Bowleven Share Discussion Threads

[ctc1] 26/11/2024 17:58

In fact non of the current board have any oil company/industry experience from their bios. Doesn't bode well for a positive outcome.

[ctc1] 26/11/2024 17:55

The problem is that Cameroon don't agree to anything, don't do anything, and don't want anyone to do anything.

[ctc1] 26/11/2024 17:53

Stoyanov is now in charge. I don't think he has any experience in the oil industry. Hopefully he can strike a deal with New Age and get us out.

[glavey] 17/9/2024 15:38

"they haven't passed the 75% threshold which was probably an aim "

Isn't that irrelevant.


"I genuinely believe the company can raise money more easily and at a better valuation as a private company."

Maybe the clue's in the name: Crown Ocean Capital.

[warbaby43] 13/9/2024 13:58

Surprising that they haven't passed the 75% threshold which was probably an aim and be no surprise if they now proceeded to buy in the market in the period up to 23rd September.

[dealy] 13/9/2024 08:03

I think it is pretty much as expected. I genuinely believe the company can raise money more easily and at a better valuation as a private company.

[ham74] 12/9/2024 16:02

So Crown Ocean have only gone from c 58% to c 72%. That suggests only 14% accepted the exit offer, and nearly 28% will remain in the private company. Is this more or less than anyone expected?

[glavey] 09/9/2024 13:43

Are there any spare straws left?

[warbaby43] 06/9/2024 14:10

Q&As now up on the website:



A guess would be that, given the importance of what's afoot, the delay has been due to getting clearance from the NOMAD and lawyers for their content.

[dealy] 02/9/2024 11:45

I just listened to a podcast from the FT about the Nigerian oil market. They have just completed their first refinery at a cost of 20 billion USD. Cameroon is adjacent to this. This could be an opportunity for Etinde?

[warbaby43] 02/9/2024 10:34

Am I looking in the wrong place or have those Q&As plus the promised elucidation on the Matched Bargain arrangements yet to appear on the BLVN website?

[ham74] 28/8/2024 14:27

4 shareholders attended the AGM. Watch out for a Q&A on the website that should hopefully answer many questions.

[ham74] 26/8/2024 13:05

Thanks, I will pass these on, and fingers crossed for some good responses.

[warbaby43] 26/8/2024 10:28

One other issue which has long been skirted round at AGMs but with BLVN going private might now get answered is:

- Just what is the maximum potential output for the IM and IE fields (assuming the IE issues can be resolved) both for gas and, importantly, for liquids?

The other development question relates to an alternative to Bioko that might be preferred by the Cameroon government, given the major economic problem the country has with foreign exchange consuming import bills, not least for LPG and fertilisers

- Given that there have been repeated recent reports in the Cameroon media of the government again looking seriously at construction of a fertiliser plant, have SNH raised this with the JVP?

[warbaby43] 23/8/2024 12:37

ham74, herewith some suggested questions for you or anyone else attending the meeting though I would again recommend that once you have compiled a full list, you forward it to the company to give them some notice.

Hopefully, like at AGM time you will again be able to provide the same sort of excellent report you provided post that meeting.

- Directors to reduce salary/fees – meaningfully, ie at least halved?

- Presumably OVMK is staying on board but can anything be said of the position of the other 3% investor?

- The transition from PLC to Limited = a new entity so is consent required from SNH and been received?

- How much is this exercise costing and how much of the $2m raised in March will remain once complete and what is the forecast monthly expenditure for the next twelve months?

- Are COC contributing to the cost of this transition?

- Can an indication be given of the sort of updates the new limited company will be providing to shareholders via the company website?

- As the operatorship is pivotal and as, post Perenco interest, New Age dismissed their tech team in Autumn 2022 is it known if they have recruited/are recruiting replacement personnel commensurate with their position as Operator or are they still seeking an exit from the JVP?

- At the time of the Interims, it was indicated that a meeting with SNH was anticipated regarding the proposed pursuit of the Bioko development concept, did that meeting take place and were SNH supportive?

- Is the JVP yet unified on the form of Bioko development concept?

- Are the considerable tax losses accrued by the PLC transferrable to the LTD?

- As part of their "Open Letter to Bowleven Shareholders" of February 2017, COC posited "With Bowleven becoming an efficient, one-asset company with available tax losses to shelter future taxable income, we view it as a likely scenario that he final monetisation of Etinde would take place in the form of a corporate transaction, ie an offer to all shareholders by a third party"  - does the new board of Bowleven Ltd share that forecast likely scenario? 

[ctc1] 19/8/2024 17:02

I've read it but not confident what it describes will suffice as replacement for RNS.

[ham74] 19/8/2024 16:23

For a start, they have committed to maintaining the website. And the articles of association on the website, may reveal more.

[ctc1] 19/8/2024 16:04

Qn: How do they plan to communicate with those minority share holders if at all?

[ham74] 19/8/2024 14:21

I should almost certainly attend, so long as a flight the night before is not delayed.

Would you, or anyone else, like to suggest questions, say by Friday latest? We might also end up with a Q&A from the company, like last year.

[warbaby43] 19/8/2024 13:19

The documents need to be read in full for a full understanding of the implications of the transition from a public to a private company not least the shareholder protections that will no longer be available. A lot of questions are inevitably triggered.

Are you, or is anyone else, intending to attend the General Meeting?

[ham74] 16/8/2024 08:11

Have you reviewed the Articles of Association? Anything unusual in them?

[warbaby43] 13/8/2024 09:28

Not sure why that should make any difference, FID still almost certainly several years away and risks remain the same public or private. Just going to be much more difficult to trade the shares so crunch time for hard decisions.

[ham74] 10/8/2024 14:31

Warbaby, You have been around longer than most. Do you think there is any more chance of FID as a private company than as a public one?