Bowleven Share Discussion Threads

[hazydaisy] 21/2/2017 23:03

BenA1
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i got this message when i searched for Kevin Hart Bowleven

[bena1] 21/2/2017 22:41

Interestingly, his two fellow authors have lots of publications, this is KS's first.

If you look at Konstantin's linkedin, it's a bit blank...what has he done before?

When you search for photo's of him you get the"certain photos have been removed" etc and only get the linked in photo..

Why be so mysterious Konstantin???

[bena1] 21/2/2017 22:33

So I have done some more digging on Konstantin; I still have not got around the problem of all history being blocked thanks to euro laws, but I have found this;

file:///home/chronos/u-1845cb2ec8d79fd81c620bbd6fa1c6b795551d29/Downloads/Kooperationen_von_Managementberatungsunternehmen_E.pdf

for those of you that do not understand German, Konstantin has just been published as the third author on a paper on "the study of co operation between consulting firms"

again, if anyone has any ideas as to how to find out what has been hidden as is flagged by the euro warning at the bottom of a google search,please let me know. I met him at the meeting and he had NO IDEA about what the future was. HE WAS ONLY INTERESTED IN THE CASH.

[slipanchor3] 21/2/2017 22:20

CYMAN

I'm not a legal beagle but I'm not sure your argument holds to much water if you're are conducting business in the UK you are subject to rules of the FCA and UK Law.

Like many people on this board, I would like to know the full share price on COC, but from the research carried by people on this board, they have been unable to unearth any skullduggery on behalf of COC so where they get the monster image from I don't know.

[d1nga] 21/2/2017 22:08

jag - I want whats best for me and most shareholders (even if they don't realise it) , and that is to have kh ousted at the first opportunity before there's nowt left in the pot - IT WILL HAPPEN if he survives - mark my words

it a 1 by the way (again)

[slipanchor3] 21/2/2017 21:46

JAG, going by your figures it's going to be a very close run thing if we get to the EGM stage. I'm hoping a compromise will be found before we get that far, even if it is only to save some very tarnished CVs.

[cyman] 21/2/2017 21:32

SlipWhat are these fund managers and ii's going to do then? Once coc are in charge and suddenly rns the sales and announce the division? You won't even be able to sue coc as they are well and truly offshore

[tli8jaguar] 21/2/2017 21:19

Slip, besides COC, the IIs hold 38% of the shares. Say 20% are nominees. Say, 10% vote for the BOD. 18% are fund managers who should vote for the BOD. That's 28%. BOD have 1.5%, and that's 29.5%. Share certificate holders own 48%. The BOD need 21% out of the 48% to win.

[d1nga] 21/2/2017 21:13

jag

is that the only comment you have on kh's tenure over the co. you're willing to let the fact go of all the disasters he's been in charge of and just give him another chance ? fool me once shame on you etc etc

it a 1 by the way d1nga ;-)

[d1nga] 21/2/2017 20:44

IF the shares are suspended COC get to implement their plan

BUT as you infer it would be better if COC could put more meat on the bones of it

whether thats possible at this stage is doubtful , so trust is definitely required

BUT to trust in kh further is likely to be painful IMO

[cyman] 21/2/2017 20:10

Thanks dinga that's quite a painful summary and cause for concern But please tell me if the bod goes the shares WILL be suspended. What then???

[bena1] 21/2/2017 20:10

I have just googled the two principals of COC, it is notable that they have asked for some things to be removed from the search....if anyone has any idea how we can work out what that was I'd love to hear it. I have tried using Google.com and switching my vpn so it looks like I am in the states...there must be a cache somewhere?

[d1nga] 21/2/2017 19:27

Benji

Since Hart took over as CEO of Bowleven this is what he has achieved:

Bowleven entered Gabon and exited Gabon.
Bowleven entered Kenya and exited Kenya.
Bowleven entered Zambia, and exited Zambia.
Bowleven has diluted equity holders nearly 10 fold
Bowleven raised $650m from shareholders and a further $250m through the Etinde farm-out (including the free carry and future FID payment), but the company is now worth the equivalent of only $108million.
Bowleven’s interest in Etinde fell from 100% (subject to Government Back-in) to a 20% interest.
Bowleven relinquished operatorship of Etinde, and therefore lead control on the development of Etinde.
Bowleven spent >$200m drilling on Blocks 5 & 6, including sole risking a well, and then relinquished the blocks.
At the 2013 Bowleven AGM, Hart responded to a question from the floor that he personally valued Bowleven’s stake in Etinde at $1bn. Hart ended up selling 66% of Bowleven’s share in Etinde (40% of the project) for $170m cash and $80m in credits. Hart was unable to defend his own valuation through this transaction.
Hart has repeatedly changed his forecasts for the drilling of the appraisal wells at Etinde, from indicating that these would commence in 2016 and then 2017 to now offering no forecast at all. This emphasises how little influence Bowleven has over the project.
Bowleven has been involved in repeated legal actions with current and former partners over failed drilling campaigns, including the sole risked well at Etinde and the recent Bomono fiasco.
Bowleven has spent >$100m on Bomono so far with no tangible results.
Bowleven has gone from seeking a 20-year Exploitation Authorisation for Bomono to accepting a recommendation from the State Oil company of a 2-year Provisional Exploitation Authorisation
Bowleven received cash of $185m during the period May 2015 to October 2016, but has only $95m remaining as at 31 December 2016. Hart has therefore spent $90m with nothing to show for it.
Bowleven claims to have screened 50 new venture opportunities over the last financial period, but failed to complete any deals.
Bowleven has lost the support of its largest shareholder, Crown Ocean, who has vetoed the share buy-back scheme and blocked the disapplication of pre-emption rights (meaning no share for share deals on new ventures without their support). This largest shareholder has now requisitioned an EGM seeking wholesale change at boardroom level.


