Bowleven’s (BLVN) interim announcement gave little new news, although the confirmation that the appraisal wells may not be drilled until 2017 has affected the shares. Although disappointing, this delay has a very minor effect on valuation and will still enable the new operator (NewAge) to take advantage of low rig rates. At Bomono, the company is working with the government to progress the BEAA to enable a small gas-to-power scheme, producing useful cash flows. We have adjusted modelling slightly after Bowleven’s interim results (30 March), but this leaves the valuation unchanged. The share price is broadly supported by the current cash position of $100m (21p/share), leaving value at Etinde and Bomono upside available to long-term investors.