Up 10% today any interest.

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.,.

BB yes still got my long term positions,so although i sold early,very happy with this company. AGQ is also doing me pround with a large position in my ISA,making it a real bonus.
cyril

Nice chart.

Has all the signs of a leak,won'tmind though as if so, then it's positive?
cyril

http://thesharehub.com//?p=360