permit - has 35.2 mmboe P2 confirmed in October 2010 from 2 wells - No1 flowing 10,100 boepd (1,000 bls being condensate) and No 2 well flowing 3600 boepd. Some of the Blvn prospects are in close analogous proximity and VOG estimate that Logbaba has up to 1 tcf of undiscovered resources as well. Many of the Blvn prospects dwarf Logbaba - and as can be seen from the presentation at least 19 prospects so far and likely more when the seismic is completed.

UPDATED WITH THE FOLLOWING FROM THE FARM OUT DOC WHERE BLVN ARE OFFERING 20% OF THE BOMONO PERMIT.

From Jan 2010 - To date at least 10 robust leads have been identified. At least 20 additional potential leads are evident. 1.7 - 4.7 billion bls in place estimates. This figure appears to be from the 10 robust leads so in effect the other leads could increase that figure significantly. This was pre latest seismic so that figure may be enhanced. Wells drilled prior to proper seismic over 50 years ago based on the Bomono oil seeps found oil and gas in Tertiary reservoirs.
-----------------------------

EOV 105 km2 Permit - Gabon (expecting $35m from sale).

Epaemno 1340 km2 Permit - Gabon (Blvn and Addax 50% each).

Multiple prospects with 10 - 350 mmbls OIP "consistent with field sizes in the area" Sub Salt fields and Discoveries east and south of the block.
Drilling by Addax about 1 year away.
--------------------------------------------------

Valuation in current November 2010 presentation 555p at $80/b - 696p at $100/b based only on IE/IF fields in block MLHP-7, Vitol carry, EOV sale and current cash.

*** It does not include the further finds made in the IE-3 appraisal drilling on 28th August 2010 just 10 weeks ago which tested a total of 22,909 boepd in MLHP-7.
14,576 bpd of liquids produced (condensate and oil 36 - 43 API). Two other intervals were not tested. Analysis is taking place and any upside is not included - the rig was moved to Sapele which is currently drilling.

*** No upside included for Sapele (2 zones of net pay) currently drilling on MLHP-5.

*** Extensive and multiple prospects in a proven hydrocarbon area.

Ex Cairn Oil people at Bowleven.

193.5m shares @ 260p = 501m GBP m/cap ($115m/70m pounds cash incl EOV $35m proceeds to come - all post Sapele well drill).

Continuous drill programme after Sapele-1.

F-Davies had 1800p potential (433p risked) which will need revision due to large number of new additional prospects emerging from seismic and interpretation - so therefore potential for 2000p+ exists.

Doing very well here today...good climber....

It's goner do a lot better today thats for sure.
cyril

25 November 2010



Bowleven plc ('Bowleven' or 'the Company')



Additional hydrocarbon pay identified at Sapele-1



Sapele-1 Exploration Well, Block MLHP-5, Etinde Permit, Offshore Cameroon



Bowleven, the West Africa focused oil and gas exploration group traded on AIM, announces that the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon has encountered further log evaluated pay in the Miocene reservoir objective. This pay is in addition to that encountered at the Lower and Deep Omicron discoveries announced on 9 November 2010.



Highlights



Preliminary log evaluation indicates an additional 6 to 8 metres of net hydrocarbon pay beneath the previously logged section in Deep Omicron

Total net pay across the Omicron discoveries now 31 to 43 metres

Cross-cut event and the Cretaceous Epsilon Complex still to be drilled

Preparing for testing and subsequent appraisal drilling/sidetrack(s) post completion of current well



Drilling update



The targets of the Sapele-1 exploration well, on block MLHP-5 in the Etinde Permit, are a series of vertically stacked reservoir objectives, from the proven Miocene fairway down to the deeper Cretaceous fairway proven to be prolific elsewhere in West Africa.



Since the announcement on 9 November 2010, the well, which is drilling in water depths of around 20 metres, has been deepened by a further 123 metres to a current total depth of 3,483 metres in order to find a suitable point to set casing before drilling ahead into the cross-cut event.



The initial results from this section indicate that the well has intersected additional net hydrocarbon pay of 6 to 8 metres in high quality reservoir sands with an average porosity of 21%.





Forward exploration and appraisal programme



It is now planned to drill to a target depth (TD) of approximately 4,450 metres to test further prospective horizons, including the deeper Cretaceous, a play untested within this part of the Douala Basin.



Drilling activity is expected to take a further 20 to 30 days (excluding testing). In the meantime planning for testing and appraisal drilling/sidetracking activities on the Omicron discoveries is underway. The forward plan will be reviewed by the joint venture on reaching TD.



The Company plans to issue an update announcement on reaching the target depth of the well or, as appropriate, on completion of logging activities.





Kevin Hart, Chief Executive of Bowleven plc, commented:



"Whilst we recognise that further evaluation and appraisal are required, the additional pay encountered in the Miocene section provides further support to our view that the Omicron discoveries are potentially transformational. We look forward with anticipation to recommencing drilling and intersecting the deeper cross-cut event and Cretaceous Epsilon targets."





Maps relating to Sapele-1 are available on our website www.bowleven.com under the heading "Presentations". The presentation is titled "Sapele-1 announcement - 25 November 2010".

From the above
" Transfoemable."

"Whilst we recognise that further evaluation and appraisal are required, the additional pay encountered in the Miocene section provides further support to our view that the Omicron discoveries are potentially transformational. We look forward with anticipation to recommencing drilling and intersecting the deeper cross-cut event and Cretaceous Epsilon targets."

curil

nice jump to 3.46+ in the money.,.

