Bowleven Share Discussion Threads

[corrientes] 05/10/2016 09:35

That is only a contributory reason for the present situation,but looking at other AIM shares that have done well,it cannot be the main reason.

[w1ndjammer] 05/10/2016 09:31

you can`t hold a good company down......

WJ.

[leedskier] 05/10/2016 09:24

This share is not trading at 25% of fair value because it only has $100 million in cash.It is trading at low levels because the small cap cash equity market is broken.Why is it broken,?Because the MM do not have the cash to support it at fair value. Since under the 2011 rules they cannot leverage their tier 1 capital, they cannot borrow cash to bolster their position either.

[warbaby43] 05/10/2016 08:54

"In the intervening period cash movements have principally resulted from cashflows relating to drilling/testing post completion of these activities at Bomono and ongoing running costs including those associated with both our assets in Cameroon"

In the 30/06/15 Cash Flow Statement, $33,500,000 appears as "Purchases of intangible exploration assets" and in the Financial Review this is explained as "This relates mainly to expenditure incurred prepared preparing for and drilling two exploration wells on the Bomono permit alongside activity on Etinde and Block 11B in Kenya (which was primarily covered by First Oil funding"

Having already spent $33.5m mainly on Bomono, difficult to understand how expenditure of multi millions more there can be explained at this stage.

Small wonder this is such a sense of unease here.

[tli8jaguar] 05/10/2016 08:52

I totally agree with you Corrientes, the BOD seems to have the backing of the IIs, they hold 50% of the shares, that is the reason why they can treat the PIs with contempt. The RNS are so brief and ambiguous is beyond belief.

[corrientes] 05/10/2016 08:36

What's the latest in all these plans for acquiring profitable but distressed small oilers ?

Disgusting doesn't begin to describe the situation. The arrogance and contempt for the company's shareholders takes the breath away, but at the end of the day we are the suckers.

[billytkid2] 05/10/2016 08:23

That cash burn is quite alarming. I thought Bowleven were forecasting outflows of below $1m a month. Update due on November 8th should give a clearer picture.

[targatarga] 05/10/2016 08:21

If KH can't run this company; what makes people think he could buy another and make it work!

[griff2711] 05/10/2016 08:14

Probably a pathetic legal claim against a company who are basically bankrupt anyway. That or development planning! Something needs to change whether it's right at the top or the CFO. What ever happened to directors putting some of their salary into shares?! Funny that.

[gark] 05/10/2016 07:55

Board should be fired and company sold. Total mismanagement. How do you spend 10mn on nothing?

[w1ndjammer] 05/10/2016 07:52

remember the noc that walked away from Bomono yonks back, writing was on the wall then. Our Kev spun the yarn that they didn`t have the money to complete the deal
hmmm !!!!

when you look at what the likes of HNR and TLOU are achieving with a fraction of the money Bowleven have wasted, it puts into prospective the failings of the management here.

windjammer the troll !!!!!!!!!!!11 lol

[stansmith3] 05/10/2016 07:41

i think the point is, etinde may not turn out as hoped for and by then they may be down to 50m cash - an entirely possible outcomeand the market applying a hart discount so far has been quite rightrapidly becoming all or bust in etindeyou can get these types of bets all over the place, was different when they had 145m in the bank...

[bengal1] 05/10/2016 07:36

Lastly...what do you think will happen to the remaining cash when Etinde gets pushed back again...there may be $45m free carry on drilling, but how are the development costs going to be paid for?

[bengal1] 05/10/2016 07:32

A buy back of own shares is also ridiculous..the Treasury is already 15% down on those purchases.

[bengal1] 05/10/2016 07:31

No it absolutely aint a ridiculous comment...how long do you think what is left is going to last?? You tell me kind sir.

[griff2711] 05/10/2016 07:27

Bengal; ridiculous comment. Fact still remains our cap is nearly covered by cash & Etinde is still a world class find of which we still own 20%.

[bengal1] 05/10/2016 07:26

$100m left out of $180...disgraceful.

[stansmith3] 05/10/2016 07:18

worth mentioning that many people predicted they would burn this money and were called trolls herei took a bit of flak for losing faith when they announced the aminex fiasco - costs still to be detailedlonger term and recent history does show a poor return for share holdersgeoff/james did claim bomono deferredgiven how 750m has been turned into 100m, it pays to stop drinking the kool aid herewill the buy back resume? almost certainly if etinde drilling delayed

[bengal1] 05/10/2016 07:15

This will plummet back to its former share price range as investor confidence is eroded.

[tli8jaguar] 04/10/2016 22:09

At 30 June 2015, Bowleven had $145.3 million of cash and bank deposits and no debt.

The Group had a cash balance of circa $120 million at 31October 2015 and no debt.

At 31 December 2015, Bowleven had $108.0 million of cash and no debt

As at 29 March 2016, the Group had circa $100 million cash and no debt.

As you can see the cash burnt on the reports, why no one asked the company?

[griff2711] 04/10/2016 20:14

Was never a SPA so won't be a break fee. Plenty of money burnt on DD though no doubt.

[stansmith3] 04/10/2016 20:03

Still waiting to see if there was a break fee for the Aminex fiasco.

[slipanchor3] 04/10/2016 19:59

I have got the feeling they will need more than a buy back by the time Crown Ocean accountants gets to the bottom of things, possibly a good Barrister.
AIMHO

[spectoacc] 04/10/2016 19:40

No wonder they felt they needed the buyback.