Initiation: Re-leveraging to exploration/appraisal
Bowleven (BLVN) is an AIM-listed E&P with assets in Cameroon, Kenya and Zambia. By farming-down its 75% interest in Etinde to Lukoil/NewAge to 25%, Bowleven will have monetised part of its stake, accelerated promising appraisal, reduced its risk, and enabled a pivot back towards exploration. Our core NAV, driven by Etinde Phase One, is 75p/share (and should grow over time as the project progresses). Two exploration wells in Bomono by year end may add value while two appraisal wells (due 2015) could add to existing resources. Longer term, a proposed Cameroon LNG plant (CLNG) could lead to the full current contingent resources being developed. Our RENAV is 108p/share.Bowleven is an oil and gas company focused on Africa, where it holds a combination of development and exploration interests in Cameroon. Co.'s assets are aggregated into a single reporting segment: Africa operations, which focus on exploration and appraisal activities in Cameroon. All assets that are aggregated in this segment are in the exploration phase.
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