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We launched EQUITY DEVELOPMENT in 1997 becoming the first ever  regulated provider of Sponsored Equity Research in the UK.

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BowLeven

BowLeven is an independent upstream oil and gas company listed on AIM. BowLeven’s operations are focussed on Cameroon in West Africa where it hopes to develop existing discoveries as well as explore.

New CEO rapidly rebuilding company

  • opportunistic First Africa buy looks promising
  • senior Board appointments
  • our BowLeven NAV / share now 288p

Publication Date:
April 11 2007

BowLeven; interim results of little relevance to share price

  • NAV lowered to 392p driven by Isongo delay
  • Catalysts for upward revision in valuation especially in H2 2006/ Q1 2007
  • Farm-in likely H1 2006

Publication Date:
March 23 2006

BowLeven consolidates before resuming exploration

  • Bachuo well likely uncommercial
  • In light of this negative newsflow NAV lowered to 427p
  • Catalysts for upward revision in valuation especially in Q4 2006/ Q1 2007
  • Farm-in likely Q2 2006
  • Limited drivers for a true re-rating towards our NAV in the short run.

Publication Date:
January 5 2006

BowLeven; over-reaction on drilling news

  • Manyikebi-1; not the expected oil
  • Noble Energy announce significant gas/condensate discovery to the west of Etinde
  • Recaculated NAV still 733p

Publication Date:
October 19 2005

BowLeven; richer and stronger

  • BowLeven has announced a substantial capital raising involving the issue of 8.5 million new shares at 650p/share raising £53.09m after expenses.
  • The deal is still subject to the usual approval procedures and was not underwritten.
  • The deal was priced at a 28% discount to our pre deal NAV and we understand the deal was substantially oversubscribed. We have adjusted our NAV calculation to take into account the increased share count and cash balance. 

Publication Date:
September 22 2005

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