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    Bowleven-kommt jetzt die Übernahme? - 500 Beiträge pro Seite

    eröffnet am 18.02.12 10:17:05 von
    neuester Beitrag 17.03.15 11:46:38 von
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    ISIN: GB00B04PYL99 · WKN: A0DPUC · Symbol: BLVN
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    Letzter Kurs 28.03.24 London

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      Avatar
      schrieb am 18.02.12 10:17:05
      Beitrag Nr. 1 ()
      Freitag ging Bowleven ab.....

      hat denn keiner bowleven??????????

      There was also some takeover excitement, albeit lower down the market.

      In the Chinese year of the Dragon which has just started, oil explorer Bowleven has found itself in the sights of a rival named after the mythical beast. Shares in the company, which has projects off the coast of Cameroon, jumped 46p to 120p or 62%, as Dragon Oil revealed it was considering an offer for the company. If the move was successful it would allow Dragon, which has around $1.5bn of cash in the bank, to expand from its core activities in Turkmenistan. Traders were talking of an offer of around 180p to 200p a share.

      There is also the prospect of an auction. Bowleven has been linked with a number of companies in the past, including Chevron and - immediately before Dragon showed its hand - Tullow Oil. Dragon ended 3p higher at 547p.

      Bowleven was one of a number of takeover stories - real and imagined - that emerged during the week as the markets moved higher.

      http://www.guardian.co.uk/business/marketforceslive/2012/feb…
      1 Antwort
      Avatar
      schrieb am 28.04.12 10:48:34
      Beitrag Nr. 2 ()
      Something brewing recent news just not enough it seems pmsl...

      Volumetrics upgraded P50 now 615 mmbbls
      Company cash balance now $160 million with sale of EOV Gabon
      Contract with Plexus supplying High Pressure/High Temperature ('HP/HT') wellhead systems and services for drilling offshore (no downhole issues for BLVN this time)
      Crucial gas sales Memorandum of Understanding (MoU) with SNH (the Cameroonian NOC) and
      Ferrostaal signed bringing reserves to production is a reality.

      Current market capitalisation undervalues this company by quite a margin...
      Avatar
      schrieb am 01.05.12 20:12:19
      Beitrag Nr. 3 ()
      Right too quiet here how about some ramping: As well as the offshore appraisal drills (2 firm plus 2 options) BLVN have at least one commitment well on the onshore Bomono acreage. According to recent company presentations operations for Bomono will commence in Q2. The Bomono acreage is an extension of the Douala basin with 16 previous drills in the 1950's all encountering hydrocarbons and oil seeps evident on the surface. Very high chance of success on this onshore drill. Merrill Lynch value the Bomono well alone worth c92p unrisked (from the ML note): "In addition, an appraisal-cum-exploration well onshore Bomono is set to be drilled mid-2012 (contingent upon rig availability) targeting >550mmboe (gross oil in place) worth c.92p/sh unrisked (c.28p/sh risked) by our estimates." Moreover with the upgraded proven offshore P50 reserves of 615 mmbbls, upcoming offshore appraisal campaign, fully funded with $160 million cash balance and the crucial gas sales Memorandum of Understanding (MoU) signed with SNH (the Cameroonian NOC) and Ferrostaal bringing reserves to production makes this one of the most compelling buys in the sector.
      Avatar
      schrieb am 23.05.12 20:33:21
      Beitrag Nr. 4 ()
      Avatar
      schrieb am 31.05.12 17:11:31
      Beitrag Nr. 5 ()
      Antwort auf Beitrag Nr.: 42.771.209 von BaronOppenSAL am 18.02.12 10:17:05Ich prüfe gerade den Einstieg und werd mich mal durch den Thread wühlen. Wenn du möchtest kannst du mir mal kurz die wichtigsten Argumente für einen Einstieg geben, danke.

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      Avatar
      schrieb am 31.05.12 17:13:53
      Beitrag Nr. 6 ()
      Oh, der Thread ist ja schon zu Ende......:laugh:
      Avatar
      schrieb am 01.06.12 17:25:20
      Beitrag Nr. 7 ()
      Diese Firma hier wird aktuell unter dem Cashwert getraded...
      ...ganz so als wäre sie ein Internet-Startup oder so ein Kram. Aber nein, so sehet, es gibt reichhaltige Ölfelder, einige hundert Millionen Dollars Wert. Das ist heute und in der letzten Zeit total irre.

      Dieser Fall hier ist vergleichbar mit einem Trödelhändler, der 100 Euro Geldscheine zu 95 Euro verkauft. Jeder Käufer erhält einen kleinen Goldbarren gratis. (es gibt zwar einen kleinen Hacken, aber wirklich nur einen ganz kleinen.)

      Mein Käufe: ca. 70p, 65p, 60p, ... 55p?:)
      Avatar
      schrieb am 01.06.12 18:59:36
      Beitrag Nr. 8 ()
      Avatar
      schrieb am 05.06.12 12:01:22
      Beitrag Nr. 9 ()
      Avatar
      schrieb am 19.06.12 06:03:32
      Beitrag Nr. 10 ()
      Viel tiefer runter gehts wohl nicht. Ich warte trotzdem auch noch auf Kurse zwischen 50p und 55p. Spätestens dann wird es den echten (?) Investoren, die diese Aktien > 100p auf Kredit gekauft haben, das finanzielle Genik brechen. Dann ist eines der Ziele der Leerverkäufer und ihrer Propagandisten erreicht. Dann werden einige sehr große Orderausführungen, >200000 Stücke, zu sehen sein. Ein T/O-Angebot zu 105p wird dahergesegelt kommen und in 2 Jahren wird der Name Bowleven lange vergessen sein.
      Diese Choreographie unterschreibe ich mit Blut.
      :)
      AIM wird umgekehrt getraded. 60% aller Trades sind Leerverkäufe und Rückkäufe. Die anderen 40% sind irgendwelche Dummerchen, die solche Papiere bei IPO's zeichnen oder den Pusher-Bankern glauben. Hier wurden vor einem Jahr Preise von 650p aufgerufen, als das Papier bei 400p in der Stratosphäre schwebte. ...die gleichen Banker-Schreiberlinge können nun ein "Kursziel" von 70..90p wohlfeil formuliert begründen. Brutal aber hart: die "Wahrheit" der Börse.
      Avatar
      schrieb am 25.06.12 20:39:17
      Beitrag Nr. 11 ()
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      schrieb am 29.06.12 11:10:54
      Beitrag Nr. 12 ()
      Könnte jemand einen RT Chart einstellen, danke.:cool:
      Avatar
      schrieb am 29.06.12 11:23:13
      Beitrag Nr. 13 ()
      Ich denke hier kann man nicht viel falsch machen, bin zu 0,56 GBP heute rein.:cool:
      Avatar
      schrieb am 29.06.12 15:50:10
      Beitrag Nr. 14 ()
      Avatar
      schrieb am 29.06.12 15:51:11
      Beitrag Nr. 15 ()
      So sollte der Chart sein:

      Avatar
      schrieb am 01.07.12 02:59:10
      Beitrag Nr. 16 ()
      haben die schon was gefunden?produktion?
      Avatar
      schrieb am 03.07.12 19:12:33
      Beitrag Nr. 17 ()
      Avatar
      schrieb am 04.07.12 06:38:17
      Beitrag Nr. 18 ()
      Seit ein paar Tagen: mehr Papiere short als es Freeflow gibt. Mal sehen was sich draus entwickelt. Meine Käufe: ca. 70 ... ca. 55p. Kursziel 120..130p.
      Wie das möglich ist mit den zu vielen leerverkauften Papieren? Ganz einfach: die Buchmacher verkaufen in London einfach nur Zahlen. Nicht mal Papiere.
      Irrsinn, Wahnsinn: Der Kapitalismus.
      :)
      Avatar
      schrieb am 06.07.12 11:07:46
      Beitrag Nr. 19 ()
      From Bloomberg

      Bowleven Jumps 9.8% at Open; FT Cites Takeover Rumors
      By Benjamin Dow

      July 6 (Bloomberg) -- Bowleven was focus of renewed takeover speculation, FT reported in yesterdayfs markets section, without citing anyone.
      œ Shares up most since June 29, vol. 32% of 3-mo. daily avg
      œ NOTE: Bowleven down 62% since February 28, when Dragon Oil said it was no longer considering offer for company
      œ NOTE: On March 8 broker Brewin Dolphin said Tullow takeover rumors had been grenewedh
      Link to Company News:BLVN LN <Equity> CN <GO> Link to Company News:DGO ID <Equity> CN <GO> Link to Company News:TLW LN <Equity> CN <GO>

      For Related News and Information:
      First Word scrolling panel: FIRST<GO>
      First Word newswire: NH BFW<GO>

      To contact the reporter on this story:
      Benjamin Dow in Moscow at +7-495-771-7735 orbdow2@bloomberg.net

      To contact the editor responsible for this story:
      James Ludden at +44-20-7673-2645
      1 Antwort
      Avatar
      schrieb am 06.07.12 19:56:05
      Beitrag Nr. 20 ()
      Antwort auf Beitrag Nr.: 43.359.344 von BaronOppenSAL am 06.07.12 11:07:46"Benjamin Dow in Moscow..."

      War ja zunächst skeptisch. Allerdings hätte BLVN bis zum heutigen RNS-Bericherstattungsende nach den englischen Börsenspielregeln das Übernahmeangebotsgerücht dementieren müssen, gell? Da dies nicht geschah, wie so vieles nicht geschah in den letzten Wochen, dürfte Benjamin Dow aus oder in Moscow wahrscheinlich die Wahrheit gesprochen haben.

      Wohl dem, welcher da präzise Shortwerte hier bei dem Papier hat. Mein Tipp: Montag gehts hier richtig zur Sache Richtung +100pesetas.

      Viel Spaß beim Shorten die nächsten Tage.
      Avatar
      schrieb am 09.07.12 15:26:08
      Beitrag Nr. 21 ()
      Brutalste Shorts werden zur Zeit in London reingedrückt. Die shorts sind übrigens die Käufe... ich finds phantastisch! Es gibt keinen einzigen Grund, das Papier zu Shorten, ausser aus Spaß am Shorten. Nicht die winzigste negative Nachricht könnte ich mir denken.
      Bin bald mit einer 6-stelligen Anzahl an Papieren investiert.
      Nicht vergessen: BLVN's claims werden auf theoretische 2 Milliarden (nicht Millionen) Barrel Öl geschätzt. Das Gas gar nicht mitgerechnet. Wenn nur 10% davon abgebohrt werden würden, dürfte sich der Wert der Papiere verzehnfachen ...hat er ja schon mal gemacht.
      Die geschicht dreht sich im Kreis :)

      Apropos Gas: BLVN's Nachbar VOG ist ab heute kein Explorer mehr. Da der Kurs nicht reagiert hat, konnte ich - auch dort - fett die billigen Papiere abgreifen.

      Die Bewertung der beiden Ölpapiere ist aus meiner Sicht total absurd. Die finanziellen Risiken sind mir bei beiden Firmen bekannt, aber sie sind gegenwärtig höher bewertet als der Wert der Ressourcen. So ein Spaß. Irrsinn.
      (echte Verkäufe habe ich im nennenswerten Umfang (~10% der Umsätze) heute noch nicht registriert.)
      /Monolog Ende.
      Avatar
      schrieb am 09.07.12 19:34:29
      Beitrag Nr. 22 ()
      VOG=Victoria Oil & Gas???
      Avatar
      schrieb am 10.07.12 20:18:56
      Beitrag Nr. 23 ()
      Atwood Oceanics Announces Contract for the Atwood Aurora

      HOUSTON, July 9, 2012 /PRNewswire/ -- ATWOOD OCEANICS, INC., announced today that one of its subsidiaries has been awarded a drilling services contract by GLENCORE EXPLORATION CAMEROON LTD for the jack-up rig Atwood Aurora. The contract for three wells with a minimum total duration of 200 days will be performed in Cameroon at a dayrate of approximately $155,000.

      Contract commencement is expected in February 2013 in direct continuation of the two well contract with Bowleven PLC. With the award of this contract, the firm contractual commitment for the Atwood Aurora is expected to extend to August 2013.

