Update: Looking towards appraisal wells
Bowleven's (BLVN) interim results, published on 25 March, underlined the progress made by Bowleven in the last 12 months. The company completed the farm-down of the Etinde asset and has received $165m in cash (with $5m to follow, as well as up to $40m in further contingent payments over time and carried appraisal wells). As we stated in our last update note, this should drive a refocus on the evolving core value of Bowleven’s portfolio, the 20% stake in the Etinde development. BLVN is fully funded for its share of Etinde costs with capital to spare for judicious exploration and appraisal. Investors are rightly eager that the company retains this well-capitalised position; we believe management will only use this cash to add to the portfolio in very compelling circumstances.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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