Doing well...goody...goody....

BLVN to issue 22m new shares and SP rises,i think that says it all?
cyril

yes cyril had finger poised to sell some if drop looked likely, nice to see it go north instead.,.

Well i'm not letting any of mine go,read these couple of posts carefully to understand why and remember just 3 days of trading to take up options.

"Whilst we recognise that further evaluation and appraisal are required, the additional pay encountered in the Miocene section provides further support to our view that the Omicron discoveries are potentially transformational. We look forward with anticipation to recommencing drilling and intersecting the deeper cross-cut event and Cretaceous Epsilon targets."

Hang on guys have we missed something. Have they just announced the Omicron find?

Why is Hart saying that the Omicron discoveries are potentially tranformational and not the deeper cross-cut event and Cretaceous Epsilon targets."

To me he is teling us we have hit it but not all of it.

And the follow up,

And may I add they have not finished with Omicron,

Drilling activity is expected to take a further 20 to 30 days (excluding testing). In the meantime planning for testing and appraisal drilling/sidetracking activities on the Omicron discoveries is underway. The forward plan will be reviewed by the joint venture on reaching TD.

Sidetracking how many? Is this the tranformational

cyril
ps Could be a great Christmas present?

Sector Watcher Comment from FT Alphaville just out.


An opportunistic fund-raising by BLVN today, following the 70% increase in its share price in the last three weeks. The group plans to place 22m shares, or 11% of the issued share capital, with institutions today. At yesterday's close of 338p/share this equates to around 74m, so even allowing for an assumed discount of say 5% the group should raise around 70m (pre-expenses

Along with the $80m of cash we assumed the group would have following the drilling of the successful Sapele-1 well (the reason for the recent share price strength), this should leave BLVN well-financed for the next 12 months to appraise and develop it's Cameroon asset base. As I said yesterday, I'd be a bit nervous of buying at these levels, especially given the amount of risk that the Sapele well still carries

Whilst undoubtedly good news, i.e. that the well has identified 31-43 metres of net oil pay within three Miocene zones, these are apparently in sub-optimal locations within the mapped structure and have yet to be tested. There is further upside in the deeper Cretaceous horizon, although this is much higher risk as the Cretaceous hasn't been drilled before. Our NAV for BLVN, prior to making any adjustments for Sapele, is only 208p/share. Best case Sapele may add on a further 170p/share. As much as I like CEO Kevin Hart and his technical team, I'd be an outright seller of BLVN at these lofty levels.


.

What ?.....no new thread ?.

Its a sell RF.

Way over priced now.

Bowleven announces the completion of the placing announced earlier today (the "Placing"). A total of 22,000,000 new ordinary shares (the "Placing Shares") have been placed at a price of 327 pence per Placing Share (the "Placing Price"). Based on the Placing Price, the gross proceeds of the Placing will be GBP72 million (approx. US$113 million). The Placing Shares being issued represent an increase of approximately 11 per cent. in Bowleven's existing issued ordinary share capital.

cyril

Just a few hours to raise 22m,take me longer to borrow 22,lol
cyril

Topped up this am,news could be on us 2 weeks?
cyril

Mentioned in yesterdays telegraph.
I'm hoping for news next week?
cyril

"....Named as one of BofA Merrill Lynch's preferred picks, Tullow put on 19p to 1,197p. Also benefiting from being picked as M&A contenders by the broker were Premier Oil, which made 33p to 1,915p, and BowLeven, gaining 8.5p to 357p, with their "unique sets of assets", in the North Sea and Cameroon respectively."

Summary of yesterdays AGM,looks like we wait another fortnight?
cyril

Bowleven promises active drilling campaign off West Africa coast
Mark Williamson

Share 16 Dec 2010

Bowleven is set for an exciting year in 2011 when the West Africa-focused oil and gas company hopes to maintain the good progress it made during 2010, investors were told.

Bowlevens chief executive, Kevin Hart, told the companys general meeting that it is well funded to continue with an active drilling campaign off Cameroon. Directors expect this will deliver big results.

Edinburgh-based Bowleven will continue appraisal work on the IE and IF finds on block seven off Cameroon in the hope of confirming that these discoveries are on a commercial scale.

If drilling goes well, Mr Hart believes Bowleven may be able to book reserves in respect of these finds in 2012.

Before reserves can be booked companies must establish that a find is big enough to be commercially viable, develop a plan to bring it into production and establish that the necessary work can be financed.

Bowleven will continue drilling the under-explored Douala basin, where it has made three finds in recent weeks with the Sapele well. The company expects to announce the final results by the end of 2010.

The strategy for this year and next is to really try to prove up the resource base on block seven and to get after the Douala basin, said Mr Hart.

He added that having won backing from Vitol the Swiss oil trader and raised $113m (72m) from investors through a placing that was completed last month, Bowleven has plenty of cash to fund an active work programme.

Terry Heneaghan, a former chief executive of Bowleven, told delegates at the meeting: I want to compliment Kevin and his team.

I think the work they have done is absolutely first class.

He said Mr Harts team seemed to have found the key to the complex geology of the region.

All resolutions at the AGM passed comfortably.

Have got small holding since 295p so am quite happy to continue to hold and hopr for more profit.,.

Look at them go today,381p,c;osed my t trade at 375p for a very handsome profit.
With news imminent,perhaps someone knows u know?
cyril

another good day here as you say cyril.,.