Up 10% today any interest.

Thanks for that cyril.

Broken through 4 barrier.....onwards and up wards.,.

Can it break through and hold 4 today???

Well done everyone.

My 2nd success of the day,along with AAZ.

unfortunately short lived 4+ back to normal now.

Baeclays top tip for 2011.

Barclays note:

Bowleven for 11
In a sector based on the search for hitherto undiscovered value, with just 13% risked
upside potential, the sector appears to be starting the year on tight valuations. We
therefore re-iterate our 2-Neutral sector stance. In this context, we believe that
better value can be found in those companies where existing exploration has opened
a new door to underexplored areas, offering material upside, with the bonus of
further de-risked exploration. Hence, following its recent discovery in Cameroon,
Bowleven (1-OW, PT 500p) becomes our top pick for 2011, as we believe its new
Miocene play could provide a sweet exploration surprise. Afren (1-OW, PT 185p),
Tullow (1-OW, PT 15.75) and Premier (1-OW, PT 23.00) are our other key ideas
for the year.
Oil price to support valuations: Our macro outlook is positive; our oil price forecast for
this year is $90/bl, increasing to $100/bl in 2012. To this we see upside risk, which
could further underpin sector performance, in particular for those companies with
existing production.
Corporate activity to be less: M&A in 2011 is likely to be a recurring theme, but with
tightening valuations it may not provide the same tailwind as in 2010. However, a
sector catalyst is likely to be Cairns H1 11 potential redistribution, when c.$3bn of cash
could be looking for a new home within the sector.
Bowleven our top pick: Until recently, Bowleven had been confined to the realm of
sector specialists, but after its recent discovery offshore Cameroon, we believe it is now
ready for the wider generalist investor community looking for exploration-driven alpha
opportunities. Following the 2010 discovery, we think the company has opened up a
new play fairway, where similar exploration success could potentially be repeated. In
our view, its 2010 performance, up 191% in H2 10, should not be considered a
deterrent. As is often the case for E&P companies, the full value of a new geological play
takes time to be revealed. With potential upside on our estimates of 28% vs. a sector
average of 13%, Bowleven offers the highest upside in our E&P sector.
Afren, Tullow and Premier all 1-OW stocks: 2011 looks set to be a transformational
year for Afren (PT 185p), with the first oil in its Ebok field and with likely upward
revision of its reserves, exploration in West Africa (Ghana, Nigeria) and in East Africa
(Kenya), and possible new acquisitions in Nigeria. Tullow (PT 15.75) has finally
commenced its high-impact exploration programme, with 10 wells planned in West
Africa and Latin America, coupled with an ongoing appraisal campaign. We also expect
to see the resolution of its tax dispute in Uganda. Premier (PT 23), in the short term,
has a busy exploration schedule and we expect more positive newsflow from its
Catcher follow-on drilling programme.

Bowleven (BLVN)

Another performer from 2010, up from 180p to now 400p. Recent news on the Sapele-1 drill has confirmed further zones which just await confirmation plus the upside that they believed drilling further will discover even more oil. The market took it badly on an overall down day, but I believe it was fundamentally miss understood. Yes the drill is said to be in a sub-optimal location, but when the full results are in it will prove up the incredible licence area BLVN are drilling.

As it was said by someone much better than me: Make no mistake about it, the acreage BLVN are operating in is highly, highly prospective. These same geological plays have proven to be cash cows time and time again across the region. As most are aware, it was the cretaceous play (Jubilee) just up the street in Ghana that was the protagonist for Tullows leap into the FTSE100 index.

Here we are again, like GKP, talking billions instead of the usual millions up to 5-6 billion barrels. Potentially hugely exciting, this has further to go and is a long term hold (at least until they are taken over).

TOKYO, Feb 02, 2011 (Dow Jones Commodities News via Comtex) -- Cameroon expects its crude oil output to fall slightly in 2011 and then accelerate substantially in 2012, the country's minister of industry and mines said Wednesday.

