Bowleven Share Discussion Threads

[tli8jaguar] 25/1/2017 19:38

Just look at BHS, Mr xxxxx clear the pension fund, no one can do anything about it.

[tli8jaguar] 25/1/2017 19:23

Come to think of it, there was a fake Bowleven website with head office in Paris not too long ago. So first they move the head office address to Paris, then they write a cheque from Bowleven Holding company to someone in Monaco for the princely sum of $99m. Then they disappear, Mr Clarkson goes to jail.

[cumnor] 25/1/2017 19:06

Given the large sums at stake, and the mess they have created, perhaps someone with much invested here should take one of the bod aside and try a quiet word to achieve the desired effect and persuade them of the error of their ways, before this gets intolerably messy? A bit like brexit-it may be in both parties interests. imo

[paulbiya] 25/1/2017 19:02

Share prophets are the Cenkos of the penny share world

[thatbrat] 25/1/2017 18:56

Value of Etinde - ShareProphets and various individuals on ADVFN/LSE/iii are quoting the value of Etinde at around 50-60MM.$ (including 40MM.$ carry for two appraisal wells; 25MM.$ at FID), and simply adding that value to the current cash in the bank, to derive a BLVN target share value of 35-50p.
Disregarding the carried wells (which are impossible to directly convert to 40MM.$ cash value), you only access the 25MM.$ on FID, and if you access FID then you are 1 year away from massive revenue stream coming online…so why would you sell your shares at 50p AFTER FID was passed and significant share price upgrade imminent? Makes no investment sense…
Additionally, the above evaluations are taking no account of the actual value of the hydrocarbons in the ground. The FIRST YEAR alone of gas and condensate sales from Etinde (using IM-5 well data of 60MM.scf/d and 130bbl/MMscf, 10$/MMscf gas; 65$/bbl.condensate, quoted publicly) from 3 producing wells (IM5 plus two appraisal wells) would yield, for BLVN’s 20% share, 242MM.$, which discounted at 10% from 2015 is 165MM.$ value today (equates to 52pps). In the FIRST YEAR! So to ‘breakup’; / ‘asset-strip’ / sell BLVN at 50p per share (ie for effectively 1st years revenue) would be a senseless tragedy, when 20+ years of further revenue are still to come.
At the very least BLVN breakup values are considerably higher, as current fully monetized BLVN share price valuations of Bomono plus Etinde approximate to 205p (with Etinde=1TCF, the current resource status); 676p (Etinde=3TCF, this is the P90 of the 2 carried appraisal wells); and 1455p (Etinde=6TCF, P10 of the 2 carried appraisal wells).
A new board, cannot create new value, because it cannot action change now that BLVN does not operate Etinde. A new board will truly destroy value wrt BLVN share price potential. Current share price movements beyond cash, without operational progress, are ‘smoke-and-mirrors’ value. Disregarding the Bomono disaster, Etinde progress is now out of the hands of BLVN, and awaiting overall ‘partner alignment’, NA operator/CamGov agreement on development plan, drilling of 2 wells, and FID.
Vote against the COC proposal. Allow NA/CamGov to progress to FID and realise true share price potential.

[tli8jaguar] 25/1/2017 18:43

THIS IS A CASE OF "ASSET STEALING". No one will investigate this type of international theft.

[tli8jaguar] 25/1/2017 18:23

I wonder if that $99m disappeared altogether after COC take over the BOD, who will be answering to the poor PIs? and the IIs, for that matter, because there is no BOD, is there? Not really.

[cumnor] 25/1/2017 18:09

Agree, SS.

[stansmith3] 25/1/2017 18:04

hayfieldive seen similar numbers around, if reasonable then the only real upside is the further drills on etindeby that time how much more will the board have wasted?drilling risk can be bought anywhere, no need to hang around hereso what has bomono cost, 25p per share?while oil cos have doubled in the last ten months blvn has gone sideways as the cash pile has been squanderedthere may come a day when 26p looks good for this fiasco of a companyhow anyone can support this mob is just beyond me

[fluffy_dog] 25/1/2017 17:54

Perhaps we will get an update from BLVN before the meeting. Hart may say Bomono finally gets the BEAA and hopefully onwards to near-term production? We hope. Etinde? We need to see some commitment from camgov and drill dates finally confirmed (not waffle like "expect drilling to take place in H2" etc). They were supposed to source rigs last year and given long lead times I hope something has been done. Hart should have learnt his lesson by now and I wish he diversified out of Africa altogether when we received the $180m and paid off Petrofac and relinquished Bomono (the "low-hanging fruit" according to Ed). Hindsight is a wonderful thing!

