Bowleven Share Discussion Threads

[roberto mancini] 23/2/2017 11:00

Cash burn with existing spendthrifts is $8m per annum, a fair chunk of that $93m will be gone by the time Etinde comes online.

COC $1-2m per annum, they are getting my vote.

[winnet] 23/2/2017 10:53

good post Le com, agree with you on most points.

However, i don't think COC will give you a quick 20% return. As other posters have pointed out, releasing the cash and sitting on Etinde will provide no quicker return than the BOD approach. In it a substantially worse proposition because we lose the staff who are playing an active role in developing Bomono and Etinde. As well as the financial flexability. I don't want 15p and a jam butty now... I want 1 pound by 2019...

The real value in BLVN is in Etinde [with some in Bomono] and therefore why would you vote to weaken your development skill set? The argument that BLVN are completely passive as Log has suggest is simply not correct IMO.

[chessman2] 23/2/2017 10:37

I've just received a phone call too for a daughter who holds 25,000 in a nominee account through Redmayne Bentley. KH and his team must be spending a large sum on this exercise.

He has to go; in fact, I think he soon will be gone.

[tli8jaguar] 23/2/2017 09:19

I have no clue, so why was the"return of cash" should even be tabled, as no one really know which Etinde development plan will the JV partners opt for.
1. The EG route will require around $60m. 2. The fertiliser plant is $140m. 3. I think the FLNG was $100m.
So was there any point using return of cash as a bait, if COC are really serious about developing Etinde?

[cyman] 23/2/2017 08:14

Okay kiddies how do you spell 'pump and dump '?

[ihavenoclue] 23/2/2017 08:08

symbo ... COC's last reply states they would only redistribute cash AFTER all asset funding requirements have been catered for ... so perhaps you should do your own research as the question has already been answered so is a waste of time bringing it up as a possible issue.

[symbo] 23/2/2017 08:05

Jag
Good point, if coc redistribute the cash, then the Blvn 20% just gets taken off them if they cannot fund. No free drill, no extra dollar and the operator wins and who says COC don't receive a lovely fat consultency fee down the line.
People are unfortunately greedy and can easily be swayed by returning cash but miss the real rear guard operation with big teeth. I personally don't understand the giving the money back thing as the company will not appear in a position of strength if it has no cash in the bank. I have a bad feeling this is going to get stolen from under our noses unfortunately.

[tli8jaguar] 22/2/2017 21:20

loglorry1, how do you know the call was from BOD?

[loglorry1] 22/2/2017 21:19

Blvn are not operator on Etinde. They pay 20% of costs for 20% share. Despite what KH might tell you they can't stop progress on Etinde or for that matter make it happen any faster. Whoever runs BLVN is in the same position.

[warbaby43] 22/2/2017 21:08

So far no call or mail shot to me (Barclays) or to my little brother (TD) Are these calls just polling actual vote or intention, or are they persuasion exercises?

[tli8jaguar] 22/2/2017 21:06

I have one silly question to ask you guys, if Equatorial Guinea route approved by JV partners, COC wins the vote. Can COC stop the Etinde development?

[loglorry1] 22/2/2017 20:24

....annoying that it's our money they are wasting on these phone calls. I've voted CoC today. Far the better of the two weasels.

Log

[roberto mancini] 22/2/2017 18:43

You do realise KH will be worried sick he will not be able to feed his children.

[hazydaisy] 22/2/2017 18:28

I've just had a call from Bowleven too

[slipanchor3] 22/2/2017 18:01

I've had another two calls since the initial call I mentioned, both from the BLVN side of things. Panic must be setting in.

[holts] 22/2/2017 17:45

Also just had phone call , more bloody effort going into preserving their gravy train than they have put in to preventing the value destruction over the last few years , they deserve to go for that alone .

[ihavenoclue] 22/2/2017 14:22

iamthedogman
22 Feb '17 - 13:17 - 14761 of 14763 2 0

Told him I was undecided atm and awaiting to see if further developments in next fortnight

==================================

Like the pigs on animal farm scared they are about to have their trough taken away.

Very nice, if edited - swearing would have been warranted IMHO, reply that says "The ball is in your court" ;)

[belo horizonte] 22/2/2017 14:03

I have held for more than 4 years and I have been amazed by the arrogance of Hart, both with his pay and his refusal to timely inform shareholders of what is happening in the company. I wrote to the chairman about this late last year, comparing the lack of information given by AIM companies compared to junior companies on the TSX, that have to post quarterly operating and financial reports.
The upshot was that he obviously put pressure on Hart and there has been more effort in recent months but to my mind too late. COC have put a lot of their own money into the company and they have the right to have one or two members on the board. But they haven't earned the right to take over the board. I have therefore voted for the two COC directors and voted to remove two of the current BLVN directors, one of which is Hart. His day is done IMO.

[warbaby43] 22/2/2017 13:46

A shot across the bows of Billy and his mudslinging:

[iamthedogman] 22/2/2017 13:17

There all at it now !!!!!!

Just had a phone call from Bowleven asking how I am voting...........

Pity it wasn't KH on the other end.....

Both sides must be shi..ing themselves if now chasing around drumming up votes.....

Told him I was undecided atm and awaiting to see if further developments in next fortnight

[ihavenoclue] 22/2/2017 13:15

Benjimun
22 Feb '17 - 10:29 - 14753 of 14759 0 0

Ihavenoclue,
re your last post: yes that is possible, however I think KH is looking increasingly untenable another CEO might well be able to.

====================

Fair enough ... I agree. I have been a holder for 3 and a half years and I am more than brow beaten by the same carrot still being dangled with nothing to show for a rapidly reducing cash pile.

Even the markets have no faith with Bowleven board as we would be around 23p now if it not for the COC situation.

I am now thinking that a small profit now (45 - 50p) would be better than waiting for the mystical carrot in 2 - 3 years down the line.

Regards
IHNC

[winnet] 22/2/2017 12:02

bhoy - not many of the board have been there all that long. The FD is a former PR girl, who was only put on the board relatively recently, the chairman is new (last year or so) and David Clarkson has only been about a few years. KH, fair enough, but firing thw whole board is slightly unfair IMO.

[roberto mancini] 22/2/2017 12:00

IMO

Vote for KH at your peril unless you want more jam tomorrow.
The cash will be wasted on further exploration.
Nothing will be monetised, at least not in the short term under KH.
And that means more placings as cash is depleted.

His track record is abysmal.

[bhoytrader] 22/2/2017 11:39

Fair enough winnet but I don't think the current board have earned the opportunity to deliver their strategy. In my view they were given a huge opportunity over the last few years and blew it. More capable management would have taken advantage of the energy crisis and cash pile to be sitting pretty now.