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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bowleven Plc | BLVN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.20 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 25/3/2024 07:56 by ham74 Warbaby - what threshold is needed for these resolutions to pass? Is it a simple 50% , or a higher percentage? And is it all shareholders, or only those present at the AGM?We only have 30% in the bag from Crown Ocean. Presuming the Dutch vote only gets us to 34%. Sand Grove is interesting, I am not sure what their percentage was on the relevant date, and would they bother voting if they are reducing their holdings? Private investors are definitely the wild card, especially as brokers differ on how they flag up the corporate actions. |
Posted at 23/3/2024 11:33 by warbaby43 For those who haven't had chance to trawl the "Open Offer" section on the Investor Relations section of the BLVN site:Nice work etc: For 12 days per annum plus another £1,500 per day for owt on top of that, this from the Arnoff appointment letter: "You shall be paid a fee of £100,000 per annum for acting as a Non-Executive Director and Chairman ofthe Board. These fees shall be paid in equal instalments monthly in arrears after deduction of any taxes and other amounts that are required by law. 4.2. In addition to the annual fee referred to in paragraph 4.1 above: a) a one-off bonus payment of £100,000 shall be paid to you on the Company securing a Final Investment Decision in respect of its Etinde project; and b) a one-off bonus payment of £100,000 shall be paid to you on a sale of the Company, provided that: (i) the price per share payable in respect of such sale is equal to or exceeds 19 pence; and (ii) the sale price gives an implied valuation of US$50m for the Company’s Etinde project (and existing cash of US$10m plus Lukoil Final Investment Decision payment of US$25m)" With regard to the 19p per share, as the contract is deemed to have commenced on 2nd November 2023 (see 1.1) that figure is plainly based on the old 335m shares in issue and not the new 1.897bn figure. For comparison, looking back to 2019, Arnoff's predecessor, McDonald, was paid $58,000 ie c £46,000. As for everyone's favourite CEO: |
Posted at 20/3/2024 19:13 by ham74 Basically if less than 20% of investors subscribe for any shares, I think Crown Ocean will end up over 50% |
Posted at 16/3/2024 08:42 by ham74 VOTE AGM NOWWhether or not you plan to avail of the open offer, you should vote so the company can go ahead with it, and has some chance of a future. Hardly anyone voted at the December 2023 AGM, but now its vital that everyone does so. It would be a great shame if the company had to shut down just because people could not be bothered to log into their brokerage accounts and vote. On interactive investor, whoi emailed me today, its under Voting Mailbox. On Hargreaves Lansdowne, who have not alerted me yet, its under Shareholder Meetings. Not sure where to find it with other brokers, if you can't find it, ask them. It takes a few seconds to just click For All. You can also get an email confirmation of your voting choices. I've attended two prior AGMs, 2021 and 2023. I won't be able to attend the April 2 AGM in London, but anyone who can do so should, to see if they can glean any insights. |
Posted at 15/3/2024 08:06 by ham74 Deadline for funds being available is April 2. Not clear when the decision deadline is? I have not yet seen a corporate action form on interactive investor, but these things can take some time. |
Posted at 08/12/2023 19:35 by ham74 Here are some other bits and bobs gleaned from the AGM:Limited communication The joint venture between Bowleven, Lukoil and New Age, is technically an “unincorporate Nonetheless, they are aware that Perenco and New Age agreed to an addendum to the long stop date. Bowleven has had sight of it but cannot share it as it is private. Recoverable costs Regarding the difference of opinion over USD 10 million of recoverable costs, there are a few angles. Bowleven’s share of this is only 25% or USD 2.5 million. The money can only be recovered from future cashflows from Etinde In the greater scheme of things, USD 10 million is not that much for a project that could generate over USD 1 billion of cashflows. There has been a 10 year audit trail on costs, which is naturally a big exercise. Bowleven anyway expect this dispute will be resolved. Other Perenco licenses One possible source of complication and delays, is that Perenco could be negotiating /renegotiating multiple licenses with some inter-related and overlapping issues. We already know they renewed the Rio del Rey license earlier this year. Possible sale of Bowleven Etinde stake If this ever happened, the SNH approval process should be less