Oil output in 2011 will fall to 22.1 million barrels, or just over 60,000 barrels a day, down from 65,000 barrels a day last year, Badel Ndanga Ndinga told an investment seminar.

However, for 2012 the government is forecasting output of 31.1 million barrels, or 85,000 barrels a day, due to "certain fields we've discovered which we'll put into production."

The minister and a team of officials are in Japan to publicise Cameroon's first oil and gas investment round since 2003, which comes in the wake of recent offshore discoveries in Cameroon waters and in nearby West African countries.

A lack of investment has resulted in a steady decline in Cameroon's output, from its peak in 1984 of 182,000 barrels a day.

Last year, Cameroon state oil company National Hydrocarbons Co. attributed declining output to the "combined effects of natural depletion of fields and ageing of production equipment, as well as deferment of several developmental projects."

The minister told Japanese oil executives that they needed to be aggressive if they wanted to compete for the blocks with other companies, including possibly from China and India.

Cameroon isn't thinking about joining its neighbor Nigeria in becoming a member of the Organization of Petroleum Exporting Countries, he said.

In the new round, a pre-selection of 10-15 companies is due to be made by Feb. 18, and formal bids will then invited between April and end-June, with the winners to be announced July 22, the roadshow was told.

Among the five oil and gas blocks included in the round are two that were ceded to Cameroon by Nigeria under an International Court of Justice in 2002 ruling, specialist industry newsletter Upstream reported recently.

On Jan. 10, U.K. oil and gas explorer BowLeven PLC (BLVN.LN) said it made further discoveries during drilling at the Douala basin off the coast of Cameroon, and increased its estimates for how much oil is in place at an earlier discovery called Deep Omicron.

It said there is now a 90% chance Deep Omicron contains 65 million barrels of oil and an outside chance it could contain as much as 430 million barrels. Earlier estimates ranged from 55 million barrels to 380 million barrels.

In November last year, another London-listed company, Victoria Oil & Gas PLC (VOG.LN), met Cameroon officials to request a production license to exploit gas reserves it had found in the onshore Logbada area, where it had been active since 2008.

Another of my that looks like taking a kicking,gas found at lower levels?

Quitr pleased with the market reaction to todays news,but upto 460p.

Merrills take:

Sapele discovery offers room
to dream
Bowleven encounters significant gas column at deep Sapele
BLVN announced that the deepened Sapele (block 5; offsh Cameroon) well hit a
significant high pressure/high temperature (HP/HT) gas column. Whilst drilling has
to be stopped due to the equipment limitations (the rig could not deal with the well
pressure), the data available and the strength of the column point to a material
gas find in the deep (4,733m total depth) Cretaceous target. We acknowledge that
there is still much more work to do in Block 5s Cretaceous targets but we believe
that the results validate the prospectivity of this fairway and open a significant
opportunity for BLVN. Now the rig is due to drill a 2km sidetrack to appraise the
earlier oil/condensate Omicron (Miocene) find in shallower sands. Given the
limited data available, we keep our NAV/PO unchanged at 460p. BUY.
Additional rig capacity to accelerate Sapele delineation
As expected BLVN has secured extra rig capacity for up to 4 wells (3 firm + 1
option) at a dayrate of US$120k/d in-line with recent rig deals - to accelerate the
appraisal/delineation of the finds. Importantly, this rig (Vantages Sapphire jack
up) boasts a much higher spec than the unit currently used, enabling BLVN to drill
deeper and cope better with HP/HT targets. The appraisal plan is set to focus on
the shallower Miocene sands as the similarities between Sapele and the nearby
Belinda/Alen (Noble Energy; Eq Guinea) field point to Sapele potentially offering a
similar areal extent (14 miles) that could make Sapele into a much larger field.
Routes to monetisation come to the fore front
Given the mix (oil/gas/condensate) of the finds, investors will rightly start to focus
on the monetisation options for Sapele, particularly regarding gas. Given that GdF
and Cameroons National Oil co (SHN) are already carrying the FEED study for
an LNG plant in the country, we believe that a two stage monetisation plan (as
Noble is pursuing in Eq Guinea) could be the best option for BLVN. The first stage
could produce the liquids via an FPSO with the second stage (gas production)
sharing the infrastructure and feeding the gas into the LNG facility.