      Atwood Oceanics, Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 11 mobile offshore drilling units operating in the United States Gulf of Mexico, South America, the Mediterranean Sea, West Africa, southeast Asia and Australia, and is constructing two ultra-deepwater drillships and three high-specification jackups for deliveries in 2012, 2013 and 2014. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."

      http://www.businessrevieweurope.eu/press_releases/atwood-oce…
      Avatar
      schrieb am 20.07.12 20:50:05
      Beitrag Nr. 24 ()
      1 Antwort
      Avatar
      schrieb am 20.07.12 23:10:02
      Beitrag Nr. 25 ()
      Antwort auf Beitrag Nr.: 43.408.969 von BaronOppenSAL am 20.07.12 20:50:05Der Link funktioniert für uns nicht, was steht drin?
      Avatar
      schrieb am 22.07.12 21:05:22
      Beitrag Nr. 26 ()
      2 Antworten
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      schrieb am 23.07.12 14:32:59
      Beitrag Nr. 27 ()
      Antwort auf Beitrag Nr.: 43.412.083 von BaronOppenSAL am 22.07.12 21:05:22wann wird hier mit bohren begonnen?
      1 Antwort
      Avatar
      schrieb am 23.07.12 19:17:22
      Beitrag Nr. 28 ()
      Antwort auf Beitrag Nr.: 43.414.111 von kl_hase am 23.07.12 14:32:59Also wenn ich chinesischer Finanzminister wäre, dann würde ich einen langgehegten und gepflagten Wunschtraum der Amis nun erfüllen und die chinesische Landeswährung gegenüber den anderen Währungen anheben und rasch auf Einkauftour gehen. Insbesondere teilerschlossene, große Ölfelder in Afrika würde ich billig abgreifen. So gut vorgeschortet ist der Londoner Explorermarkt noch nie gewesen. Absurd.
      BLVN's Felder haben im Idealfall einen Wert von 50 Dollares / Barrel x (1.000.000.000 ... 3.000.000.000) Barrels. Einfach mal nachrechnen und 1 Milliarde Dollares Bohr- und Erschließungskosten abziehen und mit dem aktuellen Börsenwert vergleichen. Mein Kursziel hier: 2 ..20 britische Pfund in 2 Monaten bis zwei Jahren.
      Die Differenz zwischen Firmenwert und Börsenwert lässt sich für mich nicht mehr mit Wahnsinn oder Irre beschreiben. Das ist irgendwas Gigantischeres. Viel Spaß, Zockerz, beim Warten auf günstige Kurse oder was auch immer.
      Außer Rohstoffaktien von schuldenfreien Firmen würde ich in der momentanen Marktsituation nichts kaufen. Nein. Gewiss nicht... Wahnsinn, Zockerz, Wahnsinn: Griechenland und Spanien und Italien crashen ab und es wird immer mehr und immer schneller Geld reingeschüttet. Das Maximalszenario. Der Wahnsinn. Irrsinn..............
      :)
      Avatar
      schrieb am 27.07.12 13:33:33
      Beitrag Nr. 29 ()
      Current market cap £176 million (294 million shares in issue).

      Recent RNS' below more than justify current market cap yet BLVN have a major 2-4 well offshore appraisal and 1-2 well onshore exploration campaign commencing end of Q3 so expect significant upside here shortly...

      Bowleven, the West Africa focused oil and gas exploration group traded on AIM, announces that its wholly-owned Cameroon operating subsidiary, Euroil Limited ("Euroil"), has signed a memorandum of understanding (MOU) relating to the supply of gas from the Etinde Permit. RNS 24/04/12

      The Group's net cash balances, including these disposal proceeds, are approximately $160 million. RNS 30/03/12

      Substantial upgrade of Sapele Deep Omicron in place hydrocarbon volumes following Sapele-3 well results. Deep Omicron P50 STOIIP and Associated GIIP now estimated as 615 mmbbls and 1.5 tcf respectively. Resource revision ongoing. RNS 26/03/12
      Avatar
      schrieb am 27.07.12 13:40:43
      Beitrag Nr. 30 ()
      Dear Mr xxxxx,

      In response to your question of 26/07/12: Bowleven is next in line for the rig. The current operator of the rig is currently undertaking the drilling of one well (nearby to our Etinde Permit). On completion of that well the rig will move directly to our Etinde Permit and we will begin drilling operations. The first well, IM-5, will appraise the Middle Isongo reservoir, enhance our established volumes and confirm the condensate-gas ratio.

      Kind Regards,

      Bowleven plc

      The Cube | 45 Leith Street | Edinburgh | EH1 3AT
      Avatar
      schrieb am 31.07.12 09:01:24
      Beitrag Nr. 31 ()
      Es brennt wie Feuer in den Hirnen der Leerverkäufer... möchte nicht short sein, jetzt. Volle Kaufflanke jetzt. Von mir.
      2 Antworten
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      schrieb am 07.08.12 14:46:24
      Beitrag Nr. 32 ()
      Es passiert was, bin gespannt auf die RNS!
      Avatar
      schrieb am 07.08.12 14:56:13
      Beitrag Nr. 33 ()
      Antwort auf Beitrag Nr.: 43.439.794 von Oroszlan am 31.07.12 09:01:24Ich kann mir selber nicht den "Daumen hoch" geben. Das ginge nur bei facebook (würg)...
      Ich denke der extreme Leerverkaufsdruck, der seit fast einem Jahr(!) auf dem Kurs lastet, wird langsam verpuffen und der Kurs wird wieder Richtung Buchwert, welcher da sicherlich nicht unter 2 Pounds liegen dürfte, wandern...
      ...in einigen Tagen ist Anstich zum nächsten Drill.
      :):):)
      1 Antwort
      Avatar
      schrieb am 07.08.12 15:06:47
      Beitrag Nr. 34 ()
      Antwort auf Beitrag Nr.: 43.465.622 von Oroszlan am 07.08.12 14:56:13Bitte sehr, hab dir einen Daumen gegeben. ;)
      Avatar
      schrieb am 08.08.12 17:00:35
      Beitrag Nr. 35 ()
      Der Wahnsinn! (...Läuft gerade über der Ticker...) Den Amis geht der Sprit aus. Benzinvorräte brechen weg, usw...

      Bin sehr,sehr gespannt was dies für den Ölpreis und die extremst unterbewerteten Westafrika-Driller bedeuten wird...
      :)
      Avatar
      schrieb am 09.08.12 09:44:49
      Beitrag Nr. 36 ()
      Fast 70 pence. Und die Käufe erfolgen aus den höheren Regionen des Orderbuchs heraus. Nicht aus dem Ask. Eine Londoner Spezialität.... mal sehen wie sich das noch entwickelt. Die Chinesen "kaufen" übrigens Afrika. Zerohedge hats auch gerafft: http://www.zerohedge.com/news/beijing-conference-see-how-chi…
      Ich vorher.
      Avatar
      schrieb am 09.08.12 17:44:42
      Beitrag Nr. 37 ()
      Am Wochenschart kann man unten ein Lineal anlegen. Irgendetwas anderes fällt mir zum heutigen Tag nicht ein.
      ...wobei das schon Einiges heißt.:) Nämlich: der Wochenchart zeigt keine exponentielle Kurve (bis auf ein paar Intraday-Spitzen). Exponentielle Kurven deuten eigentlich immer auf massive Eindeckungskäufe hin. Was lässt sich daraus wieder für Jedermann am Chart ablesbar lernen: es wurde immer noch nicht gecovered. (vielleicht gibt es in dieser Sache heute wieder einen fetten AH-trade so wie gestern.. der führte heute früh zu einer Sprungstelle in meinen Zahlenwerken) Und das halte ich schon für sehr mutig von den Shortern. Morgen gehts auf zu 80p, sag ich.
      Avatar
      schrieb am 13.09.12 16:41:29
      Beitrag Nr. 38 ()
      So langsam macht Bowleven richtig Spass, jeden Tag ein wenig mehr im Plus und ab nächste Woche? Booom
      1 Antwort
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      schrieb am 13.09.12 19:56:10
      Beitrag Nr. 39 ()
      Antwort auf Beitrag Nr.: 43.601.064 von Blacksidi am 13.09.12 16:41:29"Booom" aus welchem grund?????
      Avatar
      schrieb am 17.09.12 09:04:19
      Beitrag Nr. 40 ()
      17 September 2012



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







      Group Operations Update



      Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the following update on activities:





      Highlights



      · Drilling operations commenced on IM-5 appraisal/development well on block MLHP-7, Etinde

      · Draft Etinde exploitation authorisation application submitted to Cameroon authorities

      · Gas sales term sheet for proposed fertiliser plant in advanced stages of negotiation

      · Discussions ongoing with preferred bidder on Bomono farm-out

      · Extensive and highly prospective exploration acreage position obtained onshore Kenya

      · Group cash balance at end August 2012 circa $140 million





      Kevin Hart, Chief Executive, said:



      "We are pleased with the progress we have made on the proposed initial phase of the hub and spoke development plan for Etinde. The submission of a draft exploitation application and the commencement of drilling operations on the IM-5 appraisal/development well are key steps on the overall path to development.



      We are also delighted to add a significant acreage position in Kenya to our existing exploration portfolio in Cameroon. This new acreage affords the Company exposure to an exciting new hydrocarbon province for a minimal capital commitment."





      ENQUIRIES

      For further information please contact:



      Bowleven plc

      Kevin Hart, Chief Executive 00 44 131 524 5678

      Kerry Crawford, Head of Investor Relations



      Brunswick Group LLP

      Patrick Handley 00 44 207 404 5959

      Catriona McDermott



      Bank of America Merrill Lynch (Nomad)

      Derek Ross 00 44 207 628 1000

      Tony White
      2 Antworten
      Avatar
      schrieb am 17.09.12 09:35:52
      Beitrag Nr. 41 ()
      Antwort auf Beitrag Nr.: 43.611.201 von BaronOppenSAL am 17.09.12 09:04:19Das interessiert doch heute keinen. Wir sind alle im FOGL-Board :laugh:

      Trotzdem gute Nachrichten. ;)
      Avatar
      schrieb am 17.09.12 11:46:01
      Beitrag Nr. 42 ()
      ja ja...ich komm mal rüber.....
      Avatar
      schrieb am 20.09.12 12:09:35
      Beitrag Nr. 43 ()
      Antwort auf Beitrag Nr.: 43.611.201 von BaronOppenSAL am 17.09.12 09:04:19Ganz schön fette Cashburnrate, gell?

      Nachdem der Kurs heute (aus welchen Gründen auch immer, hehe...) so stark explodiert ist UND der Ölpreis eher am Abdackeln ist, habe ich mir erlaubt - mit +30% im Durchschnitt in der Gewinnzone - meine BLVN-Papiere wegzuschmeissen. Wenn das Papier nun unter 70p abnippeln sollte, kaufe ich nach. Kursziel bleibt hier so Faktor 3 höher als der jetzige Kurs. Schaunwama.
      :)
      Avatar
      schrieb am 21.09.12 11:39:36
      Beitrag Nr. 44 ()
      na so stark ist ja nun der kurs auch nicht explodiert.....
      aber es ist immer schön, gewinne mitzunehmen....
      glückwunsch.

      demnächst könnten news kommen.
      dann hab ich hoffentlich auch mal gewinne....
      unter 70p nippeln die nicht mehr!!!!!!!!
      Avatar
      schrieb am 25.09.12 09:08:35
      Beitrag Nr. 45 ()
      Very interesting news coming out of Cameroon today: Bowleven aims to start Cameroon oil output next year YAOUNDE, Sept 24 | Mon Sep 24, 2012 9:42pm IST (Reuters) - U.K.-based energy firm Bowleven plans to start production from its Etinde project offshore Cameroon in mid-2013, an official from Bowleven's Cameroon unit EurOil said on Monday. "After going through the exploration phase in the permit since 1999, we shall soon be embarking on the development and production phase," EurOil chairman Nfon Tabetando told reporters in Yaounde at a news briefing. He declined to provide a production target for the field, but said tests carried out at the permit site had resulted in daily output of 14,576 barrels of liquid hydrocarbons and 50 million cubic feet of natural gas. Tabetando said development of the project is expected to cost as much as $1 billion. Bowleven is the operator of the Etinde permit area and holds a 75 percent stake through its wholly-owned local unit EurOil. Cameroon is one of sub-Saharan Africa's oldest oil producers and is struggling to maintain output levels. Production so far this year has averaged a little over 60,000 barrels per day, down from a peak of 185,000 bpd hit in the mid-1980s. The government has said new developments could push production back to 100,000 bpd by next year, though it has offered few details on how this might happen. http://in.reuters.com/article/2012/09/24/cameroon-oil-bowlev…
      1 Antwort
      Avatar
      schrieb am 25.09.12 22:42:29
      Beitrag Nr. 46 ()
      Antwort auf Beitrag Nr.: 43.641.385 von BaronOppenSAL am 25.09.12 09:08:35also hat man vor ab 2013 14.576 Barrel öl pro tag zu fördern??
      Avatar
      schrieb am 30.09.12 18:56:30
      Beitrag Nr. 47 ()
      ach hase, keine ahnung.....
      ich hab die wegen der möglichen übernahme....
      was die fördern wollen, sollen dir hier die profis erklären...
      schönen sonntagabend....
      vielleicht kommen bei bowleven im oktober nette news....
      servus...
      Avatar
      schrieb am 02.10.12 09:38:06
      Beitrag Nr. 48 ()
      October 01, 2012

      Bowleven’s Farm-Outs And Farm-Ins Will Accelerate Progress And Broaden Its Operations

      There’s nothing like a bit of takeover speculation to ignite a target company’s share price, but having now waited out the requisite downward trend as speculators reverse their positions on the prospect of no actual offer, Bowleven’s share price has rallied during the past couple of months as the focus returns to its underlying business and the progress being made towards production.