[cyan] 25/1/2017 17:16

Shore Capital Reaffirms Buy Rating for BowLeven PLC (BLVN)

[hayfield] 25/1/2017 17:08

Cash $100million
Etinde $55 million
Bomono $10 million

$165 million / 370million shares = $0.44

$0.44 = 35p

[tli8jaguar] 25/1/2017 16:56

le_com, but they don't act like the way you described in no.1 camp. I think they want to take the cash then sell the assets for whatever they can get.

[le_commissaire] 25/1/2017 16:13

Winnet

I shopped in Aldi once when i was over seeing my wife's family, so that makes me a socialist and as salt as the earth as corbyn :)

Jag

1. COC

They may not be everyone's cup of tea but at least they have the ability to make waves.
Their last outcry with the board proposal did not do them any favours and i believe has given the board a point or to to use as an example at the shareholders meeting.

For the life of me i cannot see what made CoC act so rash. I have come across them in the past and they have always been very stealthy in their actions. That last set of proposala made them look like Laurel & Hardy.

[donpatrol] 25/1/2017 15:44

What ever is going on at the moment is only guesswork. No-one here knows thats for sure. As it stands the buying continues, share price is rising and if the buying continues this could soon hit 30p.
The Guns of Navarone made a a right blunder off loading those shares back at 23p

[tli8jaguar] 25/1/2017 15:25

Malcy on BLVN in full:

"The FT reports what has been significant gossip in the sector lately about a Monaco-based investor who is amassing a stake in the company in order, one presumes to snaffle the cash. Crown Ocean Capital is asking for virtually all the board’s heads on a platter and has two directors ready to take over. I am grappling with my recommendation on BLVN at present ahead of the bucket list changes but although I know there is discontent I am not quite so sure that it is well directed. The company took a huge cheque in farming-out in Cameroon in recent years and is set pretty well as a result. It is not their fault that the new owners havent spun the drill bit yet but $250m gets you over a lot of things. I have personally said that I would have done some things but in general am not pointing my guns at the BLVN board even if I sometimes wish they might be a bit more proactive."

[ifthecapfits] 25/1/2017 15:19

I once asked an individual in B&Q where their socket sets were located. The individual in question said quote "I don't think they make those any more" - LOL'd all the way home.

[cyan] 25/1/2017 14:57

Malcy on BLVN



Extract;

"I have personally said that I would have done some things but in general am not pointing my guns at the BLVN board even if I sometimes wish they might be a bit more proactive."

'a bit more proactive' understatement of the year imo.

[tli8jaguar] 25/1/2017 14:55

le_com, you are confusing me here, who is in no.1 camp?

[winnet] 25/1/2017 14:43

Nothing wrong with the folk who work in B and Q Le Com. I have always found them to be helpful and congenial. Don't be such a snob!
:-)

But yes, i agree with all of your post.

[griff2711] 25/1/2017 14:08

Billy completely agree!

[le_commissaire] 25/1/2017 14:06

goodgrief

RR reckon they will sell more wraith black badge in South Africa than the whole of the UK combined. They had a launch night for the wraith just recently and took advanced orders on the night.

Beautiful outside but obviously designed inside with new money footballers in mind looking at the garish neon embellishments. Almost as garish as Bentley's Bentayga that should come with it's own fluffy dice, his and hers window sticker.

Jeremy Clarkson, eat your heart out :)

[winnet] 25/1/2017 14:05

Billy, Agreed.

They have got costs down 50% since operational highs, although this is clearly not enough. The cuts need to be deeper and more radical. I see the BOD returned their LTIPS last year. How about a pay cut until such time as we generate revenue. Hart would endear himself to the moaners if he took such an action. IMO