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?

StockMarketWire.com
Plexus Holdings has announced the signing of a further contract to supply wellhead equipment for appraisal activity to an operating subsidiary of Bowleven, an African-focused oil and gas exploration company quoted.

Plexus will supply High Pressure/High Temperature ('HP/HT') wellhead systems and services for drilling offshore Cameroon and the potential value of the contract is estimated at £1.05 million with revenues expected to commence in June/July 2012.

StockMarketWire.com
West African-focused Bowleven's wholly-owned Cameroon operating subsidiary, Euroil, has signed a memorandum of understanding for the supply of gas from the Etinde permit.

The MoU was ssigned with the National Hydrocarbons Corporation (SNH) and Ferrostaal.

The three companies will cooperate towards the evaluation, development and putting on production of the gas fields in the Euroil operated Etinde permit in order to ensure that it is supplied with natural gas as from year-end 2015.

Bowleven chief executive Kevin Hart said: "We are delighted to be supporting Cameroon in its ambition to develop the country's gas resources.

"Cameroon has a strong and growing domestic fertiliser market and we look forward to working closely with SNH and Ferrostaal to deliver the project.

"We are encouraged by the progress in our route towards the monetisation of Bowleven resources.

"This is a positive step towards the realisation of the potential of our acreage."

Up nearly 20% this morning, but no news that I can find!

Bid rumours apparently!

FT comment

beware - offer outnumber bid about 7:2

FT links are a bit useless for us mortals who don't subscribe, skinny. What is the gist please?

Harry - its free to register and read the FT comments bit! :-)

Cheers. (I didn't realise there was a free section. I will have a look).

exceptional volume ..... already 4x daily average

Well done rf.

I wouldn't get your hopes up!
Reuters - "A spokesman for Bowleven declined to comment on the takeover rumours.

"Clearly this share has performed very badly. There is a lack of positive sentiment in the market around the story. It's entirely natural that rumours like this come up particularly when a share price has fallen so much," says an analyst who declined to be named."

shell have decided not to get invove in cove energy wonder if afr or blvn on cards?

At last shares moving north maybe there might be another company looking to put.a bid for takeover as shares I feel undervalued at moment

barely, and so is nearly every single other stock

re - SHELL

Bid rumours once again and share price up 5p to 68.50 on higher volume

65p now.

Someone lazy to put the propper price, not yet 65p

# prices can go down aswell as up

">

http://www.fandc.com/blog/post/UK-Alpha-update-Cove-Bowleven-and-Nanoco.aspx

UK Alpha update - Cove, Bowleven and Nanoco
By Peter Lees20. March 2012 00:43

Bowleven – The recent tentative approach from Dragon Oil shows that other parts of the industry may also see the value we do in Bowleven’s assets. The pre-approach share price performance however, has been adversely impacted by market concerns over how to use the gas that is found with the oil, which cannot be flared - a commercial use is therefore needed and agreeing this is taking time.

While we believe that Bowleven may well be acquired at some point in the future, the starting price should be significantly north of the 80p it was trading at before the Dragon Oil approach. The catalysts we are looking for to achieve this along with a possible time line are as follows

• Q1: A draft exploitation application/development plan submitted to the Cameroon Govt, which will trigger a 30 day put up/give up for Vitol on its option to acquire a further 10% stake in Block 7 Cameroon for $50m.
• H1: Completing the sale of its stake in the EOV field – rumoured price $35m+
• H1: Signing a memorandum of understanding with the Cameroon Govt/Ferrostaal to supply gas to enable the construction of a Fertiliser plant.
• Q3: Spud IM-5 appraisal well – to prove there is sufficient gas to enable the finalisation of gas sales agreements.
• Q3: Spud onshore Bomono well (100% owned by Bowleven) – targeting a significant prospect.
• Q4: Spud 2nd appraisal well in either its IE or IF exploration blocks or potentially further exploration/appraisal well in Block 5.
• Q1 2013: Finalise and sign gas sales agreements to enable the commencement of construction of development/production facilities with a view to first oil in 2015.

Another good rise today reaching 72.50p at one time

sold some at 71.50p

Rising with volume today but on top of Bollinger BAND