Bowleven Share Discussion Threads

[gark] 19/2/2017 19:46

Allowing current management to remain in place will lead to further dilution and a further drop in the share price. Time for change.

[durby] 19/2/2017 19:00

Worth considering what happens if the company continues spending its cash ($95m left after spending appx $90m in the last two years).

Well at some point Etinde will be taken to production. While the company has free carry of up to $40m for the next two appraisal drills, the company has to provide its share (20%) of building the production infrastructure, production capex. At this point in time there is no clear estimate what this cost will be like. So if the company does not conserve cash, there may be a need to raise cash to support taking Etinde to production in not so distant future.

So worth remembering what the potential implications of the approach suggested by the company means on cash needed to take Etinde to production ...

Hence in my opinion the company's proposed strategy of continuing to spend its cash reserve is very risky and flawed.

[yasrub] 19/2/2017 12:30

Donpatrol based on the PI meeting in London I took the implication that the appraisals were way off and the EG off take route would be a real possibility that was the steer from KH. It would allow the JV real cashflow whilst optimising when they drill - circa $165m.

This was quite telling to me in that obviously New Age (operator), Lukoil totally control what will happen, the timing and are in for the long term. I cannot see New Age doing any favours with past litigation. Taking this scenario I am questioning what the BOD would actually be doing (20% no real influence) and would I want them with this potential cashflow based on past expenditure and lack of tangible success in the last 2.5 years. Perhaps this is where COC are the ace in the pack - cashflow would be returned, should the two appraisal wells in time prove Entinde as world class the 20% could significantly rerate.

Lastly I touched on past litigation with New Age and Bowleven I have seen little or no comment on how that relationship may be. In my experience if two parties have been involved in commercial dispute/litigation the relationship is normally fractured.

[donpatrol] 19/2/2017 11:54

The only thing that can save KH`s skin now is if Lukoil/Newage announce that they are mobilizing a rig for Etinde.

[ramayer] 19/2/2017 11:49

If this workshop is going ahead next week with all current active parties there, what are all the others going to think about blvns current dilemma, are they more likely to ignore it or sway to either delay matters to see the outcome or push for a route to market quicker? It could be a good indicator to how well we are thought of in Cameroon? .....does anyone know dates and if its 100 percent scheduled?

[neilyb675] 19/2/2017 11:19

my secretary has been instructed to hold all my calls and to inform COC that they have my vote.....

my secretary makes lovely coffee as well....

Midget gem anyone ??

[d1nga] 19/2/2017 10:44

Nominee with barc , no call but already voted. 200000 held.

[gark] 19/2/2017 10:41

Fantasy? I received calls from company and COC and the company circular delivered Thursday last week.

[fireplace22] 19/2/2017 10:06

Don I received a call on behalf of of COC on Friday. I told him I had sold down most of my small holding (by comparison with yours)so the conversation went no further. But the calls are real enough. btw my shares are/were in nominee with Barclays.

[donpatrol] 19/2/2017 10:03

I hold 400k shares,not a small amount of shares, not the largest either. I haven`t received any phone call from my broker or anyone as to which way i am to cast my votes.
I think some folk here are indulging in a bit of fantasy.

[durby] 19/2/2017 10:02

Since the 2007/8 financial crisis, it is now a standard practice in financial institutions to have clawback clauses tied to bonuses for people who are deemed as material risk takers. So that bankers do not get away with short term profits that in the long run screw up the customers or the bank.

About time such clawback clauses are introduced across all sectors - at least for Board members and executive directors. That will flush out some of these rotten apples that sit on various boards.

[durby] 19/2/2017 09:53

The big risk now is that some of these leeches resign with massive exit packages even before the votes are counted thereby crippling the cash balance. I hope there is some protection in place against such probable plain daylight robbery!

However the rebuttal RNS indicated that these lots were going to get their share bonuses (LTIP) in 2016 but decided to defer it due to market conditions. But what the hell did they do in 2015 / 2016 to deserve that - they did not bother to explain even though there is no progress visible to shareholders. So such a raid on the cash balance wouldn't be a completely improbable scenario.

[tli8jaguar] 19/2/2017 07:55

Obmuj --You are right, so for example, if you voted against the first three resolutions, and voted for the rest of them, you will be left with a situation that COC have no control. Only Billy Allen and David Clarkson left on the BOD.

[888icb] 19/2/2017 00:27

No you are right each Director is voted on separately in their own resolution.

[obmuj] 19/2/2017 00:14

Good point raised on III.
The voting form allows for individual directors to be voted for,against,abstain.
So it's not an "all or nothing" vote?
I.e. And as example only : We could all vote to keep the board and just vote KH out?
Or am I missing something.

[gark] 18/2/2017 22:33

Totally agree Durby, they should be voted out and I think that will happen in a couple of weeks time.

[durby] 18/2/2017 21:59

The directors keeps patting on their back about the so called Etinde success. Reality is that Bowleven is probably unlikely to recover even what was spent on Etinde drills if you go by the valuation of Etinde when the farm out was agreed (when oil price was significantly higher too). Here's a post from another forum written two years back that is worth noting.

[durby] 18/2/2017 19:39

The company received appx 34p a share in cash from the Etinde farm out. Now about over 20p a share is left from the cash received. How long before this 20p becomes 10p and then 5p .... without anything to show for it if the current board, their roll the dice and self reward strategy is allowed to continue. Time to say enough is enough.

[durby] 18/2/2017 19:25

398p and 221p ... mmmm .... not sure we will ever see them again. Worse if KH and cronies are allowed to continue, a single digit pence won't be too far away.

[guy_fawkes] 18/2/2017 18:49

Historical information regarding Dragon Oil dated 17-02-2012.



Bowleven soars as Dragon mulls bid
Oil and gas explorer Bowleven saw its shares jump more than 60pc on Friday after Dragon Oil announced it was considering a takeover bid for the West Africa-focused company.
"Dragon Oil notes the recent movement in Bowleven's share price and confirms that it is in the preliminary stages of exploring a possible offer," it said. "There can be no certainty that any offer will ultimately be made or the terms or timing on which any such offer would be made."
Analysts at Jefferies said: "Bowleven is the only stock in our universe trading below our estimated core asset value. If we assume Dragon is willing to pay for Bowleven's exploration acreage, it could offer up to 221p per share, based on our risked sum of the parts."

Edinburgh-based Bowleven traded as high as 398p in January(2011) last year, before a series of disappointing drilling updates on discoveries in Cameroon, West Africa, saw its value plummet.

[d1nga] 18/2/2017 18:30

Warbaby I'm with barclays and in tyne and. Wear , I received the bumf from blvn a couple of days ago , there was nothing from coc , re voting with barclays you just log in to your account and use the drop down menu under the contact us box , let them know your precise instruction and highlight which account it applies to

Hth

[durby] 18/2/2017 16:52

Well selling the company would have ended the gravy train for these lots - wouldn't it? Besides the directors hold so little shares in the company (1.5% in total - which includes a whole bunch they rewarded themselves for their outstanding performance) .... So am not surprised they showed little interest in selling the company ...