There’s been quite a few noises from the blogship requesting any filips of information/market chatter re the IE3 appraisal well. Over the last 5/6 months Bowleven have risen approx’ 60p. Currently they are charging ahead. As of today news is awaited. Market sentiment is certainly with this company if the multi-stack discoveries prove to be substantial then we here expect a huge spike on the news.(Remember Bowleven are not a one trick pony they have other interests which will help to flesh out the sp when good news comes from IE3).
Due to the rns of 30/07/2010 my hands are rather tied. But i can certainly tell you that JPMorgans’ recent hike in their holding is an indicator of where we see this sp going. Upwards.
How high? Well 700p is rather pushing the boat out. But targets/notes here indicate 300p/400p on positive news from Bowleven. Seen here and commented by one well placed individual as a “potential African giant”.
Hold for news indications are that news will be positive.
Daniel
Dan thanks for your help.
Noticed some chatter on iii and for myself that Bowleven has 150ft = 140m of oil mentioned in FT alpha.
One reason why the shock is not higher is the fact they did not mention the specific 150ft in the first discovery RNS
Few of us oilies believe IE has 140m of oil plus 55m of gas resulting from x 4 stem tests.
Looking forward to your views after testing RNS Dan next week.
Fox D Capital valuations indicate £7 from their report on above figures IF they come in but believe your £3/ £4 target is spot on.
Am i correct that the markets have to re rate 100% prospects to reserves as this is an apprasial rather than exploration well ?