Update: Awaiting farm-out closing
Bowleven (BLVN) has not escaped the poor sentiment seen across the E&P sector. Despite being near to closing a farm-out that will catalyse a $170m payment (equivalent to 33p/share) and being exposed to four material wells (two carried under the farm-out) in 2015, its shares have fallen by nearly 20% since our initiation in mid-July; it now lies 55% below our core NAV of 73p/share and 65% lower than the RENAV of 96p/share. The full-year results indicate the farm-out with Lukoil/NewAge is close to completion (with just the gazetting of the presidential decree now required), which will enable all the partners to continue with the development of Etinde.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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