Bowleven Share Discussion Threads

[cyan] 27/3/2017 15:36

Something to read . Malcy mentions BLVN in passing.

[ihavenoclue] 27/3/2017 09:48

Nick... Yes hence the drop (rolls eyes)

[cyman] 27/3/2017 09:28

Warbaby I think what they mean is spend another 100 mil exploring and then sell it. We haven't finished milking you!!

[nickmann] 27/3/2017 08:31

looks like COC are buying.

[phowdo] 27/3/2017 08:26

Old BoD not painting themselves in a good light here.
CoC gone up in my estimations.

[warbaby43] 27/3/2017 08:15

"increasing public battle between the existing BLVN Chairman and COC is highlighting the serious deterioration in relationships"

Not just between Allan & Co and COC, but SNH as well with their joining the line of partners hacked off with BLVN. However, while being hacked off is one thing being hacked off enough to trouble to place a press announcement publicising your hacked offedness is quite another with that ad in nicobellic's post at 16200 being quite extraordinary in the multiple messages it sends:



I wonder what the market will make of that "fit and proper persons" threat to the licence(s) in the final para of the announcement and what VOG will make of it all.

[ihavenoclue] 27/3/2017 08:11

By the last paragraph it looks like they intend to drag out the date of the EGM again!!!

[nickmann] 27/3/2017 08:01

looks like they want to flush out bidders.

[aphrodites] 27/3/2017 07:30

Today's announcement below and increasing public battle between the existing BLVN Chairman and COC is highlighting the serious deterioration in relationships. One can almost smell blood on the boardroom table!! In normal circumstances one would expect it to harm the share price but with COC and other parties increasing their shareholdings one can only see the share price continuing its upward move. Will it break 40p this week? Much depends on whether COC continues to add to its holding!!!


Response to announcement from Crown Ocean Capital
Date: 7:00 am, 27 Mar 2017 / LSE RNS

RNS Number : 5420A
BowLeven Plc
27 March 2017



27 March 2017



Bowleven plc ('Bowleven' or 'the Company')



Response to announcement from Crown Ocean Capital ("COC")



The Board of Bowleven notes the announcement made by Crown Ocean Capital on 24 March 2017.

The decision to undertake a strategic review was unanimously approved by the board of directors of Bowleven (the "Board"), and was made in the light of the board changes effected to the Board at the General Meeting held on 14 March 2017 (the "GM"). As previously stated, the strategic review will consider all options available to the Company, including transforming Bowleven into a holding company, as proposed by COC, alongside other matters already being progressed and negotiated by the Board prior to the GM. The strategic review is being undertaken in the interest of maximising value for shareholders.

The Board confirms that it has not pre-determined the outcome of the strategic review and, owing to the Company's secure financial position, does not require or intend to undertake a 'fire sale' transaction of any kind, as suggested by COC.

The Board is fully aware of its regulatory obligations and fiduciary duties and has complied with these obligations in full to date. The Board will fully investigate any evidence brought forward of breaches of fiduciary duty by existing and previous Directors of the Company. As of today's date, the Company has not established, nor is aware of, any such breaches of duty.

The Board also confirms that the Company, prior to entering into the farmout agreement with GDC Bomono S.A., a subsidiary of Victoria Oil & Gas plc ("VOG"), contacted National Hydrocarbons Corporation ("SNH ") to advise of the Company's intention to enter into such arrangement, in line with established practice in Cameroon. As previously stated, the transaction remains subject to the approval of the Cameroon authorities and both Bowleven and VOG will be working with SNH and other authorities to obtain the necessary permissions.

Finally, the Board has received and announced the requisition of a further general meeting from COC and will respond accordingly in due course and within the necessary timeframe set out in the Companies Act 2006.

[olieslim] 26/3/2017 23:15

Bullseye:

"(...)We wonder if part of the motivation of certain directors for putting out the "for sale" sign in a hurry is to trip change of control vesting events in compensation packages and/or using a transaction to avoid investigations into the appropriateness of past business dealings.(...)"

from:
RNS Number : 5238A
Crown Ocean Capital P1 Ltd
24 March 2017

[nickmann] 26/3/2017 22:06

2 free drills and $25m at FID.

[nickmann] 26/3/2017 21:33

good post from iii



Mel, have to agree with Disorder, COC have clearly stated their position to hold on to Etinde until appraisals have been carried out.
For LTH's such as myself I'm looking forward to see how the BOD answer COC's accusations. If half of them are true then it's curtains for KH & Co in the O & G industry.

Winnet, your last post was just a disgrace, even you must now see the gross incompetence that went on here.

[nickmann] 26/3/2017 20:02

PUT ETINDE IN A HOLDING COMPANY..

you get 2 free drills and $25m coming your way.

KH has wasted the cash on himself and his lavish parties i think.

[nickmann] 26/3/2017 19:48

NEW AGE AND LUKOIL GOT TO COUGH A FINAL $65M.$40M FOR DRILLS AND $25M ON FID.
VERY INTERESTING.

