Bowleven Share Discussion Threads

[corrientes] 07/10/2016 17:04

This is the longest capitulation that I can remember. Damn them all.

[gark] 07/10/2016 16:51

How can this end down after GBP plummets? Fed up with this cr@"py stock!

[roubini paulio] 07/10/2016 14:23

Thanks so it's $140 development. The way Hart is burning through the cash they may not have $70 if it ever gets drilled.

[tli8jaguar] 07/10/2016 14:15

$40m (net) carry for two
appraisal wells, minimal
development costs in 2016
• Estimated $140m share of
Etinde development expenditure
(likely 50:50 gearing)
• $25m due at FID
• Small scale Bomono
development capex requirement
• New Venture opportunities
• G&A reductions ongoing

[roubini paulio] 07/10/2016 13:47

A fair proportion of that cash is needed for Etinde development, 50/50 cash/debt. At the rate of current burn there will be insufficient cash for Etinde. If Etinde delayed even less cash available.

What are the development costs for our share?

[billytkid2] 07/10/2016 13:06

If there was any truth in the VOG talk you would think the trigger should be pulled. Obviously our dollar balance has grown significantly relative to GBP and VOG has fallen. You could probably buy them for 50p, which is only $66m.

[gark] 07/10/2016 13:03

With GBP drop today this is now valued at cash $100mn. Price doesn't move reflecting the Hart discount. Only way up is if he goes or we get bought out. Here's hoping!

[targatarga] 07/10/2016 08:56

What makes everyone think Kevin can succeed at buying and running another business[profitably]?

[w1ndjammer] 07/10/2016 08:32

look its our Kev`s money, if he wants to wait until oil is back at $100
before he buys something then he will ;-)

WJ.

[grahambr] 07/10/2016 08:23

Can't sit on their hands forever. We need some communication, Lukoil need to be contacted and asked to state their position. BOW have to come forward and explain what is going to happen with the cash pot.
We cant expect to sit back and pay huge salaries for a few years and then end up broke.

[begorrah88] 07/10/2016 07:32

Has Winnet apologised yet?

Le-con gone missing again and so have the thread bullies who tried to savage anyone who pointed out the inconsistencies in the RNS's.

Usual KH - sit back and spend the cash.

No wonder the market has no time for him.

[svenice7] 06/10/2016 18:55

All this "cash" kevin has his grip on. What are we doing with it? He may as well buy some RDSB shares with it.

[bengal1] 06/10/2016 16:12

Not sure that it is...

[roubini paulio] 06/10/2016 16:10

Should we expect a further impairment charge? Etinde is valued at $65pbl on the balance sheet, is $50 more realistic.

Is Etinde viable in the $45-65 range, will it be mothballed?

Is Bomono a non starter?

Hart get your act together!

[svenice7] 06/10/2016 14:09

Oil hits a new record of $500 per barrel. Bowleven still 24p.

[winnet] 06/10/2016 13:10

i would be interested to know if they are worth anything at all. Only the company really knows, but i worked out they should provide revenues about 15 million pa plus whatever we can get for the liquids.

[spectoacc] 06/10/2016 09:52

Or remove the "bill".

[w1ndjammer] 06/10/2016 09:42

LR2

I hate to rain on your parade, but Bomono worth between $3.8 bill to $9.5 bill

I don`t think so, you need to move the decimal point.

WJ.

[griff2711] 05/10/2016 20:52

LR2; you are correct the aerial extent is large but based on the flow rates to date and the cost cost of the wells they are probably marginal in terms of payback.

[slipanchor3] 05/10/2016 20:51

LR2

Your calculation may well be right but the question that must be asked, is why haven't
the company published a CPR to prove up the respective volumes to the market, and its investors.

[lr2] 05/10/2016 20:33

Griff, I'm not sure that Bomono will be a 'crime'. We just don't have all the information to draw a reasoned conclusion.

Two and a half years ago, the pre-drill figures for the first 2 Bomomo drills were:

Zingana - an estimated Pmean 303bcf and 6.7mmbbls of condensate.
Moambe - an estimated Pmean 331bcf and 11mmbbls of condensate.

That's a total estimated Pmean 634bcf and 17.7mmbbls of condensate.

With natural gas price hovering around the $3 mark in the US we'd get a valuation of 634 billion / 1000 x $3 = $1.9 billion taking the Pmean figures.

But gas price in Cameroon is expected to be 2-5 times the $3 stated so it could conceivably be worth up to $3.8 billion to $9.5 billion excluding the condensate.

Also, Bomono is 2,328 sq km and Bowleven have barely scratched the surface of it so far. There could be way more of interest there than most people imagine.

[slipanchor3] 05/10/2016 20:30

My concern is the involvement of Crown Ocean.

Why did JPM transfer 31M to C.O.?

1 Was it because they weren't getting the right answers to the questions they were asking and wanted a deeper insight into how the company was being managed.?
2 Was it because the institutions have lost faith in the management and want to install their own.?
3 Is it because they want C.O.to build up a controlling stake inorder to launch a takeover by themselves or to facilitate a takeover by a third party.?
4 C.O.have timed this stake build to perfection, knowing that Bow were running into a closed period and were limited as far as the buy back was concerned, leaving C.O.free, to hoover up all available shares on the market.

By the time BOW comes out of the closed period i would be surprised if C.O. with a little help from the institutions, doesn't have a controlling stake in the company.
AINMHO DYOR

[griff2711] 05/10/2016 19:56

LR2; Bomono is the real crime here - Small scale with poor risk reward for investors, at a time when great deals were out there. They should have diversified away from Cameroon. The $15m penalty payment could have easily been eaten up through the purchase of a distressed production asset. I've been a defender of Kevin's realm for a long time but unless he delivers news that Etinde is forthcoming H17 it's time for new stewardship. I can no longer sit here and watch the cash pile reduce at such an alarming rate. There is absolutely no reason in the world why, with such limited operations we should be eating through $800k a month. It's just not acceptable....

[slipanchor3] 05/10/2016 19:33

Wasn't there a court case involving a dispute with Adamantine where the judge ruled in Bows favour no idea of what it cost.

[warbaby43] 05/10/2016 19:28

Thanks griff and LR2 and with regard to Bomono my 1/07/15 starting figure of £142.5m is after expenditure of $33.5m mainly on the Moambe and Zingana wells and what bothers me most overall is that total spend figure of $76m before any "Administrative expenses" especially as any other post drilling costs should be no more than single figure $millions.

The scale of this largely unexplained cash burn really is a confidence shaker.