      This progress has most recently been seen on block MLHP-7 where drilling of the IM-5 appraisal / development well recently started . The MLHP-7 fields are expected to form the first phase of Bowleven’s ‘hub and spoke’ development plans, aimed at delivering the company’s first production, and fulfilling its 10 year contract with Ferrostaal and SNH for the supply of gas to the partner’s Cameroon fertiliser plant.

      IM-5 has the objective of determining the Middle Isongo Sands’ reservoir and fluid properties after the four earlier IM wells each struck gas. The Atwood Aurora jack-up rig will drill in water depths of c. 56 metres, and take approximately 14 weeks to reach its TD of 3,495 metres. While the rig has been contracted for 2 wells, the location and timing of this second well will only be determined once the properties of Middle Isongo, and potential of Intra Isongo, have been analysed and assessed.

      Authorisations are a key part of any project and Bowleven has now submitted a draft exploitation authorisation application to the Cameroon authorities. Supporting workshops, aimed at socialising the project’s features and wider benefits, have also commenced with the aim of accelerating approval of the final application that the company expects to submit before the end of the year.

      Also key to any project is financing, and with a total bill somewhere in excess of US$900 million, 75 per cent owner Bowleven, in its current position, will bear much of the cost. The company has already held discussions with a number of debt providers, but with such a high equity position the opportunity to farm-out part of its holding may not only be attractive, but necessary to secure the requisite debt.

      Farm-outs, and indeed farm-ins, are also the order of the day elsewhere in the company’s portfolio, with negotiations at an advanced stage on part of its 100 per cent interest in the Bomono permit onshore Cameroon, and a 50 per cent farm-in agreed in Northwest Kenya. Bowleven has entered into discussions with its preferred Bomono bidder, but has not let this distract it from its work on the ground with drilling locations having been identified and site preparation underway. The availability of a suitable onshore drill rig may thwart the original plans for spudding this year, but the PSC’s first exploration phase will bring another dimension to the company’s endeavours.

      A further dimension has been added in Kenya where negotiations with Adamantine Energy on the 14,000 square kilometre onshore exploration Block 11B concluded with a 50 per cent farm-in. Covering the Loeli, Lotikipi, Gatome and South Gatome basins, Block 11B lies north of, and is of a similar form to, the Lokichar Basin which recently saw Tullow discover oil in the Ngamia-1 well.

      To earn its interest, Bowleven will spend an estimated US$10 million on the initial 2 year work programme which will include an airborne geophysical survey and 2D seismic, as well as providing technical support to Adamantine during this period. This technical support is of obvious value to Adamantine with the company’s CEO Chris Matchette-Downes keen to “...draw upon the outstanding track record of Bowleven's technical team in Cameroon and prior to that their experience and success in similar rift basins elsewhere in the world”.

      Bowleven’s foray into East Africa provides the company with a degree of diversification and an exciting early stage exploration opportunity in a lightly explored region. Having said that, the development of Etinde will continue to dominate analysis of the company, and indeed dictate the share price; but in partnering with others in the development of peripheral assets, Bowleven is not only spreading its risks, but ensuring it has further outlets for growth and avenues for Etinde’s eventual free cash flow.

      http://oilbarrel.com/news/bowlevens-farm-outs-and-farm-ins-w…
      Avatar
      schrieb am 02.10.12 20:32:19
      Beitrag Nr. 49 ()
      Hope this doesn't have an effect on us tomorrow, I don't think so as we didn't get an uplift from the first news item saying 2013!

      http://uk.reuters.com/article/2012/10/02/bowleven-cameroon-i…

      The Chairman of the company's Cameroon unit, EurOil, had said on Sept. 24 in Yaounde that the production phase of the project would start next year.

      "Bowleven seeks to clarify that guidance for its Etinde project offshore Cameroon has not changed from the previously stated date of 2015," the company said in an email.

      Bowleven is the operator of the Etinde permit area and holds a 75 percent stake through wholly-owned local unit EurOil.

      Cameroon is one of sub-Saharan Africa's oldest oil producers and is struggling to maintain output levels.

      Production so far this year has averaged a little over 60,000 barrels per day, down from a peak of 185,000 bpd hit in the mid-1980s.
      Avatar
      schrieb am 03.10.12 12:51:15
      Beitrag Nr. 50 ()
      Der Knoten ist geplatzt, riesen Käufe gehen über den Tisch, die 80p ist gefallen:

      Avatar
      schrieb am 06.11.12 09:22:19
      Beitrag Nr. 51 ()
      With its full-year results, Bowleven announced a new strategic alliance with Petrofac (UW, PT £19), which in our view represents a major step forward in the monetization of its oil resources in offshore Cameroon. Without taking a direct interest in the underlying assets, Petrofac is planning to invest up US$500m to fund Bowleven’s share of capital expenditures in exchange for royalty payments. This should allow the oil services company to generate an IRR of 20%. In our view, today’s alliance is a clear positive for Bowleven, as its removes the funding risk, which represented one of the reasons for the large disconnect between share price and NAV. We also believe Petrofac brings a much needed external validation, which confirms the size and economic viability of Bowleven’s discoveries. Royalty payments are clearly dilutive to our NAV. However, we believe that their impact is more than offset by higher commercial chance of success and a lower discount rate that we can now apply to Bowleven’s discoveries. With a new Price Target of 225p/share – up from 215p/share – we reiterate our Overweight rating.

      Moving to first oil: In addition to its balance sheet, Petrofac also brings vital expertise in the fields of engineering, design and project management that Bowleven requires to take its resources through the development phase. The Final Investment Decision (FID) is currently scheduled for H2 2013 and first oil is anticipated in 2016.
      Sapele resource certification, in-line: With the FY12 results (30th June y/e), Bowleven conducted a resource certification on its Sapele discoveries in Block 5 through an independent auditor (Sproule). This exercise confirmed the company’s Pmean estimate of 1.2bn boe in place (gross, BLVN 60% WI), which includes undiscovered/prospective volumes. Sproule also estimated the discovered volumes to be 133MMbl (gross).
      Next exploration catalysts: Following mechanical problems, the IM-5 well results are likely to be postponed to Jan-13 from Dec-12. These results will be integrated with the company data-set to assess whether a future appraisal well is required. After IM-5, Bowleven will release the rig to another operator to drill one well. The company may then decide to take the rig back and continue its 4-well appraisal campaign.

      Bowleven, a new alliance with Petrofac: Under the terms of the agreement, Petrofac will provide an initial capital investment of between US$300m and US$500m to cover Bowleven’s share of capital expenditure for the first phase of the development of the Etinde discoveries in offshore Cameroon. This is likely to focus on block 7, which includes the IM/IE/IF fields. In exchange Petrofac will receive royalty payments that should allow the oil services company to achieve a 20% IRR and a money multiple of 2.125. However, Petrofac’s remuneration will be capped at 50% of the NPV of Bowleven Phase 1 development. Phase 2 is likely to focus on the S


      Phase 2 is likely to focus on the Sapele discoveries in Block 5, where the Sapele discoveries are located. Petrofac’s investment is subject to a number of milestones with a long-stop date on 31 December 2014, including the Final Investment Decision, which is currently planned for H2 2013, and a gas-sales agreement amongst others.
      New Price Target, up to 225p from 215p: Bowleven’s working interest (WI) in its discoveries in offshore Cameroon is 60% post government back-in. As a first approximation, we have treated the new agreement with Petrofac as a reduction in the company’s working interest. Under a low-case scenario (P90) we have assumed Bowleven’s WI falls by one-third to 40% from 60%. Under a mid-case (P50) and high-case scenario (P10), this reduction is more contained at 20% and 10%, respectively. As a result, the overall impact on the royalty payments to our NAV is -39p. In accordance with Bowleven’s announcement, we are also postponing the first oil date to 2016 from 2015 (-10p). However, this is more than offset by the de-risking that today’s agreement with Petrofac provides. Following this, we are now applying a higher commercial chance of success (CoS) up to 35-90% from 15-80% and a lower discount rate down to 10% from 12.5% (+59p). We therefore increase our NAV/PT to 225p/sh from 215p/sh previously.
      Avatar
      schrieb am 06.11.12 09:34:32
      Beitrag Nr. 52 ()
      Jetzt ist Bowleven ein sicheres Invest mit enormen Potential. Was will man mehr....und davon dürfte in nächster Zeit der Kurs profitieren. Immer noch und immer mehr ein strong buy.:cool:
      Avatar
      schrieb am 06.11.12 11:47:19
      Beitrag Nr. 53 ()
      Merrill Lynch note out today:

      Strategic alliance with Petrofac
      provides up to US$500mn; Buy
      Funding overhang removed; we retain our PO/NAV of 248p
      We reiterate our Buy rating and PO/NAV of 248p post BowLeven’s positive,
      proposed strategic alliance with Petrofac at its 1H12 Results. The transaction
      provides BowLeven with the necessary funding and human capital for the
      development of its gas condensate discoveries offshore Cameroon. Crucially, it
      also provides independent third party validation of the project’s commerciality.
      Transaction structure: US$500mn in exchange for royalties
      Petrofac’s Integrated Energy Services (IES) division will provide BowLeven with
      up to US$500mn towards first stage development costs. This should satisfy all of
      the funding requirements for the development of its gas condensate discoveries in
      Block 7. In exchange, Petrofac will receive a series of royalty payments from
      future cash flows from the field equating to an IRR of 20% and a return on total
      investment of c.2x. Importantly, the oil discoveries made in Block 5, which
      represent two thirds of the value of the assets, are excluded from this transaction.
      Development plan & Gas Sales Agreement: YE12 completion
      The submission of the development plan – the Etinde Exploitation Authorisation
      Application (EEAA) – to the Cameroon Government is due in Dec-’12. The gas
      sales term sheet between Euroil (BowLeven’s wholly-owned subsidiary), SNH
      (Cameroon NOC), and Ferrostaal (German fertiliser company) is also anticipated
      by YE12. These both represent key milestones towards the Final Investment
      Decision (FID), a pre-requisite for Petrofac’s funding, which is targeted for 2H13.
      Bomono farm-out nears completion: Board meeting Nov-‘12
      The farm-out of the onshore Bomono acreage remains pending but is expected to
      complete near-term. The purchaser is holding a Board meeting in Nov-’12 where
      approval for the farm-in is expected to be granted. The terms remain unchanged
      and 2 onshore wells are likely to be fully-carried and drilled in 2013.
      Avatar
      schrieb am 07.11.12 12:38:18
      Beitrag Nr. 54 ()
      Avatar
      schrieb am 07.11.12 12:45:47
      Beitrag Nr. 55 ()
      Was für ein Trade: 15 Mio.!! Jetzt kommt bestimmt Bewegung in den Kurs:

      Avatar
      schrieb am 11.12.12 09:41:53
      Beitrag Nr. 56 ()
      aus LSE:

