I’m really liking the look of oilie BLVN.L (Bowleven). BLVN has £88m in cash, and a market cap of £237m. The drilling update on 22-Feb-2013 is very positive:
IM-5 well drilling offshore Cameroon has now reached the Middle Isongo primary objective of the well and has encountered liquids-rich hydrocarbon-bearing pay in both this and the Intra Isongo reservoir objectives based on the results of drilling, core analysis, wireline logs, fluid samples and pressure data.
The BBC reported:
Bowleven chief executive Kevin Hart said: “You never quite know what you have got until you get all the information finally in and correlated. But I suspect it is probably the best well we have drilled in the seven years we have been active.” In November, Bowleven and Petrofac announced a strategic alliance to help “unlock the potential” of operations in Cameroon. Under the arrangement, Petrofac will invest up to $500m to develop the Etinde assets
Edit: @timkempster offers the following correction: “no where near £87m in cash though after IM-5 appraisal more like $40m“