complicated, because Bowleven is a financial investor and not an operator. Geopolitics and costs of capital The Chad pipeline dispute, and change of regime in Gabon, could raise fears of contagion risk, increasing the country risk profile. Equatorial Guinea however looks relatively stable. Geopolitics might increase costs of capital but the auditors agreed to a 15% figure in line with previous years. Perenco in West Africa Perenco is the largest player in Cameroon, and is also active in Ghana, as well as Gabon. Capital raise Bowleven would prefer to see the share price rebound to minimise dilution. The aim is to offer it to existing shareholders, but they could also be open to new shareholders. Some form of hybrid structure could be considered, though a pure loan would be unlikely. Any offer probably needs to be fully underwritten to take out the execution risk. They cannot disclose details of the Crown Ocean proposal, such as the share price, because it is private, and is anyway an ongoing discussion. Domestic Gas This could be important as part of the ESG agenda, in terms of obligations to the host government. Development Finance Institutions If the project gets to development plan and FDI stage, it is possible that development banks and other multilateral agencies might provide some financing. Bowleven has had discussion with banks in African and France before, but there needs to be a clear development plan agreed. Lukoil logistics Bowleven think that Lukoil needs to be aligned on the development plan. Costs There are currently two directors, two finance staff and someone on the ground in Cameroon, at the Euroil subsidiary. Overheads (excluding development spending) could be about 1.5 million a year next year, but not all would be a cash outlay. If the directors defer their emoluments, these amounts will be accrued. The costs of being listed are about 300,000 to 400,000 a year. |
Posted at 07/12/2023 21:31 by ham74 1130 words Q&AFirstly, is it known whether the absence of consent to the NA to Perenco transfer is down to no decision apparently being reached or is it because SNH are seeking to attach conditions to the transaction that are unacceptable to the parties? There has been no formal correspondence from SNH to Bowleven or the JV partners as a whole on this subject. New Age has not provided any specific details of their negotiations on this point. Annual Report page 5 query :- references to "a major shareholder" and "our major shareholder" - can we assume both references are to Crown Ocean only? Crown Ocean Capital in this context. Annual Report page 9 query :- "core initial IM Only field development" not even plus IE-2? What are the projected flow rates of gas and liquids for IM? There is no simple answer as it depends on multiple factors, including (but not limited to) development concept, the acquirer of natural gas produced and the contractual terms of any gas sale agreement, the number of wells drilled, which reservoirs are being produced from and the capacity and design of the gas processing facility. Technically, the maximum rate of initial wet gas production is likely to be up to about 150 mmscf/d. Annual Report page 10 query :- "However, progress delays with the outstanding completion issues and obtaining governmental approvals has been much slower than anticipated. The June 2023 long stop date was not met and Perenco and New Age have informally agreed to continue to work together to resolve all outstanding issues and complete the transaction in due course" - "All outstanding issues", are these all entirely with SNH or are they also between the two parties and has even this Lukoil issue referred to in the H1 Results been settled - "Under the terms of the deal, a number of conditions precedent remain outstanding. Completion of this transaction is notably dependent on Perenco reaching both governmental agreement with SNH as well as commercial agreement with LUKOIL relating to some logistical matters. We understand from New Age that regulatory approval is expected to be issued by SNH and the Government of Cameroon in mid-2023, and that discussions are ongoing between LUKOIL and Perenco." We are not party to the Transaction between New Age and Perenco or any discussions these parties have with LUKOIL regarding specific aspects of their deal that impinge on LUKOIL. So far as we are aware, given a level of communication with New Age and LUKOIL, none of the potential issues relating to the SPA between Perenco and New Age have been resolved. We understand that SNH has raised some issues with Perenco that impinge on Perenco obtaining Governmental approval to acquire New Age’s stake, but we are not aware of all the details and cannot comment more than we already have done. 21 Questions & Answers Annual Report page 10 query :- "We anticipate the