      Conditional vesting of 2009 LTIP Awards and Grant of 2012 LTIP Awards to directors pursuant to the Bowleven Long Term Incentive Plan Conditional Vesting of 2009 LTIP Awards Bowleven wishes to announce that, following the expiry of the 3 year Performance Period in respect of the 2009 grant of Awards under the Bowleven Long Term Incentive Plan (LTIP) (the 2009 LTIP Awards) on 9 December 2012, Bowleven's Total Shareholder Return (TSR) calculated in accordance with the LTIP was in median place in the Comparator List and as a result 20% of the 2009 LTIP Awards would ordinarily have vested in favour of the following directors:- Director No. of Shares originally comprised in 2009 LTIP Award 20% of 2009 LTIP Award John Brown 270,000 54,000 Kevin Hart 585,000 117,000 Chief Tabetando 270,000 54,000 Ed Willett 225,000 45,000 Peter Wilson 165,000 33,000 However, in recognition of the absolute share price performance over the Performance Period and in order to ensure a greater degree of alignment with shareholders, the Executive Directors and the Remuneration Committee have agreed that the vesting of the 2009 LTIP Awards should be deferred. Consequently, it has been deemed appropriate that the vesting of the 2009 LTIP Awards should made subject to further conditions, including the Company formally resolving to proceed with the proposed initial development of the Etinde Permit ("FID"). The Group is currently targeting FID in the second half of 2013. Grant of 2012 LTIP Awards In accordance with the Company's remuneration policy, on 10 December 2012 the Company's Remuneration Committee also resolved to grant Awards under the LTIP to the directors listed below. Director No. of Shares over which awards granted on 10 December 2012 Percentage of Basic Salary John Brown 287,826 100% Kevin Hart 721,878 141% Chief Tabetando 359,784 100% Ed Willett 319,807 100% Peter Wilson 287,826 100% The above Awards should ordinarily vest on or around the third anniversary of the date of grant but only to the extent that certain performance conditions are satisfied by the Company during that period. Pursuant to the Rules of the LTIP, Awards may only be made to directors at certain prescribed times, including within 42 days of the announcement by the Company of its annual results. Awards under the LTIP are restricted to 200% of the annual salary of the relevant employee in any one financial year and no more than 400% of salary over any three year period. The number of shares comprised in the above Awards is based upon a share price of 69 pence being the Company's closing share price on Friday 7 December 2012. No consideration was payable by the directors for the grant of the above Awards.
      Avatar
      schrieb am 13.12.12 20:04:39
      Beitrag Nr. 57 ()
      """this in fact is the questions hanging over what are extremely undervalued companies like BOR, XEL & BLVN"""

      www.oilvoice.com/n/AIM_Oil_Gas_2013_likely_to_kick_off_takeo…
      Avatar
      schrieb am 24.12.12 11:18:20
      Beitrag Nr. 58 ()
      aus lse:

      With its full-year results, Bowleven announced a new strategic alliance with Petrofac (UW, PT £19), which in our view represents a major step forward in the monetization of its oil resources in offshore Cameroon. Without taking a direct interest in the underlying assets, Petrofac is planning to invest up US$500m to fund Bowleven’s share of capital expenditures in exchange for royalty payments. This should allow the oil services company to generate an IRR of 20%. In our view, today’s alliance is a clear positive for Bowleven, as its removes the funding risk, which represented one of the reasons for the large disconnect between share price and NAV. We also believe Petrofac brings a much needed external validation, which confirms the size and economic viability of Bowleven’s discoveries. Royalty payments are clearly dilutive to our NAV. However, we believe that their impact is more than offset by higher commercial chance of success and a lower discount rate that we can now apply to Bowleven’s discoveries. With a new Price Target of 225p/share – up from 215p/share – we reiterate our Overweight rating.

      Moving to first oil: In addition to its balance sheet, Petrofac also brings vital expertise in the fields of engineering, design and project management that Bowleven requires to take its resources through the development phase. The Final Investment Decision (FID) is currently scheduled for H2 2013 and first oil is anticipated in 2016.
      Sapele resource certification, in-line: With the FY12 results (30th June y/e), Bowleven conducted a resource certification on its Sapele discoveries in Block 5 through an independent auditor (Sproule). This exercise confirmed the company’s Pmean estimate of 1.2bn boe in place (gross, BLVN 60% WI), which includes undiscovered/prospective volumes. Sproule also estimated the discovered volumes to be 133MMbl (gross).
      Next exploration catalysts: Following mechanical problems, the IM-5 well results are likely to be postponed to Jan-13 from Dec-12. These results will be integrated with the company data-set to assess whether a future appraisal well is required. After IM-5, Bowleven will release the rig to another operator to drill one well. The company may then decide to take the rig back and continue its 4-well appraisal campaign.

      Bowleven, a new alliance with Petrofac: Under the terms of the agreement, Petrofac will provide an initial capital investment of between US$300m and US$500m to cover Bowleven’s share of capital expenditure for the first phase of the development of the Etinde discoveries in offshore Cameroon. This is likely to focus on block 7, which includes the IM/IE/IF fields. In exchange Petrofac will receive royalty payments that should allow the oil services company to achieve a 20% IRR and a money multiple of 2.125. However, Petrofac’s remuneration will be capped at 50% of the NPV of Bowleven Phase 1 development. Phase 2 is likely to focus on the S
      Avatar
      schrieb am 24.12.12 11:18:58
      Beitrag Nr. 59 ()
      However, Petrofac’s remuneration will be capped at 50% of the NPV of Bowleven Phase 1 development. Phase 2 is likely to focus on the Sapele discoveries in Block 5, where the Sapele discoveries are located. Petrofac’s investment is subject to a number of milestones with a long-stop date on 31 December 2014, including the Final Investment Decision, which is currently planned for H2 2013, and a gas-sales agreement amongst others.
      New Price Target, up to 225p from 215p: Bowleven’s working interest (WI) in its discoveries in offshore Cameroon is 60% post government back-in. As a first approximation, we have treated the new agreement with Petrofac as a reduction in the company’s working interest. Under a low-case scenario (P90) we have assumed Bowleven’s WI falls by one-third to 40% from 60%. Under a mid-case (P50) and high-case scenario (P10), this reduction is more contained at 20% and 10%, respectively. As a result, the overall impact on the royalty payments to our NAV is -39p. In accordance with Bowleven’s announcement, we are also postponing the first oil date to 2016 from 2015 (-10p). However, this is more than offset by the de-risking that today’s agreement with Petrofac provides. Following this, we are now applying a higher commercial chance of success (CoS) up to 35-90% from 15-80% and a lower discount rate down to 10% from 12.5% (+59p). We therefore increase our NAV/PT to 225p/sh from 215p/sh previously.
      Avatar
      schrieb am 24.12.12 11:20:32
      Beitrag Nr. 60 ()
      Jefferies:
      Bowleven's deal for its Cameroon asset is a major step forward in derisking the
      project and removing the financing overhang on the shares. We view the deal
      positively and terms are better than our forecast. We estimate the risked value
      of its discoveries is 223p/sh (+18%), more than double the current share price
      and we believe this discount will continue to narrow.
      Funding the development in Cameroon was a key overhang for Bowleven. As we
      discussed in detail in our July 27, 2012 note, There can be miracles, when you Bowleven–
      RKH/PMO deal supports valuation call, we believed based on previous farm-out deals, a
      farm-out where a farm-inee earned a 20% IRR would be indicative of the terms Bowleven
      could achieve. In this scenario, we estimated a discovered sum of parts of 189p/sh. While
      the structure of the deal means the details are more complicated than we’d modelled, our
      basic conclusion holds and Bowleven retains a bigger portion of the follow on upside.
      With this deal, we believe Bowleven has addressed 2 of the key risks/pushbacks
      around the stock. Petrofac (PFC LN, NC, 1567p, $8.7 bn mkt cap) will fund up to $500m
      of the development, nearly covering Bowleven’s share of development under our estimates
      (which are materially higher than management’s). In addition, with the deal representing
      over 5% of PFC’s market cap, we believe Petrofac has done significant due diligence and
      their support of the project helps to give crucial third party validation of the development
      viability.
      Updated estimates, unrisked NPV up 35%, net risked up 18%. We’d previously
      based our forecasts on the company doing a deal similar to this. However, this structure
      allows Bowleven to retain a larger portion of the upside, driving our unrisked base case
      numbers up 35% to $13.62/bbl (260p/sh). However, this structure also has BLVN retain
      slightly more risk so we reduce our CoS slightly, resulting in a total increase in risked
      discovered sum of the parts of 18% to 223p/sh. Petrofac will have a much smaller interest in
      the follow on upside of Phase 2 which could see the development of the Omicron fairway
      in MLHP 5, increasing our unrisked resource value by nearly 70%. However, we retain heavy
      risking on this upside.
      Valuation/Risks
      Bowleven is trading at a 63% discount to our estimated of discovered asset value of 223p/sh,
      which our 195p target price is now set at a 12% discount to. Key risks are appraisal results,
      project cost overruns/delays and production rates, in particular for oil and condensate.
      Avatar
      schrieb am 04.01.13 10:59:19
      Beitrag Nr. 61 ()
      aus iii:

      Anyone doubting bid potential here at significant premium to current SP should reflect, 3 bidders in 4 years!

      March 09 - unnamed bidder at 266% premium to its closing price !
      Feb 12 - DGO forced to declare initial interest 160p mentioned more than 200% premium
      June 12 - unnamed bidder rumoured to be one of potential farm-in partners

      Bowleven Receives GBP130mn Approach From Unnamed Bidder
      Africa - Mergers & Acquisitions - Mar 23 2009
      London-listed explorer Bowleven confirmed on March 18 that it had received a possible cash offer from an unnamed buyer at GBp150 per share, valuing the company at around GBP130mn (US$182.4mn). In a statement announcing the approach, the West African-focused explorer said it was minded to recommend the offer should a bid come in at that price, which represents a 266% premium to its closing price of GBp41 on March 17.
      Object Of Desire
      Bowleven's West African Assets

      Source: Company Data
      Although receiving an offer at such a high premium to its share price has been seen by many analysts as a great opportunity for Bowleven, which has been struggling recently in a climate of lower oil prices and frozen debt markets, the company's chief executive, Kevin Hart, has expressed concerns that the offer could represent a large discount to the future potential value of the company's acreage. In the current economic climate of depressed oil and asset prices, that view may well be correct. Without the capital to finance development, though, Bowleven may not have the luxury of holding out for a better deal. The offer is subject to standard preconditions, including due diligence and approval from the board and there is no certainty that it will go ahead. Meanwhile, Bowleven's shareholders are in for a tense wait, with the company's share price having risen to GBp114 on March 23. The fact that the share price remains significantly below the offer price suggests that the market is not fully confident that a deal will be forthcoming.
      Bowleven has exploration interests covering a total 6,087sq km in Cameroon and Gabon. It has a 100% interest in the Etinde and Bomono permits in Cameroon and has an agreement in place with the government of Equatorial Guinea for a project to export gas from Cameroon to the gas liquefaction plant on Bioko Island. In Gabon, it has a 100% interest in the East Orovinyare offshore block, which contains an existing oil discovery ripe for development, and a 50% stake in the Epaemeno Block.
      Several companies with interests in the Gulf of Guinea have been touted as the potential buyer of Bowleven. Chief among those rumoured as the purchaser is US independent Noble Energy, whose assets in Equatorial Guinea would complement those of Bowleven. Addax has also been suggested as a bidder. There were whispers in December 2008 that the company's former chief executive, Philip Rhind, who was sacked for gross misconduct in 2005, was considering making a bid through his new company Lussadisu Resources but there has been no further news on that front. Whichever company emerges as the buyer will have to convince Cameroonian and Gabonese authorities that they have the resources to develop the assets that they are purchasing. If no bid materialises, however, Bowleven insists that it is still viable as an independent, having announced H208 profit of US$87.2mn, up from a loss of US$6.6mn in H207. The company currently holds around US$29mn of cash and continues discussions with potential partners for its operations in Cameroon.
      Avatar
      schrieb am 11.01.13 10:45:27
      Beitrag Nr. 62 ()
      "There is a run on this share" , mehr als 7 Mio. gehandelt, 0,73 GBP...na wunderbar:cool:
      Avatar
      schrieb am 11.01.13 10:53:11
      Beitrag Nr. 63 ()
      aus iii:

      Below are transcribed excerpts taken from the question and answer session at the end of Institutional Analysts presentation back in March 2012 on the day of the Interim Results. Link to the audio recording of the presentation below.

      In the analysts presentation there is detailed q&a discussion about the IM-5 well upside from the Exploration Director, Ed Willett and CEO, Kevin Hart. Some interesting and revealing extracts about the IM-5 appraisal / exploration well below:

      Circa 1 hour 6 minutes in to the audio recording:

      Ed Willett: "...if it does come in dry it will be very very surprising given the seismic attributes and responses that we have here so principle risk is probably reservoir development and quality and also then on hydrocarbon type how rich the condensate yield is because we don’t have a control point on that yet and that is part of the appraisal objectives.”

      Kevin Hart “... we have something in the middle as well which is exploration so we have something called Intra Isongo that’s not really referred to so I think what Ed is saying is that at the top level we already have that delineated by 4 wells the volumes there aren't going to move much Phil (Deutsche Bank analyst) at the upper, we've got something sitting in the middle of here which in parts you know is pretty significant I can’t remember how big it is but it’s up to a couple of hundred b’s potentially additional volume which is a exploration target which hasn't been hit by any of the other wells because bear in mind only one of the four wells has gone beyond this area and then the IM-3 well which is the one well which penetrated this lower area had 55 metre continuous sand gas down to. I think the interesting thing is that when we look at the cut offs on the time slice they basically suggest that there is significant down dip potential over and above where we have the gas down to at the moment...