[nickmann] 26/3/2017 19:44

why pay $65m when you can have the company for $200m.and get 20% of a golden asset.
including $90m cash.


GAME ON.

[nickmann] 26/3/2017 19:43

Etinde could be worth hundreds of millions.
that is bowlevens 20% stake.

[nickmann] 26/3/2017 19:40

$40m for the 2 drils and $25m at FID.


IS THAT WHAT YOUR REFERRING TO???


Under the terms of the Etinde farm-out transaction, Bowleven also has access to a $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable on FID.

[1msn] 26/3/2017 19:13

Sorry 65 million we are owed

[1msn] 26/3/2017 19:13

You have forgotten about the 65p we are owed..

[nickmann] 26/3/2017 15:40

a quick calculation..

if coc win they will pay out 22p per share which equates to around £70m..keep around £4m cash to keep the company running for a couple of years.

and put Etinde in a holding company which will be sold of after apprisal.
sounds good.

with the cash paid out the shares will be trading at around 15p-25p

[jordaggy] 26/3/2017 12:28

RNS Reach Story
Go to market news section Print
Crown Ocean Capital P1 Ltd -
Crown Ocean Comment on Strategic Review
Released 16:51 24-Mar-2017


RNS Number : 5238A
Crown Ocean Capital P1 Ltd
24 March 2017



24 March 2017

Crown Ocean Capital P1 Ltd

Comments on Bowleven's Initiation of Strategic Review and Commencement of Offer Period

Crown Ocean Capital P1 Ltd ("Crown Ocean"), a private investment company and the beneficial owner of 23.2% of the outstanding ordinary share capital of Bowleven PLC (LON: BLVN) ("Bowleven" or "the Company"), today commented on Bowleven's recently announced initiation of a strategic review and commencement of an offer period:

Crown Ocean believes that first of all Bowleven needs to fully acknowledge and implement the verdict of shareholders for new leadership and direction for the Company. An absolute priority should be the transformation of Bowleven into a holding company involving a right-sizing of the operations and an elimination of further unnecessary cash drain.

We strongly believe that right now is absolutely not an opportune time for Bowleven to engage with any parties about either a potential sale of its assets or the Company as a whole. We note that the latest company announcements are in stark contrast to any of the Board's previous statements. In our assessment, the Company is currently perceived as "troubled" and the Etinde Asset is at an unfavourable stage of the value cycle ("pre-appraisal drills") - which would at best solicit highly opportunistic bids. We do not see the urgency for a sale and how it would generate maximum value for shareholders.

We actually question the motives of the strategic review announcement, which had entered the press just two days after a new shareholder meeting had been requisitioned. We wonder if part of the motivation of certain directors for putting out the "for sale" sign in a hurry is to trip change of control vesting events in compensation packages and/or using a transaction to avoid investigations into the appropriateness of past business dealings.

In any case, we understand the Company has hired multiple teams of advisors - which is a waste of Company resources.

To be clear, we have informed the Board that at this time, we will not support any "fire-sale" transaction and doubt our fellow shareholders will approve of a rushed approach.

The Board should now meet its obligation to call the newly requisitioned general meeting to ask shareholders to vote on the removal of William MacDonald Allan as director of the Company and the appointment industry veterans, Julien Balkany and Didier Lechartier, as independent directors as soon as possible.

Crown Ocean believes that upon the successful election of the new independent directors, the revised Board, comprised principally of independent directors can consider the best path to unlock value for all shareholders from a position of strength.

We also inform fellow shareholders that, on appropriate professional advice, we have submitted to the Board a letter detailing what we believe are a number of breaches of fiduciary duty by existing and previous directors to the Company in the context of but not limited to (i) the dissemination of information related to the Etinde project (ii) the timing of the farm-out announcement of the Bomono project and (iii) the voting with respect to the General Meeting on 14 March 2017. We expect the Board to fully investigate the issues raised.

In this context, we also note today's announcement by the Executive General Manager Mr. Adolphe Moudiki of the National Hydrocarbons Corporation ("SNH") in the Cameroon Tribune that the Republic of Cameroon has neither been informed of the Bomono agreement in the usual forms provided for in the Petroleum Contracts, nor authorised such an agreement, as required and reserves its right.

We believe, by doing so, the previous Board has endangered the vital relationship with the SNH and thereby the future of its two assets in the Republic of Cameroon.

As the largest shareholder of Bowleven, we are fully aligned with fellow shareholders and are fully committed to new leadership and direction of Bowleven.

Ends


Enquiries:

Square1 Consulting Limited [phone]
David Bick
Jos Burnett



This information is provided by RNS
The company news service from the London Stock Exchange

END


NRAPGURCWUPMGQC

[symbo] 26/3/2017 08:26

We've almost given away the majority of etinde, let's make sure we make the most of obtaining max benefit for the the last 20% plus other payments promised.

[hazydaisy] 25/3/2017 23:02

Chief Tabetando

[benjimun] 25/3/2017 22:04

nick..
I have had shares in BLVN since 2013,
I continue to hold and happy to do so till appraisal.