current uncertainty will be resolved by early 2024 at the latest by either the transaction completing or by some other means" - what other means do management envision? There is a possibility that SNH and the Government may not approve Perenco’s proposed acquisition, which will require a change of strategy by New Age or different steps by Perenco. In, addition, we also consider that there is a possibility that New Age may seek or be approached by an alternative buyer to Perenco. Annual Report page 11 query :- Is it correct to interpret what appears under "Short Term Outlook" as a JVP ambition to avoid having to hypothecate c 70mmcfd for domestic gas generation to maximize gas available to render a Bioko or a Perenco Plan B development more viable? No, not in the way implied by the question. When we study the technical requirements for producing wet gas (condensate) at a fixed rate, for a finite period of time (for example to meet the commercial requirements under a Gas Sales Agreement) there are corresponding IM-act on the way the field is operated, and this has practical ramifications on liquids production levels and therefore on other commercial and economic considerations which impact the valuation and future cash flow of the Etinde project. In our view, the supply of natural gas to the Cameroon domestic market needs to be assessed as part of the overall development project. Annual Report page 14 query :- Clarification please on timing of possible money raise given mention of present funds lasting through to Spring/Summer and possibly "a small number of additional months in practice" set against on p14 "a raise will be required by early 2024" There are two slightly different considerations: • How long will the existing Bowleven Group working capital last and how can we maximise this period of time using specific expenditure control mechanism, whilst, as a minimum, maintaining our obligations under the PSC agreement, based on the existing draft 2024 work plan and budget (or any amendment following a change in Operator), whilst maintaining a necessary safety margin; and • The second reflects the time it will need to find new potential investor(s), agree commercial terms with them and then seek the necessary shareholder approval at a subsequent EGM. This needs to be completed prior to Bowleven fully exhausting its current working capital. 22 Questions & Answers Annual Report page 14 query :- From the H1 Results of 30th March - "Perenco has not, to date, sought to directly discuss its plans for the future of Etinde development with Bowleven or LUKOIL, although we have been made aware of some of their potential ideas indirectly. We consider the financial and strategic acquisition merits of Perenco’s purchase to be compelling and there are options we think are currently being assessed that would lead to commencement of production at Etinde in a cost effective and profitable way for the benefit of all Etinde JV Partners." However, on P14 of the AR concern is expressed on the possible negative implication for Etinde development of an absence of "public comment" and "private communication" from Perenco. Would management care to comment on the apparent change of "vibe" When New Age informed the JV partners of the proposed transaction, we were informed that they expected the transaction to complete in Autumn 2022, although they subsequently extended this at the end of the year. Since then, a further 11 months have passed, including the 12 month long stop date of the original transaction, essentially with little to no development. This is a concern. After 18 months, can management offer any possible suggestion for such SNH delays given the centrality of O&G revenues to the state set against the RDR fields being in significant decline and Sanaga gas output being projected to "fall off a cliff" in 2026? No. We cannot speculate on the intentions of the Government of Cameroon. |
Posted at 17/11/2023 09:58 by ctc1 The last AGM I attended our illustrious leadership, Eli Chahin and cronies, cosseted themselves in a separate room for refreshments, while we small private investors were shepherded into the presentation room without even a cup of tea or glass of water. |
Posted at 16/11/2023 07:30 by ctc1 yes, it's box ticking and boring. private investors are powerless in the context |
Posted at 10/11/2023 17:27 by wakeland In fairness I don't think anyone either investors or those within the company could have imagined the glacial speed of the Cameroon authorities. It has been dependant on this Perenco deal going through for how many years now? At least they have held off dilution until the spring but if the authorities do not give their blessing sometime soon it is over for Blvn (well for sure the equity). |
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