      .... we’ve obviously got a reasonably high P90 already in the bag in here with the upper level so in isolation if IM-5 is a bust doesn't mean it’s the end of the project by any means or manner... the key for us is that IM is certainly going to form part of the production that goes in there... everywhere else on the block that we have drilled we’ve seen it get wetter or higher liquids content as we’ve gone deeper...

      ...there is also an interesting artefact on the lower one here if you speak to some of the geophysicists see two amplitude face changes so it’s just possible like Alba (oil/condensate field in production in nearby offshore Equitorial Guinea) this is akin to Alba to an extent what you have is gas condensate with an oil rim sitting around it as well because IM is a bit of an enigma now in that we’ve now got oil at IF got oil at IE the one we don’t have oil at so far is IM so it wouldn’t be surprising if we didn’t find some oil in the system”

      Link to audio recording of analysts presentation:

      http://www.media-server.com/m/p/ti2a9334

      If IM-5 does hit any oil over and above gas condensate upside it will really be the icing on the cake.

      GLA

      Colebrooke
      Avatar
      schrieb am 11.01.13 13:20:16
      Beitrag Nr. 64 ()
      Avatar
      schrieb am 30.01.13 13:45:34
      Beitrag Nr. 65 ()
      IM-5 drilling update and potential Intra Isongo hydrocarbon discovery

      IM-5 well, Block MLHP-7, Etinde Permit, Cameroon

      Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the following update on the IM-5 well drilling offshore Cameroon.

      The IM-5 appraisal/development well, located approximately one kilometre south of the IM-3 well location, has an estimated target depth of 3,475 metres and is drilling in water depths of around 56 metres.

      The primary objective of this well is to appraise the reservoir and fluid properties of the Middle Isongo sands. The secondary objective of the well is to investigate the additional potential of the Intra Isongo exploration prospect, a potentially extensive amplitude supported channel system potentially comprising both structural and stratigraphic trapping elements. The well was also designed to intersect the Upper Isongo sands and confirm that these are present at this location and water-bearing as prognosed.

      Following a variety of operational delays of a mechanical nature, the well has now reached a depth of 3,330 metres MD and is currently situated just beneath the top of the principal Middle Isongo target. The forward plan is to core the Middle Isongo reservoir then drill on to TD before carrying out further logging and flow testing as appropriate.

      Bowleven, as operator, provides initial updates for the reservoir sections intersected to date below:

      Intra Isongo - potential discovery

      Based on logging while drilling (LWD), the well has intersected a gross reservoir interval of approximately 80 metres which corresponds to the seismic event identified pre-drill. A preliminary analysis of provisional net pay is estimated to be between 52 and 56 metres, indicating a net to gross of approximately 70%. Based on preliminary analysis of this data, reservoir quality is believed to be good. Initial indications including data collected from the GC tracer suggests the presence of liquids rich hydrocarbons, although further evaluation is required. Further logging (including the acquisition of MDT data) and testing is required to confirm reservoir quality and hydrocarbon content and type.

      Middle Isongo

      Drilling activity has been temporarily suspended at a depth of 3,330 metres in order to core the Middle Isongo reservoir, which was first encountered 5 metres above the current well depth. Initial indications also suggest this reservoir is potentially hydrocarbon bearing.

      Upper Isongo

      The well has intersected approximately 32 metres of high quality reservoir sands in the Upper Isongo. These sands were, as predicted, water-bearing at this location. Sand thickness and quality were consistent with the pre-drill expectations.

      Forward plan

      The intention is to acquire core as planned over the Middle Isongo interval and drill to TD. This will most likely be followed by furt
      Avatar
      schrieb am 30.01.13 13:46:37
      Beitrag Nr. 66 ()
      The intention is to acquire core as planned over the Middle Isongo interval and drill to TD. This will most likely be followed by further logging and testing. It is anticipated that the activities planned prior to testing will take approximately 2 to 3 weeks to complete.

      Further detailed analysis is now required to assess the implications of the potential discovery in the Intra Isongo.

      Technical data relating to the IM-5 well is available on our website www.bowleven.com under the heading "Presentations"; the presentation is titled "IM-5 drilling update - 30 January 2013".

      Further announcements on drilling operations will be made as appropriate.

      Kevin Hart, Chief Executive said:

      "We are highly encouraged with the results so far on the IM-5 well which to date has confirmed our pre-drill seismic interpretation. The potentially significant hydrocarbon discovery in the Intra Isongo demonstrates the substantial upside that we believe exists on Etinde. Bowleven is focused on delivering the key requirements that will enable the final investment decision for the Etinde development. Consequently IM-5 drilling operations will continue with the planned appraisal of the Middle Isongo interval and, subject to the results, the potential testing of both the Intra and Middle Isongo reservoir formations."
      Avatar
      schrieb am 30.01.13 13:55:01
      Beitrag Nr. 67 ()
      Avatar
      schrieb am 04.02.13 19:46:19
      Beitrag Nr. 68 ()
      Avatar
      schrieb am 22.02.13 09:17:35
      Beitrag Nr. 69 ()
      22 February 2013



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





      IM-5 drilling update



      IM-5 well, Block MLHP-7, Etinde Permit, Cameroon





      Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that the IM-5 well drilling offshore Cameroon has now reached the Middle Isongo primary objective of the well and has encountered liquids-rich hydrocarbon-bearing pay in both this and the Intra Isongo reservoir objectives based on the results of drilling, core analysis, wireline logs, fluid samples and pressure data.



      The well, which was designed to appraise the reservoir and fluid properties of the Middle Isongo and to explore the additional potential of the Intra Isongo, has reached TD of 3,430 metres MD. The forward programme is to set liner and conduct testing operations.





      Highlights

      · Validation of sufficient gas volumes to meet fertiliser plant requirements.

      · Samples obtained during logging confirm the presence of liquids-rich hydrocarbons in the Intra and Middle Isongo intervals.

      · Approximately 25 metres of log evaluated net hydrocarbon-bearing pay over a gross interval of approximately 33 metres encountered in the Middle Isongo primary objective.

      · Log evaluation indicates hydrocarbon water contact (HWC) at approximately 3,360 metres MD, extending and deepening the hydrocarbon column intersected at IM-3 by 93 metres, with total column height intersected by the two wells of 145 metres.

      · A further 20 metres of high quality sands were encountered directly beneath the HWC.

      · Approximately 70 metres of net hydrocarbon-bearing pay over a gross interval of approximately 80 metres now confirmed in the Intra Isongo following log evaluation, with hydrocarbon down to the base of the reservoir.

      · Preparing for testing operations.





      Drilling update



      The primary objective of the IM-5 appraisal/development well was to appraise the reservoir and fluid properties of the Middle Isongo sands. The secondary objective of the well was to investigate the additional potential of the Intra Isongo exploration prospect, a potentially extensive amplitude supported channel system potentially comprising both structural and stratigraphic trapping elements. The well was also designed to intersect the Upper Isongo sands and confirm that these were present at this location and water-bearing as prognosed.



      Since Bowleven's previous IM-5 drilling update announcement on 30 January 2013, the well, which is drilling in shallow water depths of around 56 metres, has been drilled to a depth of 3,430 metres MD. Logging activities have been performed and core was acquired as planned in the Middle Isongo reservoir interval.



      Bowleven, as operator, provides the following updates on the reservoir sections intersected:



      Middle Isongo

      The well has intersected a log evaluated gross hydrocarbon interval of approximately 33 metres. The net pay is estimated to be approximately 25 metres. Log evaluation indicates that a HWC has been encountered at approximately 3,360 metres MD, extending and deepening the hydrocarbon column encountered at the IM-3 well by 93 metres. A further 20 metres of reservoir quality sands were encountered beneath the HWC and the well was still in sand at TD.



      Core analysis and fluid samples acquired during operations confirm the presence of liquids-rich hydrocarbons. Initial sample analysis suggests a liquids to gas ratio in the region of 150 bbls/mmscf.



      Intra Isongo discovery

      The well has intersected a log evaluated gross hydrocarbon interval of approximately 80 metres in reservoir sands which correspond to the seismic event identified pre-drill. The net pay is estimated to be approximately 70 metres. No HWC was encountered.



      Fluid samples acquired during logging activities confirm the presence of liquids rich hydrocarbons. Initial sample analysis suggests a liquids to gas ratio in the region of 200 bbls/mmscf.





      Upper Isongo

      The well has intersected approximately 32 metres of high quality reservoir sands in the Upper Isongo. As predicted, log evaluation indicates these sands are water-bearing at this location. Sand thickness and quality were consistent with pre-drill expectations.





      Forward plan



      The plan is to set liner prior to testing. The testing programme is currently being finalised.



      Updated volumetrics for the Middle and Intra Isongo will be generated following completion of the well (including testing) and the integration and evaluation of well and seismic data. Based on preliminary analysis an increase in both the P90 and P50 volumes is anticipated.



      Technical data relating to the IM-5 well is available on our website www.bowleven.com under the heading "Presentations"; the presentation is titled "IM-5 drilling update - 22 February 2013".



      Further announcements on drilling operations will be made as appropriate.



      Bowleven will announce its interim results for the six months ended 31 December 2012 on Wednesday 20 March 2013.





      Kevin Hart, Chief Executive, said:



      "We are very pleased with the results so far on the IM-5 well, which has confirmed the presence of liquids-rich hydrocarbons in both the Middle Isongo primary objective and the potentially significant Intra Isongo discovery. We eagerly await the results of the forthcoming testing.



      The Group is intensely focused on delivering the key requirements that will enable the final investment decision for the Etinde development to be made. With the validation of sufficient gas volumes to meet the requirements of the proposed fertiliser plant, our efforts continue on finalising the gas sales heads of terms with Ferrostaal and obtaining the Exploitation Authorisation from the government."
      Avatar
      schrieb am 22.02.13 09:18:36
      Beitrag Nr. 70 ()
      Kommentar Barcley:

      In our view, the IM-5 well successfully achieved the final objective of Bowleven’s
      appraisal campaign offshore Cameroon. Having exceeded pre-drill expectations
      both on the count of net pay and presence of liquid-rich gas accumulations, the
      company is now confident it has sufficient quantities of gas to support the
      construction of an onshore fertilizer plant. This would allow Bowleven to dispose
      the excess gas and monetise its more valuable oil resources. Beyond the well-test
      programme, with results in due course, there are still uncertainties on what will be
      the focus of the next drilling activities. However, we believe that new appraisal
      wells may not be required before taking the project to its final investment decision,
      which we now see happening before the year-end. We expect an update of
      Bowleven’s drilling programme for 2013/14 with its interim results on 20 March 13.
      Meanwhile, today’s results represent a meaningful step in the de-risking process of
      the company’s offshore development and we believe support our NAV-derived Price
      Target of 225p. We therefore re-iterate our Overweight rating.
      Middle Isongo, 25m net pay: With its operational update, Bowleven reported that the
      IM-5 well encountered 25m net pay of liquid-rich gas at the location of its primary
      target, the Middle Isongo. Rather than lean-gas, the fluid type of this formation can be
      now described as gas condensate, having a liquid-gas ratio of 150bl/MScf, which is
      comparable to the nearby IE field. The additional liquids encountered in the Middle
      Isongo could therefore provide further upside to the economics of Bowleven’s
      development offshore Cameroon. Updated volumetrics will be provided at a later stage.
      Intra-Isongo, further upside: The drilling results of the Intra-Isongo formation, which
      were preannounced in January, have also been revised upwards. After interpreting the
      wire-line log data, Bowleven increased the net pay on the Intra-Isongo to 70m from the
      previous 52-56m range. The results of the PVT analysis also confirmed the presence of
      the liquid-rich gas with a liquid-gas ratio of 200b/MScf.
      Next catalysts: The next operational update is likely to focus on the well-test
      programme with results likely some time in March 2013. Although this is still work-in
      progress, the programme could include two separate tests on the Middle and Intra
      Isongo formations.
      Avatar
      schrieb am 22.02.13 11:00:03
      Beitrag Nr. 71 ()
      Fox Davies:

      Bowleven (BUY, 250p) (BLVN LN, MCap: £224, 79.8p) – Liquids at Critical Mass?: Today’s confirmation of the Gas volumes augurs well for the licence’s (MLHP-7) development in the medium term, but the real news from today is the fact that they Company’s latest well (IM-5) intersected a liquids rich horizon, which will improve the asset’s profitability, and potentially now create a situation where the liquids volumes have attained sufficient critical mass to enable their economic development independently of the gas, which serves to improve the Company’s outlook yet further. While we need further details, this is a significant step forwards, and one which continues to support or 250p Target Price and BUY Recommendation.
      In this news:

      Validation of sufficient gas volumes to meet fertiliser plant requirements
      Samples obtained during logging confirm the presence of liquids-rich hydrocarbons in the Intra and Middle Isongo intervals
      Approximately 25m of log evaluated net hydrocarbon-bearing pay over a gross interval of approximately 33m encountered in the Middle Isongo primary objective
      Log evaluation indicates hydrocarbon water contact (HWC) at approximately 3,360m MD, extending and deepening the hydrocarbon column intersected at IM-3 by 93m, with total column height intersected by the two wells of 145m
      A further 20m of high quality sands were encountered directly beneath the HWC
      Approximately 70m of net hydrocarbon-bearing pay over a gross interval of approximately 80m now confirmed in the Intra Isongo following log evaluation, with hydrocarbon down to the base of the reservoir
      Preparing for testing operations.
      Avatar
      schrieb am 23.02.13 13:20:21
      Beitrag Nr. 72 ()
      aus iii / bbc:

      Excellent additional comments from Kevin Hart ('best well drilled by Bow in 7 yrs')
      ------------------------------------------------------------------------------------------------------------

      Bowleven shares up on Cameroon find

      Oil explorer Bowleven's share price climbed by more than 5% after the company said it had encountered "liquids-rich" hydrocarbons off Cameroon.