Considering all this is it any wonder that Kevin Hart narrowly avoided being voted out of office at the 2016 AGM?

[d1nga] 21/2/2017 19:24

late reported trade - not todays

[oilbethere] 21/2/2017 19:13

750,000 @ 34.478p after hours. Quite a premium to closing sp

?COC still accumulating

Should open brightly

[benjimun] 21/2/2017 18:53

'kh was a finance director , billy is a logistics man , they know sweet fa about exploitation of a new gas/condensate field'

This is true, however he has spent years working in the industry, has negotiated deals in the industry and has lead temas have discovered hydrocarbons.
COC have none of this, by comparison there knowledge is poor.

Log lorry , asset stripping , there does not appear to much of track record of anything they have done other than som esort of activism they did related to Bonds(need to look into this to be fair). Their website is basic they, dont have much in the way of references or brochures or track record, hardly trust inspiring.

WSHAK has done due dilligence they appear to have some credibility, although I would like to see full biographies/references which can be tracked/verfied and the proposed appointees have some legitimacy. However this is buiness and this is AIM, onbalance of probability will we be shafted, no , will etinde be sold for a song, yes.

[loglorry1] 21/2/2017 18:24

@GoodGrief the only asset of value is Etinde and BLVN are not the operator. They have no influence they just pick up 20pc of costs minus carry and own 20pc.

Also there is little evidence the current board has O&G experience at least the type that creates shareholder value. They've raised and spent more than $500m and the company was values at a 1/5 of that befor CoC arrived.

[d1nga] 21/2/2017 18:14

Goodgrief - NA and Luk will call the shots - a holding co. is all thats needed to progress Etinde.

kh was a finance director , billy is a logistics man , they know sweet fa about exploitation of a new gas/condensate field

let the big boys run the show , not some pretence of an oil co.

70 odd employess 2011/2 wtf did they do?

these people do not even include their share awards as part of their remuneration package and people still trust them - absolute madness

[goodgrief] 21/2/2017 18:07

Any evidence that CoC have any experience of the oil & gas industry? How are they going to extract the best value from the assets if they know nowt!

[loglorry1] 21/2/2017 18:01

Can anyone point/post to any history where CoC have "asset stripped" a company and other shareholders have been legged over?

This asset stripping term comes from BLVN but I can't see any evidence that CoC have done this in the pas.

[benjimun] 21/2/2017 17:49

I have indeed read the document.
There is so much wriggle room in those brief statements to justify any position they take should they be successful.

They have no oil company experience, they have no connections in Cameroon.

Later in the document they tried to tie in BLVN BOD into the delays in appraisal drilling when clearly this a JV decision.
The appraisal drilling appears to be on the back burner with the JV looking to start at easy monetisation of gas using existing infrastructure/markets.
They might have to wait years for that appraisal drilling to happen, until then they wont be able to sure up resources.

They clearly state that the new noard will determind what is the route to maximise benefit for Etinde, the talk of a 'disposal along the way' caught my eye.
Also BLVN had to farm in with lukoil the project was simply too big for an explorer, seeing this as a failure of BOD is wrong. There is plenty to criticise but that is not it.

Yes there is massive opportunity for them if they are prepared to hold long term but these firms typically are looking to maximise return, v time, geopolitical risk and other opportunities.

As for the other case with commerzbank( i will read up on it ) I imagine they will have looked at how strong their case was and looked at cost v time v outcome and made the appropriate decisions. Note they fought a case in western europe with rule of law, relatively low corruption levels and an independent judiciary. Etinde is in cameroon, they will be in and out at a reasonable price, a deal will be done I am sure of it. I will pleased to be proven wrong.

[hayfield] 21/2/2017 17:15

A lot of shares been offloaded today. This is going to head back to the mid 20s again