Company Information for BOWLEVEN PLC

Company stock charts - 6 Month chart

AIM; BLVN

Company Statement

Vision:

“It is our vision to build an African-focused, exploration and production company which becomes renowned for its ability to consistently create and realise material shareholder value through exploration-led organic growth and niche acquisitions.”

Strategy:

- Focus on Africa (with particular emphasis on Gulf of Guinea)
- Maintain significant exploration positions (including Operatorship)
- Leverage technical and commercial expertise
- Seek value-adding partnerships as appropriate
- Seek to monetise existing resource base
- Prepared to return value to shareholders to maintain significant equity gearing

Operations and Technology

Cameroon Assets

Bowleven owns three shallow blocks in the Etinde Permit area. Located near hydrocarbon-bearing regions on the West African coast including offshore Nigeria, Equatorial Guinea and Angola are Blocks MLHP-5, MLHP-6 and MLHP-7. The Blocks are located across the Rio del Rey basin (part of the southern margin of the Niger Delta oilfield basin) and the Douala Basin (which contains large undrilled seismically identified structures), together referred to as the Etinde Permit.

The Etinde Permit covers approximately 2,314 km2. The water depths are shallow, from the shoreline up to approximately 70 meters maximum depth. A production sharing contract was signed over the Permit in December 2008 incorporating a further three year exploration phase from this date.

In the late 1960s through to the early 1980s, eight wells were drilled in the northern Block MLHP-7 by Total Oil (‘‘Total’’), Société Nationale Elf Aquitaine (‘‘Elf’’) and Mobil Corporation (‘‘Mobil’’). These wells discovered reserves of gas and associated condensate in the Isongo Sands.

In 2004 and 2005 Bowleven drilled three more wells in Block MLHP-7: one of these wells was unsuccessful, one was a small gas discovery and the results of the third are being incorporated into an overall evaluation of the block.

In 2007, the Company drilled a successful appraisal well on Block 7 (IE-2) and a successful exploration well on Block 5 (D-1). It also drilled an exploration well on Block 7 (IF-1) that had to be abandoned due to well control issues following a significant gas kick. The first oil discovery on the Permit was made by the Company in 2008; the IF-1r well tested an average of 3,371 bopd from the Upper Isongo section.

Gabon Assets

Bowleven holds, through its wholly-owned subsidiary First Africa Oil, a 100% equity interest in the EOV offshore block in Gabon - which contains an existing oil discovery that it is seeking to develop and surrounding exploration acreage, including the NW Kowe prospect, - and a 50% equity interest in the Epaemeno Block, which is 1,340 km² of exploration acreage in onshore Gabon and sits adjacent to a number of recent discoveries in surrounding blocks.

East Orovinyare Permit

Exploitation permit over entire 105 km2 block;
EOV Oil field discovered by Marathon in 1998;
Field located 6 miles offshore in 65ft of water;
6 to 12 mmbl oil estimated contingent resource;
Exciting NW Kowe exploration prospect with mean in place volumes of 234 mmbl.

Epaemeno Permit

1,340 km2 acreage;
Lies on trend with numerous producing fields and recent discoveries;
600 km2 of 2D seismic recently acquired, processing and interpretation underway.

Geographical Spread

Board of Directors and Key Management

Non-Executive Chairman	Ronnie Hanna
Chief Executive Officer	Kevin Hart
Chief Operating Officer	John Morrow
Chairman of EurOil and Executive Director	Chief Tabetando
Finance Director	John Brown
Commercial Director	Peter Wilson
Exploration Director	Ed Willett
Non-Executive Director	Caroline Cook
Non-Executive Director	Tim Sullivan

Company Address

1 North Street
St. Andrews Lane
Edinburgh, United Kingdom EH2 1HX


Telephone:	+44 (0)131 524 5678
Facsimile:	+44 (0)131 524 5690
Email:	info[at]bowleven.com
Website:	http://www.bowleven.com

Additional Address/Key Contact

CAMEROON
Boulevard de la Liberte
Akwa
Douala
Republic of Cameroon
Tel: +237 3343 8656
Fax: +237 3343 7272

GABON
B.P. 2841
Port Gentil
Gabon
Tel: +241 56 45 32
Fax: +241 56 45 31

Nominated Brokers

RBS Hoare Govett
250 Bishopsgate
London
EC2M 4AA

Joint Broker
Merrill Lynch
Merrill Lynch Financial Centre
2 King Edward Street
London
EC1A 1HQ

Nominated Advisors

ABN Amro

Major Shareholders

Name	No Of Shares	%
Blackrock Investment Management	10,989,048	12.63
F&C Asset Management	9,901,891	11.38
Aegon Asset Management	5,408,353	6.22
Credit Suisse as principal	5,183,140	5.96
GLG Partners	3,469,650	3.99
JPMorgan Asset Management	3,108,700	3.57
HSBC James Capel as principal	2,764,529	3.18
Mr Peter Michael Levine	2,675,000	3.08

Most Recent Statement

27/01/10 - Director/PDMR Shareholding
02/11/09 - Final Results
03/09/09 - Group operational update
28/08/09 - Result of EGM
26/08/09 - Holding(s) in Company
12/08/09 - Etinde Permit Farm-out Transaction

To top