      The Africa-focused firm made the find while drilling at its IM-5 well under the Etinde permit.

      A testing programme is being carried out to evaluate the discovery.

      Bowleven holds significant stakes in onshore and offshore exploration acreage in Cameroon.

      The Edinburgh-based company holds a 75% interest in the Etinde Permit, which is located across the Rio del Rey and Douala basins.

      It also holds a 100% stake in the Bomono Permit, which is based in the Douala Basin.

      Bowleven chief executive Kevin Hart said: "You never quite know what you have got until you get all the information finally in and correlated.

      "But I suspect it is probably the best well we have drilled in the seven years we have been active."

      In November, Bowleven and Petrofac announced a strategic alliance to help "unlock the potential" of operations in Cameroon.

      Under the arrangement, Petrofac will invest up to $500m to develop the Etinde assets.
      Avatar
      schrieb am 26.02.13 10:27:22
      Beitrag Nr. 73 ()
      aus iii:

      Jefferies published this on friday:

      We believe the full magnitude of the potential upside from the Intra Isongo
      discovery in Cameroon has yet to be fully priced into the shares, providing an
      attractive opportunity to buy ahead of the flow tests and resource update which
      is expected by the end of March. Our calculations suggest the Intra Isongo
      could have over 300mmboe and up to several bn boe in place, highly significant
      compared to the existing 500mmboe in place.
      Intra Isongo interval pay increases, samples indicate high liquids content. After
      coring, logging and collecting samples, Bowleven estimates 25m of pay was found in the
      Middle Isongo interval. Liquids yields of 150bbl/mmcf better than pre-drill estimates of
      100bbl/mmcf. Net pay estimates in the exploration target, Intra Isongo, increased from
      52-56m to c.70m. Liquids yield estimated to be 200bbl/mcf.
      Volume potential large: Rough estimate 370mmboe to 2.5 bn boe potential in
      place, highly significant compared to existing P50 estimates of c.500mmboe.
      Our calculation methodology is detailed in the report but given the large areal extent of
      the sands seen on seismic (50-80km2 amplitude) and very thick net pay, the volumes could
      be very significant. We estimate there could be 370mmboe to 2.5 bn boe in place. With a
      20-30% recovery factor and 50% liquids content, this could equate to 37mmb to 380mmb
      of recoverable liquids, vs our current estimate for IE/IF/IM of c.100mmb.
      What could it be worth? 1p/sh for every incremental 1mmb liquids…with
      potential for more than 40mmb liquids, clearly material to our 185p/sh current
      estimate. Even at the low end of our range, we believe our risked SoP could increase 20%.
      At the high end, we estimate it could more than double.
      Attractive entry point ahead of flow test and resource estimate expected by end
      of March. Bowleven will now flow test the Middle and Intra Isongo units and we believe
      given the very large net pay in the Intra Isongo, a very strong flow rate (over 5 kboepd) is
      possible. We expect the company may be in a position at that time to release their updated
      resource estimates and given the size we believe is possible, we think this could be a material
      positive for the shares.
      Valuation/Risks
      Bowleven is trading at less than half our risked SoP of IE/IF/IM fields excluding the Instra
      Isongo upside (185p/sh). Key risks are securing the gas sales agreement with Ferrostaal and
      being able to reach FID on the project as planned.
      Avatar
      schrieb am 26.02.13 20:24:14
      Beitrag Nr. 74 ()
      Je mehr Empfehlungen es gibt, desto mehr gibt der Kurs nach, ich versteh das nicht??
      Allerdings kenn ich das auch von anderen Aktien, eines Tages unverhofft, platzt der Knoten
      Avatar
      schrieb am 06.03.13 09:08:36
      Beitrag Nr. 75 ()
      news!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


      Highlights
      · Intra Isongo discovery represents material volume addition.
      · Combined P90 WGIIP increased by over 300% to 531 bscf post IM-5 drilling.
      · Validation of more than sufficient gas volumes on a P90 basis to meet fertiliser plant requirements.
      · Combined Mean WGIIP and CIIP increased by 162% and 868% to 1,222 bscf and 184 mmbbls respectively.
      · Preparing to test both Middle and Intra Isongo reservoir intervals.
      5 Antworten
      Avatar
      schrieb am 06.03.13 17:27:41
      Beitrag Nr. 76 ()
      Antwort auf Beitrag Nr.: 44.218.912 von BaronOppenSAL am 06.03.13 09:08:36Na jetzt scheint der Knoten ja geplatzt zu sein, ich rechne jetzt mit einer längeren Aufstiegsphase. :cool:
      4 Antworten
      Avatar
      schrieb am 06.03.13 17:39:09
      Beitrag Nr. 77 ()
      Antwort auf Beitrag Nr.: 44.221.623 von Blacksidi am 06.03.13 17:27:41Gegen einen fallenden Markt? Nur kurzfristig.
      3 Antworten
      Avatar
      schrieb am 06.03.13 17:43:09
      Beitrag Nr. 78 ()
      Antwort auf Beitrag Nr.: 44.221.691 von Andrija am 06.03.13 17:39:09Ziehe zurück, sorry falsche Aktie. Stimme zu.
      2 Antworten
      Avatar
      schrieb am 06.03.13 19:07:40
      Beitrag Nr. 79 ()
      Antwort auf Beitrag Nr.: 44.221.719 von Andrija am 06.03.13 17:43:09:)
      Welche Aktie meintest du denn?
      1 Antwort
      Avatar
      schrieb am 08.03.13 09:58:59
      Beitrag Nr. 80 ()
      Antwort auf Beitrag Nr.: 44.222.208 von Blacksidi am 06.03.13 19:07:40NioCop Development - ehemals Quantum Rare Earth

      Bei Bowleven würde ich aktuell natürlich nicht aussteigen wollen. Nachstehend ein 2,35 Pfund-Rating (viel zu billig :D):



      Bow Leven Receives “Overweight” Rating from Barclays Capital (BLVN)

      Bow Leven (LON: BLVN)‘s stock had its “overweight” rating reiterated by equities research analysts at Barclays Capital in a research note issued to investors on Thursday. They currently have a $3.53 (235 GBX) price target on the stock.

      BLVN has been the subject of a number of other recent research reports. Analysts at Jefferies Group reiterated a “buy” rating on shares of Bow Leven in a research note to investors on Wednesday. They now have a $2.93 price target on the stock. Analysts at Deutsche Bank cut their price target on shares of Bow Leven from $1.28 to $1.21 in a research note to investors on Monday, February 25th. They now have a “hold” rating on the stock.

      Bow Leven opened at 87.00 on Thursday. Bow Leven has a 52-week low of GBX 53.00 and a 52-week high of GBX 111.75. The stock’s 50-day moving average is currently GBX 75.43.

      Bowleven plc is engaged in oil and gas exploration. It holds, through its wholly owned subsidiary, EurOil Limited, a 75% equity interest in the Etinde Permit area being three shallow water blocks in offshore Cameroon, West Africa: Blocks MLHP 5, MLHP 6 and MLHP 7.
      Avatar
      schrieb am 09.03.13 14:54:59
      Beitrag Nr. 81 ()
      Merrill Lynch latest broker note

      Delivering on volumes;
      establishing commerciality
      Volume rise: Gas by 300%, Condensate by 10x; PO up 15%
      We retain our BUY recommendation and increase our PO by 15% to GBp 215
      from GBp 187 following todays material volume addition on the Isongo Marine
      (IM) field offshore Cameroon. Mean gas-in-place volumes have increased c.3x
      from 466bcf to >1.2 tcf. Furthermore, mean condensate-in-place volumes have
      increased c.10x from 19mmboe to 184mmboe. We now model both volumes
      separately given their independent materiality. We assume recovery factors of
      35% on condensate and 70% on gas. Even on a high conviction (P90) estimate of
      gas-in-place volumes, the field holds sufficient resources to meet the projected
      fertiliser plant requirements of 70mmscf/d for a minimum period of 10 years. This
      is central to establishing commerciality and represents a significant milestone.
      Flow tests key to confirming commerciality
      BowLeven will now proceed to test the primary (Middle Isongo) & secondary (Intra
      Isongo) targets of the IM-5 well to obtain more accurate hydrocarbon samples and
      more importantly, determine sustainable flow rates from the 95m of total
      discovered net pay. The process will take 7-10 days on each interval, with testing
      on track to complete by end 1Q13.
      Gas sales agreement & Bomono farm-out also nearing
      Gas sales agreement negotiations are ongoing in Cameroon with an
      announcement anticipated shortly. Farm-out discussions on the Bomono onshore
      field also remain at an advanced stage with an announcement anticipated
      imminently. Terms on the latter are likely to include full carry on two exploration
      wells costing c.US$30mn in total, with the wells worth a risked 7p (unrisked 48p).
      BowLeven will release interim results on 20th March 2013.
      Avatar
      schrieb am 18.03.13 09:56:56
      Beitrag Nr. 82 ()
      Mittwoch kommen die Zahlen und hoffentlich weitere gute News!!!!!!!!!!!!!!!!!!!!!
      Avatar
      schrieb am 20.03.13 20:25:09
      Beitrag Nr. 83 ()
      Bloomberg and Hart telephone

      Today 10:08

      Bowleven a U.K. oil explorer in Cameroon, said it’s getting closer to selling a 50 percent stake in its Bomono permit.

      The company has been in talks with a national oil company for about nine months, Chief Executive Officer Kevin Hart said today in a telephone interview. BowLeven, which currently owns 100 percent of the license, opened up discussions with other parties when negotiations stalled, though they’re now back on track, he said.

      “It’s been a protracted experience,” Hart said. “It’s taken longer than we’d hoped, but I think we’ll get there in the end.”
      Avatar
      schrieb am 20.03.13 20:29:30
      Beitrag Nr. 84 ()
      IM Field Volumetric Update

      Material Volume Addition
      Validation of more than sufficient gas volumes on a P90 basis to meet fertiliser plant requirements.
      • Intra Isongo discovery represents material volume addition.
      • Liquids rich wet-gas:
      • Middle Isongo 80-200bbl/mmscf (min-max).
      • Intra Isongo 100-285bbl/mmscf (min-max).
      • Combined Mean WGIIP and CIIP increased by 162% and 868% to 1,222 bcf and 184 mmbbls respectively.

      Plenty of de-risked exploration prospects based on the Intra Isongo discovery.

      http://www.bowleven.com/uploads/Interim%20Results%20March%20…
      Avatar
      schrieb am 21.03.13 08:34:57
      Beitrag Nr. 85 ()
      Avatar
      schrieb am 23.03.13 16:36:36
      Beitrag Nr. 86 ()
      Avatar
      schrieb am 02.04.13 10:49:24
      Beitrag Nr. 87 ()
      StockMarketWire.com
      Africa focused oil and gas explorer Bowleven is pleased with results of the first test at the IM-5 appraisal/development well drilling offshore Cameroon.

      Bowleven says a drill stem test (DST) was performed on the Middle Isongo interval and preparations are now under way to test the Intra Isongo interval.

      The company said condensate-rich gas flowed on test confirming significant liquids content of gas.

      The maximum flow rate of 23 mmscfd and 3,155 bcpd (total over 7,000 boepd) delivered on test demonstraed productivity at commercial rates from Middle Isongo with high quality condensate (43 degree API) produced on test.

      Chief executive Kevin Hart said: "The results from the IM-5 well continue to please. We are encouraged to see the first DST result at IM-5 confirm the deliverability of liquid-rich hydrocarbons from the Middle Isongo reservoir interval at commercial rates in excess of our pre-drill estimates.