After the early disappointment of gas at the deepest depth, the market seems to have cottoned on to 2rgf and the CEO's remarks concerning significant and transformational
with some relish?

CS presentaion,

DRILLING SCHEDULE:

Q1:
Immediate:
Existing rig 1: Appraisal (sidetrack) into Tertiary at Sapele-1
New rig 2: New Tertiary Exploration well MLHP-5

Q2-Q4:
2 x further MLHP-5 Tertiary Exploration wells
1 x MLHP-5 Cretaceous Exploration well
1 x MHLP-7 Appraisal well (following IE-3 from Q3/2010 - this is the IE-4 well mentioned in the November IE-3 test results rns - already flow tested @ 22,909 boepd)

Firm plan to move contingent resources to reserves:

Current overall P50 contingent resources 163mmboe
Target IE and IF 100mmboe reserves

PLUS

Sapele-1 needs to be tested and counted in:
IIPE for Lower Omicron: STOIIP P90-P10 of 40-290 mmbblswith a mean 140 mmbbls, alternative WGIIP case P90-P10 of 75-595 bcf, with a mean of 290 bcf

IIPE for Deep Omicron increased: STOIIP P90-P10 of 65-430 mmbblswith a mean 217 mmbbls.

Potential value of discoveries so far easily commending potential multiple current sp.

Plus significant Cretaceous potential of X.

Plus plan to drill one well on Bomono 2011 - Gabon licence with Addax extended to 2012.

Existing discoveries make this an excellent investment, the potential to be unlocked in coming months, makes it an outstanding one.

The TA case for a BLVN Buy first target 410p

.....

Fox Davies Capital

Monday, Feb 28 2011 by Fox Davies Capital

Oil & Gas Corporate News

Bowleven (LON:BLVN) (BUY, 4.50) (BLVN, 335.5p, ▲ (2.52%))

announced that drilling has commenced on the Sapele-1 sidetrack (Sapele-1ST), Douala Basin, offshore Cameroon with the Noble Tommy Craighead jack-up rig.

The principal objective of Sapele-1ST is to appraise the Deep Omicron oil discovery encountered in the Sapele-1 exploration well.

The well is to be drilled to an estimated vertical depth of circa 3,682m or 4,761m measured depth, approximately 2 km South East from the Deep Omicron oil discovery in the original vertical well. Drilling is expected to take approximately 40 to 50 days (excluding testing).

The Vantage Sapphire jack-up rig has now been contracted and consequently the Sapele-2 well is expected to spud mid-March 2011 as a material step-out down dip from the Sapele-1 location.

Comment: This sidetrack is a very important well as it will appraise the only oil leg found in Sapele-1. We remain positive on the prospectivity of the Douala basin.

http://www.stockopedia.co.uk/content/fox-davies-capital-update-featuring-avocet-mining-norseman-gold-solomon-gold-stratex-tanzanite-one-bowleven-empyrean-energy-ithaca-energy-xcite-energy-54423/ --------------------------------------------------------------------------------

http://www.fox-davies.com/media/346674/blvnflashnotemar022011.pdf

http://www.investegate.co.uk/Article.aspx?id=201103180700091647D

Report from McCall Aitken McKenzie & Co:

Bowleven (BLVN LN / BLVN.L) Buy
Ahead of Bowlevens H1 numbers on Monday 28 we take the
opportunity to reiterate our positive view on the stock and update our
target price to 418p.
Underlying the value in the portfolio are the recent results of the
Sapele-1 well confirming hydrocarbon presence across the
Cretaceous interval and possibly opening up a hydrocarbon column in
the Tertiary. Contracting of the Vantage Sapphire rig will allow
testing of these deeper, high pressure intervals.
The Deep Omicron (76p/sh risked; 109p/sh unrisked) interval has
attracted the most interest as an oil discovery, recently upgraded to
225mmbls STOIIP. We have assumed a 30% recovery rate for oil and
70% for gas in our resource base.
The Lower Omicron has yet to be conclusively appraised in terms of
the presence of oil or gas. We attribute a 50:50 value to each case in
our valuation leaving a further 24.5p/sh risked upside/downside in the
case of oil or gas respectively.
The MLHP-7 Isongo field also provides significant support to our
valuation, the majority of this in the IF oil field and IE gas/condensate
fields. Both are the subject of a joint development plan, pending
approval, along with a Vitol option for a further 10% and potential
government back-in of 20%. We assume that both of these are
exercised in our 136p/sh risked, 194p unrisked valuation of the IE
development.
The company has already announced a cash figure in the region of
$190m at 31st December which leaves it with a large funding pile for
the further wells on the Sapele field and pre-development of the IE/IF
fields.
The main risks to this view come in the form of disappointing results
in the upcoming Sapele appraisal campaign along with problems on
the Isongo field development. It should be noted that Bowleven has
yet to confirm that it will retain the Etinde permit beyond its expiry at
the end of 2011 although we expect this will be cleared up in due
course.
Activity in the area is picking up with Noble expecting first oil in
2012 and 2013 from two developments. Add to this Victorias
development drilling in Logbaba and Perencos drilling onshore
Gabon and the confidence in the Douala basin is clear. MLHP-7 sits
in the Rio del Rey basin where the company has managed to attract
one the worlds largest energy traders in Vitol.
On the financial performance front there is little room for surprise
given the lack of production and with funding in place for the
upcoming drilling programme we

HIGHLIGHTS

Operational

-- Sapele-1 exploration well targeting multiple stacked objectives delivered positive results:
o Significant prospectivity of the Douala Basin confirmed;
o Two potentially significant oil and gas condensate discoveries made in the Tertiary interval at Sapele-1;
o Presence of hydrocarbons in the Cretaceous, offshore Douala Basin confirmed.
-- Drilling on the Sapele-1ST (sidetrack) and Sapele-2 appraisal wells progressing on schedule.
-- P50 contingent resources for the Group increased by 31% to 213 mmboe (net) after incorporating initial Sapele-1 Tertiary results.
-- Multi-well drilling programme targeting both Tertiary and Cretaceous prospectivity is underway; forward programme is expected to evolve as drilling activity progresses.
-- Seismic coverage expanded over the Etinde and Bomono Permits in Cameroon; evaluation of further exploration upside is ongoing.
-- IE-3 appraisal well, offshore Cameroon, tested cumulative maximum rate of around 23,000 boepd; appraisal activities on the IE and IF discoveries are progressing.

Corporate

-- Successfully raised $112 million via equity placing in November 2010.
-- Group cash balance $189 million at 31 December 2010, no debt.
-- Fully funded for current drilling programme on Etinde; significant financing flexibility.

2011 OUTLOOK

-- Ongoing exploration and appraisal activity in Cameroon is likely to include:
o Completion of Sapele-1ST well and testing programme to appraise the Deep Omicron oil discovery;
o Completion of the Sapele-2 appraisal well targeting Lower and Deep Omicron fairways;
o Further exploration/appraisal wells targeting Tertiary and Cretaceous prospectivity in the Douala Basin;
o Identification of potential leads and prospects from newly acquired MLHP-6 3D seismic prior to formulating the 2012 Etinde drilling programme;
o Further appraisal activities on the block MLHP-7 discoveries; and
o Generation of leads and prospects from the new Bomono 2D seismic ahead of planned 2012 drilling programme.
-- Convert resources to reserves; progress IE and IF development projects towards sanction.

Come mondayi t wil be 49days since annoucement of drillupdates,which would suggest
that news next week is likely? Wouldn't be supprised to see SP tick up today,with traders not wishing to be out,that's if past patterns are repeated?