      "This result bodes well for the planned phased development of Etinde. We now look forward to test results from the Intra Isongo."
      Avatar
      schrieb am 02.04.13 11:34:55
      Beitrag Nr. 88 ()
      Bowleven (BUY, 250p) (BLVN LN, MCap: £282.2M, 97.5p) - Positive Update: Today's news that the DST has confirmed the initial projections for the Middle Isongo will provide further comfort to the fertiliser plant's development team. That the liquids reserves continue to increase is also significant, as it will help with the overall commerciality. While this is all good news, and should be reflected in today's share price, we believe that the key to unlocking the valuation potential of the Company's Cameroonian assets will lie in the approval of the fertiliser plant, which we believe will be positive, given the significant regional need for fertiliser products. We are reiterating our BUY Recommendation and 250p Target Price. In this news: Condensate-rich gas flowed on test confirming significant liquids content of gas Maximum flow rate of 23mm scfpd and 3,155 bcpd (total over 7,000 boepd) delivered on test demonstrating productivity at commercial rates from Middle Isongo High quality condensate (43 degree API) produced on test. Read more: http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Bowleven_P…
      Avatar
      schrieb am 10.04.13 12:13:58
      Beitrag Nr. 89 ()
      Bowleven is a £260m market cap E&P company focused on Cameroon. It owns
      a 75% interest in the offshore Etinde permit and is the operator, over the 2
      blocks (5 and 7). This is where the short term value story lies. Additionally,
      Bowleven has a 100% interest in the Bomono permit, onshore Cameroon and
      more recently has farmed into a 50% interest in block 11B, onshore Kenya. We
      see positive catalysts on the horizon.
      Huge opportunity – There has been a steady flow of good news. On 22nd
      February 2013, Bowleven announced that the IM5 well (block 7) had encountered
      net pay and liquids at multiple levels, above expectations. On March 6th, the
      company announced material volumes upgrades to mean estimated gas in place to
      1.2bcf and liquids in place to 184MMbl. The gas in place confirms that Bowleven will
      be sufficient to feed the Ferrostaal fertiliser plant which is to be constructed shortly
      and was dependant on Etinde gas. Contractual terms have therefore been agreed.
      The gas is liquids heavy. Oil will be separated having been pumped ashore and
      should yield around 16,000 barrels of oil a day. This will be more than enough to
      commercialise the Etinde development. On 2nd April the company announced a flow
      rate of 7,000 Boepd from the Middle section which is the lower yielding level. Above
      this is the higher yielding Intra section. Flow rates here are due shortly, but they are
      well on track for at least 16,000bpd. In addition, the quantity of gas could allow for
      around a 50% recovery factor of the oil through gas injection. In addition, Block 5
      was successfully explored in 2010/11. There will be a programme of appraisal wells
      at some point.
      Financing the development – Bowleven stands at a massive discount to asset
      value (see below) due to 2 reasons: 1) Uncertainty of ability to commercialise Etinde
      – now addressed, as above 2) Financing. All E&P companies facing any sort of
      funding issues trade at big discounts as banking finance is to all intents and
      purposes unavailable and by definition the level of share price makes equity
      financing prohibitively expensive. Last year, Bowleven signed an agreement
      whereby Petrofac would inject $300-500m at an IRR of 20% subject to a final
      investment decision. The announcements of Feb 22nd and March 6th will have
      materially increased their commitment to this. The development cost from here will
      be about $800m – $500m from Petrofac, $150m from the government, $150m from
      25% partner Vitol.
      Cheap Valuation – Bowleven looks like one of the cheapest of the Explorers.16,000
      barrels of oil a day at $100 oil is over $550m of revenue a year. First production will
      be in 2016. Post the government backing into a 20% stake, Bowleven will have a
      60% interest. They will have to pay Petrofac back over time, but will trade on 1x
      revenue from production from just block 7. That is before any value is ascribed to i)
      the remaining gas injection recovery, ii) on Block 5, iii) Bomono or iv) the Kenyan
      block. Most NAV forecasts in the market are around 200p a share with upside
      around Block 5 and Bomono to around 400p a share.
      Catalysts – Within the next month or so we can expect flow rates from Intra, details
      of the gas contract with Ferrostaal (expectations of an extremely low gas price) and
      a farm down of up to 50% of Bomono. There is also the potential for a further
      injection of cash from Petrofac. BUY
      Avatar
      schrieb am 11.04.13 13:44:09
      Beitrag Nr. 90 ()
      Bowleven's too cheap to miss Cameroon-focused oil explorer Bowleven (BLVN.L) is among the cheapest in the sector, according to Liberum, and the recent newsflow on its assets has been very encouraging. In February Bowleven hit oil pay above expectations at its IM5 well, and in March the company announced material volumes upgrades to mean estimated gas in place to 1.2 billion cubic feet and liquids in place to 184 million barrels. 'All E&P companies facing any sort of funding issues trade at big discounts as banking finance is to all intents and purposes unavailable and by definition the level of share price makes equity financing prohibitively expensive,' the analysts said. 'Last year, Bowleven signed an agreement whereby Petrofac would inject $300-500 million at an IRR of 20% subject to a final investment decision. The announcements of 22 February and 6 March will have materially increased their commitment to this.' http://www.citywire.co.uk/wealth-manager/an-expert-view-spec…
      Avatar
      schrieb am 16.04.13 18:59:57
      Beitrag Nr. 91 ()
      aus iii...highlights der präsentation....nur kopiert:


      Now ticked - Fertiliser gas sales term sheet including pricing agreed; signing
      ceremony pending.

      EEAA - approval anticipated imminently post IM-5 update

      Finance - enhanced project economics post IM-5

      IM-5 Intra Isongo discovery highlights extensive exploration/appraisal
      play.

      A really extensive Intra Isongo amplitude response implies gross reservoir
      thickness greater than 35m

      Validation of more than sufficient gas volumes on a P90 basis to meet fertiliser plant requirements

      Combined Mean WGIIP and CIIP increased by 162% and
      868% to 1,222 bcf and 184 mmbbls respectively

      JUST IN CASE they missed it, the slide with the data above on the left side in 5 slides...cough...

      IM-5 well has considerably de-risked the Isongo play:
      • Seismic response correlates with thick, reservoir quality sands

      PROSPECTS MORE THAN DOUBLES CURRENT FIND IN IM-5
      Total WGIIP (bcf) 599 1,308 2,943 1,591
      Total CIIP (mmbbl) 95 221 517 273

      initial liquids production ~ 15k-20k boepd* (including LPG’s);
      to be updated post completion of IM-5 well.
      • Supplemental gas offtake solutions also being considered.
      • Intra Isongo – possible reinjection candidate; evaluation required.

      free marketing rights for oil

      Strong local and pan-African market for Propane & Butane (Cameroon
      currently imports from Equatorial Guinea)
      Avatar
      schrieb am 19.04.13 12:25:54
      Beitrag Nr. 92 ()
      BowLeven Plc
      IM-5 testing update
      RNS Number : 7373C
      BowLeven Plc
      19 April 2013

      



      19 April 2013

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

      IM-5 testing update

      IM-5 well, Block MLHP-7, Etinde Permit, Cameroon

      Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the results of the second test at the IM-5 appraisal/development well drilling offshore Cameroon. A drill stem test (DST) has now been performed on the Intra Isongo reservoir interval and this following the Middle Isongo DST announced on 2 April 2013 completes the successful drilling and testing programme at IM-5.

      Highlights

      Testing Overview
      · Condensate-rich gas flowed on test from both Middle and Intra Isongo intervals confirming commercial production rates and the significant liquids content of gas.
      · Combined maximum flow rates of 60 mmscfd and 7,819 bcpd (total over 17,800 boepd).

      Intra Isongo update
      · Average flow rate of 37 mmscfd and 4,664 bcpd (total over 10,800 boepd) achieved from 29 metres of perforated section out of 70 metres of net pay.
      · High quality condensate (approximately 43 degree API) produced on test.


      Testing update
      The well, designed to appraise the reservoir and fluid properties of the Middle Isongo and to explore the additional potential of the Intra Isongo, was drilled to a TD of 3,430 metres MD in water depths of around 56 metres.

      Further to our update on the 2 April 2013 post completion of the Middle Isongo DST, testing has now been performed on the Intra Isongo interval with the following results:

      Intra Isongo update
      As previously announced, the well encountered approximately 70 metres of log evaluated net hydrocarbon-bearing pay in the Intra Isongo over a gross interval of approximately 80 metres.

      The well has now successfully flow tested condensate-rich gas from a perforated section of 29 metres out of a total of 70 metres of net pay. The interval flowed at an average rate of 37 mmscfd and 4,664 bcpd (total over 10,800 boepd) on a 64/64 inch choke. During the test sequence the interval also flowed at a peak gas rate in excess of 40 mmscfd. The average rate infers a CGR of 125 bbl/mmscf and measured CGRs of up to 133 bbls/mmscf were achieved on test. Further significant liquids (including LPGs) can be recovered via secondary processing. Further analysis of test data is required although it is our expectation that optimised Intra Isongo development well locations and completions are likely to lead to production rates well in excess of 40 mmscfd per well.

      The Intra Isongo test result combined with the test on the Middle Isongo delivered a maximum flow rate of 60 mmscfd and 7,819 bcpd (total over 17,800 boepd).

      Forward plan
      The IM-5 drilling and testing programme is now complete and the well will be suspended as a future development/production well. The Atwood Aurora jack-up rig will be released by Bowleven following completion of suspension operations. With testing complete, volumetrics for the IM field will be updated.


      Kevin Hart, Chief Executive, said:

      "We are delighted with the overall results from the IM-5 well which have surpassed our expectations. The flow rates that have been achieved on test demonstrate substantial well deliverability from both the Middle and Intra Isongo intervals and further strengthen the foundation for the planned phased development of Etinde. Due to the high deliverability of the Intra and Middle Isongo reservoirs we are confident we will be able to reduce the number of wells required to supply the planned fertiliser plant.

      The IM-5 well has not only delivered a substantial increase in estimated hydrocarbon volumes but it has also confirmed the presence of liquids rich hydrocarbons at the Isongo Marine field, a significant value driver for development plans on Et
      Avatar
      schrieb am 20.04.13 15:21:54
      Beitrag Nr. 93 ()
      TIMES

      http://www.thetimes.co.uk/tto/business/markets/article374435…

      Gary Parkinson Market report
      Published at 12:01AM, April 20 2013
      The legion of excitable private investors backing BowLeven was even more breathless than usual.
      The final test of its IM-5 well off Cameroon showed oil and gas flowing more freely than even the most optimistic of expectations. A total of 18,000 barrels per day, bulls said, confirmed that BowLeven was sitting on a big, commercial asset.
      Bank of America Merrill Lynch, BowLeven’s broker, was quick to trumpet to clients: “THIS IS THE GOOD NEWS we wanted.”
      Merrill also said that this latest test meant BowLeven needed but two or three wells to extract its oil and gas, not the six previously thought. Far fewer wells means that its capex bill — for the cost of the rigs — would be much smaller to produce the same amount of oil.
      There is something of a two-way pull on the shares at the moment, between bulls who predict that BowLeven will mirror the success of the likes of Tullow Oil in short order — and bears who think it a “jam tomorrow” company that may need to raise money because it is burning through its cash and running low. Even were that to be the case, bulls counter, BowLeven already has a partner in the region with deep pockets — the Footsie oil services company Petrofac.
      Believers were in the ascendancy yesterday, lifting shares that surged more than 60 per cent between mid-January and late March, before running out of steam, 4½p to 86p.
      A good-case scenario, so BowLeven’s backers hope, will be for a partner to pay to develop the find in return for a stake. A best-case scenario would be for a major to step in and swallow the company whole once all the risky exploration work is done.
      Avatar
      schrieb am 08.05.13 13:50:57
      Beitrag Nr. 94 ()
      BowLeven's price target lifted by Deutsche Bank ...auf sage und schreibe 100 Pence!

      http://www.proactiveinvestors.co.uk/companies/news/56614/bow…
      Avatar
      schrieb am 17.05.13 11:53:49
      Beitrag Nr. 95 ()
      BOWLEVEN (BLVN LN 68.75p £203m) - We hosted a lunch for Bowleven management yesterday. In the light of the share price falling back over 30% from March highs with no negative newsflow it was reassuring to hear the management reiterate the positive case and dismiss some of the rumours that have been circulating, regarding, for example a pending equity raise or problems with the Petrofac relationship as funding partner. A year ago the company set out a focused route map to value delivery which it has executed faultlessly: 1. Find a gas buyer in Cameroon - Ferrostaal's gas sales agreement for their planned fertiliser plant has heads of terms agreed and the pricing document is due to be signed in Yaounde next week, 2. Find a funding partner - Petrofac are contracted to commence funding once FID is reached in 6 or 7 months time, the estimated NPV cost of the PFC deal with Bowleven is estimated at c.20% of project value compared to an estimated 50% for a conventional farm-in, 3. Drill IM-5 in Block 7 to confirm commerciality - this well has proved a blockbuster with fantastic flow rates and a mean estimate of 184m barrels of condensate in place, BLVN estimate that at $80 oil each barrel is worth c.$10 to them, so with recovery rates likely to be c.65% the liquids in the IM structure alone are worth c.£800m to BLVN, or 4x to current market cap. Management also revealed yesterday that Vitol has sold their farm0-in stake of 25% to New Age for a mixture of cash and shares in a deal agreed and priced before IM-5 was drilled...the price is undisclosed but BLVN's preemption rights mean they have seen the price and it values the Etinde permit at substantially more than the current mkt cap. Petrofac are excited by the prospect of gas reinjection as a stand-alone project enabling early first production and it is likely that the next well will be an appraisal designed to prove this concept but BLVN will not be coming to the market to fund this. BLVN is actively engaged in farm-out talks for the 25% they are allowed to farm-out under the PFC deal. The seismic of the area around IM-5 suggests there are a number of analogues to the highly successful Intra Isongo to explore. The flow rate and reservoir characteristics of IM suggest that development will be substantially cheaper (less wells) than originally estimated. The Bomono permit farm-out is continuing and they expect news of a deal within 1-2 months. CONCLUSION: The shares are priced at a level disconnected from any sensible interpretation. Even cautious commentators see value in the company on a heavily risked basis to c.100p but if one believes that the company can keep on delivering to plan then they are multiples of the current share price too cheap. A buyers strike in E&P, false rumours and some forced selling have led to the current weakness but if the market does not recognise the value soon we think the industry will. More detail on request.

      aus II!
      1 Antwort
      Avatar
      schrieb am 17.05.13 12:26:44
      Beitrag Nr. 96 ()
      Antwort auf Beitrag Nr.: 44.660.357 von BaronOppenSAL am 17.05.13 11:53:49Hilft leider trotzdem nicht, wenn selbst die Analysten den Wert mit einem Kursabschlag auf 100 Pence festlegen. Wir hätten über 100 zunächst verkaufen sollen. Das dauert bis wir die wiedersehen.:(
      Avatar
      schrieb am 25.05.13 12:54:52
      Beitrag Nr. 97 ()
      The Etinde Operations Update provided (23rd May 2013) provided some measure of relief for
      Bowleven investors in that it is a positive step forwards that Ferrostaal has elected to proceed
      with its planned fertiliser investment in Cameroon.

      However, with Stage 1 at 70mm cfpd, there is a concern that the offtake is not going to be
      sufficiently high to unlock Etinde’s full potential. Until we get more details on the pricing and
      the full development plans, we are reiterating our BUY Recommendation and 250p target
      price.

      http://www.fox-davies.com/media/59318/oil_monitor_2013_05_24…
      Avatar
      schrieb am 04.06.13 22:15:46
      Beitrag Nr. 98 ()
      Avatar
      schrieb am 01.07.13 14:40:27
      Beitrag Nr. 99 ()
      Avatar
      schrieb am 04.07.13 20:46:21
      Beitrag Nr. 100 ()
      First Oil Investment in Bowleven New Ventures

      Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that First Oil, a privately owned UK E&P company, has acquired a 30% holding in Bowleven's East African focused new ventures subsidiary, in return for funding exploration activities.

      Under the arrangement, First Oil have committed to fund up to $9 million of an initial work programme (net carry of $6 million), with a further commitment to fund up to $12.5 million (net carry of $5 million) of an additional contingent work programme.

      Separately, the parties have also agreed to co-operate in investigating early entry exploration opportunities across the East African Rift System. As part of this agreement First Oil may contribute up to $3.6 million towards Bowleven's share of funding in any resulting new investments.

      Kevin Hart, Chief Executive of Bowleven, said:

      "We are delighted to welcome First Oil as a strategic partner in our early stage exploration activities in East Africa and we look forward to working with the team going forward in this exciting emerging area."

      Steve Bowyer of First Oil, said:

      "We are pleased to announce our entry into the developing East African Rift System and look forward to working in partnership with Bowleven."


      ENQUIRIES
      For further information please contact:

      Bowleven plc
      Kevin Hart, Chief Executive 00 44 131 524 5678
      Kerry Crawford, Head of Investor Relations
      Avatar
      schrieb am 09.07.13 14:49:11
      Beitrag Nr. 101 ()
      BowLeven (BLVN LN) 60p
      Rift Risk Diversification BUY – 250p
      Bowleven’s announcement that First Oil has taken a 30% interest in its
      East African focused new ventures vehicle (4th July 2013) is good news,
      as it achieves two key things, namely: (i) allows it to focus its cash
      resources on its Cameroonian appraisal and development assets; and
      (ii) is an endorsement of what it is trying to achieve in East Africa.
      Following this news we are reiterating our BUY recommendation
      and 250p NAV.
      In this news:
       First Oil committed to fund up to $9mm initial work programme
      (net carry of $6mm)
       Further commitment to fund up to $12.5mm (net carry of $5mm) of
      an additional contingent work programme

      source: hxxp://www.fox-davies.com/media/61168/oil_monitor_2013_07_05.pdf
      Avatar
      schrieb am 11.08.13 09:17:00
      Beitrag Nr. 102 ()
      The article....Jeremy Le Sueur of 4 Shires Asset Mgt...One of 3 stocks to BUY now

      Cameroonian oil and gas explorer Bowleven has made several significant discoveries in its off shore blocks. The Sapelefield has increased the proven and probable resources in the field by potentially 200 ml barrels of liquefied petroleum gas or condensate alone. The oil, condensate and gas of which there are large quantities is in shallow water which cuts exploration and recovery costs... The group is valued at around $0.50 per barrel of oil equivalent of recoverable reserves, yet the oil price is around $100 a barrel today.

      A takeover bid from Turkmenistan explorer Dragon Oil collapsed without meaningful talks taking place. Instead, Bowleven has lined up financing with FTSE100 oil services group Petrofac, which will finance, design and build most of the first stage of the Eninde development. Bowleven is now close to finalising engineering design plans and bring the first oil and gas into production on 2016 and has signed a deal with a fertiliser firm to take a quantity of gas each year. There is plenty of exploration upside left on its offshore and onshore blocks in Cameroon.As production is now within sight, the shares are likely to RISE ahead of the first cash flow in 2016.
      Avatar
      schrieb am 13.11.13 18:50:53
      Beitrag Nr. 103 ()
      Superentwicklung:(

      Wieder so eine undurchsichtige Kapitalerhöhung bei 45 Pence! Vor allem wussten das wenn man sich den Kursverlust anschaut offensichtlich einige vorher.

      Ich sehe immer nicht durch, wie solche Aktionen an den Altaktionären vorbeilaufen und wem die Aktien zugeschanzt werden.AIM ist ein Drecksackmarkt. Es wird nicht mal klargestellt wofür das Geld benötigt wird.

      .Bowleven raises £13.1mBy StockMarketWire | Wed, 13th November 2013 - 09:31
      Bowleven has raised £13.1m, gross, after the issue of 29,470,000 new ordinary shares at 45p apiece.

      The company confirmed that it had completed a placing of 3,909,846 new ordinary shares in addition to a direct subscription of 25,560,154 new ordinary shares.

      At 9:31am: (LON:BLVN) BowLeven PLC share price was -7.87p at 44.88p
      1 Antwort
      Avatar
      schrieb am 13.11.13 19:58:35
      Beitrag Nr. 104 ()
      Antwort auf Beitrag Nr.: 45.826.816 von Andrija am 13.11.13 18:50:53http://www.spreadbetmagazine.com/blog/bowleven-victim-of-ins…

      Dem ist wohl nicht viel hinzuzufügen.:mad:
      Avatar
      schrieb am 04.12.13 13:56:07
      Beitrag Nr. 105 ()
      Avatar
      schrieb am 01.03.15 17:32:10
      Beitrag Nr. 106 ()
      Hoffentlich erhält Bowleven kommende Woche die 170 mio.
      Avatar
      schrieb am 01.03.15 17:49:43
      Beitrag Nr. 107 ()
      und meldet endlich den Bohrbeginn!
      Avatar
      schrieb am 01.03.15 17:52:59
      Beitrag Nr. 108 ()
      Bowleven Entering a New Age

      Event  On 24th June Bowleven farmed down its stake in the Etinde development offshore Cameroon to New Age and LUKOIL. Although the company is now largely financed for development, the stock continues to languish at a 22-59% discount to the read-through valuation of the transaction. In this note we look at why this may be and in doing so highlight the catalysts for re-rating.

      Impact  Read-through valuation supportive: We estimate that post deal completion, Bowleven will have net cash resources of 33p/sh (US$17m existing cash and US$161m of net proceeds). Furthermore, on a fully diluted basis, the US$170m that New Age and LUKOIL paid for a 40% stake in the Etinde development suggests Bowleven’s residual 20% stake is worth 16p/sh. Combined this gives a “base” valuation of 49p/sh, which could rise to an “upside” valuation of 64p/sh if both the deferred payment and appraisal carry are included. Our asset-by-asset bottom-up valuation is above this at 70p/sh.

       Addressing issues key to closing valuation gap: We believe that bringing in New Age and LUKOIL has de-risked the project. However there are a number of outstanding questions that need to be answered before the valuation gap closes, in our view. The major ones concern: commitment of the Ferrostaal consortium to the fertiliser project; confirmation of New Age's credentials as operator and its prioritisation of gas supply to the fertiliser plant over competing solutions; firming up of Etinde development costs, FID timing and first production; break-down of recoverable resources by field and how Bowleven's capital structure will look through the development.

       The stock may also benefit from near term drilling: Bowleven is entering a period of elevated activity. By year end, it should have commenced drilling the Bomono campaign (onshore Cameroon) targeting a net 129mboe (16p/120p). Any discovery should hopefully be easier and quicker to commercialise than offshore counterparts. Next year, the Etinde partners will also drill two wells to appraise the highly prospective Intra Isongo formation, which could deliver a net 31mmboe of upside (3p / 29p), based on our analysis.

      Earnings and target price revision
       Our target price falls very modestly to 70p from 71p. 2014 and 2015 (June yr end) EPS fall 42% and 78% as we also update for 1H14 results.
      Price catalyst  12-month price target: £0.70 based on a Sum of Parts methodology.  Catalyst: Signing of Gas Sale Agreement (2H14); Zingana well (10p/76p)

      Action and recommendation  Not withstanding the issues above, we believe that the investment case is more compelling now than at any point since we initiated coverage back in December 2011 and is certainly worth another look.

      http://www.slideshare.net/anthclarke/macquarie-39831187
      Avatar
      schrieb am 17.03.15 11:46:38
      Beitrag Nr. 109 ()
      17 March 2015

      Bowleven plc ('Bowleven' or 'the Company')
      Etinde Farm-Out Completed - $165 million Cash Received

      Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the completion of the Etinde farm-out transaction and to confirm receipt of the initial $165 million cash proceeds (excludes estimated $5 million working capital adjustment).

      The farm-out transaction comprised the sale of 30% and 10% interests in the Etinde Permit to LUKOIL and NewAge, respectively, in return for a total consideration of approximately $250 million. In addition to the $165 million initial cash proceeds Bowleven will receive the following:
      · An estimated $5 million cash to follow for working capital;

      · Up to $40 million (net) carry for two Etinde appraisal wells, including testing;
      · $15 million cash to be received on completion of appraisal drilling; and
      · $25 million cash contingent upon and to be received at Etinde development project FID.

      The operatorship of Etinde has transferred to NewAge with Bowleven retaining a 20% non-operated interest.

      The Group will provide an update on Wednesday 25th March 2015 on its activities and future plans as part of its Interim Results for the six months ended 31st December 2014.

      Kevin Hart, Chief Executive of Bowleven plc, said:
      "We are delighted the farm-out transaction to LUKOIL and NewAge has completed. The resulting consideration of cash and carry, together with the expanded and strengthened joint venture, will enable the progression of appraisal and development activities on Etinde. Planning for the appraisal drilling on the Intra Isongo is already underway with locations for the two wells nearing finalisation. With a carry in place to cover our share of drilling and testing we are looking forward to appraising this exciting reservoir interval.

      Against a challenging market backdrop our strengthened balance sheet following the transaction puts us in a strong position."


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