Bowleven Share Discussion Threads

[cyman] 20/3/2017 22:16

Log glad you said it about the tipster and not me. Totally agree that there is not a word that comes out of that source that anyone can rely on. It is a very dark world and of course totally unregulated and......

[cyman] 20/3/2017 22:13

Benjimun If anyone offers me 60p for what I have left i will be dancing naked down Oxford Street and buy everyone on the bb lunch I cannot see that return here any longer I am afraid to admit. No matter what happens

[benjimun] 20/3/2017 18:54

warbaby43,
If and when COC have their reps on the BOD of BLVN I guess we will find out.
If malcy has accurate infomation of an offer being lined up by COC then I guess we will see what COCs real intent all along realy was.

As you say the commerbank bonds action indicates that COC can have a long term outlook if the returns are there, hopefully this is the page they are on.

I would prefer to keep the cash on the balance sheet and wait to see how the land lies post appraisal drilling.

[warbaby43] 20/3/2017 18:21

The refrain that COC only want a quick buck or have a deal lined up to sell Etinde/Blvn for 50p a share might have a smidgeon more credibility and validity if the Etinde appraisals and/or an agreed path to monetisation were ten or even five years away, but they ain't, with instead, the strong probability being that they're only 12-24 months away or 36 months max.

Additionally, the Eurohypo/Commerzbank saga indicates that COC are quite happy to dig in for years to pursue their investment and given that during that long and eventually court determined battle, a settlement would inevitably have been offered at some stage by Commerzbank and that COC declined any such deal and stuck to their guns, should tell its own story.

Indeed, I have every confidence that if Billy did get one of his mates to attempt to buy BLVN for 50p a share, COC would vote their holding against such a deal. My post 14711 refers albeit predicated then on their having 60m and not 70m shares. COC can plainly see, along with many here, a far larger return than a measly 50p especially when the timescale is, in investment terms, so relatively short.

[loglorry1] 20/3/2017 16:48

You can assume anything Malcy writes has been endorsed by the BLVN board (the old one) or just made up. Most of his wittering todate has been pro Hart et. al.

Suspect just another attempt for BoD to flush out a white knight. One wonders why they'd want to acquire BLVN now when they could have approached at 25p. Surely a serious bidder would be well aware of the situation anyway.

[benjimun] 20/3/2017 16:48

Oil retire,
I think a lot of investors would thnk 60p is an incredibly poor deal, I know I would. However alot of recent hight value buyers would be very happy with that I guess.

As you can see from Stansmith3 above the type of approaches that will be used to discredit a longer term appraisal strategy.
'The appraisal is a gamble', it is not!!. It is simply establishing how much etinde has and if the x2 appraisal wells are as good as expected an LNG plant is also on the cards alongside gas to power and fertilizer plant. This is why the delay over commercialisation has occurred, the first well was so good, and there is massive potential upside.
From stans posts I am guessing he is looking for a short term 50-60p return, thats fair enough.

I did indeed start posting on this board only recently but if you care to view my posting history I backed the BOD but it was a pragmatic decision. I have posted that if COC are in it for the long term I will apologise on the board publicly.
In addition I was happy to see KH go and happy to see BLVN wound down to post appraisal sale.
I saw this as long term asset play and thats how things seem to be going, once COC came in I wanted to get a better handle on how it might pan out.

[durby] 20/3/2017 15:55

Apparently Malcy's spies are on a troll on these BBs to hoover up some secrets. And in the process they came across this gem - that COC got a buyer lined up!! And winnie puppet goes clap clap clap - that's it - I told you so!!

[bhoytrader] 20/3/2017 15:45

I think Malcy's spies are a few random posters on these boards.

[stansmith3] 20/3/2017 15:36

benjiby swarm the board do you mean in the same way people like yourself turned up to put the case against coc?

[oilretire] 20/3/2017 15:00

60p would be a fantastic conclusion for me personally.

I'm hopeless at selling & to have the end game forced upon me, at what would be a damn good profit, would be a good thing after all this time, again personally speaking.

Not saying it's fair value or not, just good for me.

However, I think you are correct, many many others would view it as a damn good deal.

[cyan] 20/3/2017 13:13

"My spies tell me that COC have a buyer lined up for Etinde and of course the Bomono deal with VOG is still on the table doing both of those deals would effectively finish the sad tale."

[cyman] 20/3/2017 09:06

If the ST article is to be believed and I for one think they might have some inside information that we are not privy to then effectively what the bod is saying to coc is 'you want control then buy the company '. That should be beneficial for us but probably not what coc had planned

[donpatrol] 20/3/2017 08:43

Don`t expect any RNS, you will sweet FA from them for months on end

[fft] 20/3/2017 08:40

If the ST story is even vaguely correct about a strategic review and a possible sale, then an RNS should be issued asap. However given the disregard shown for shareholders in the last few days i suppose it would be too much to ask....

[slipanchor3] 20/3/2017 08:40

If, as suggested by some of the media BILLY&KEVIN are looking for a buyer, and COC already have a buyer we could end up in a bidding war to the benefit of shareholders.
Maybe that is what is driving the price north.

[pugugly] 20/3/2017 08:25

I know who I would prefer to negotiate the sale - The COC boys are very smart and tough cookies and I would be my last $ they could get a better price than Allan/Hart.

[oilretire] 19/3/2017 14:30

From the other thread for those who don't subscribe to the ST

APHRODITES19 Mar '17 - 12:03 - 40523 of 40523 1 0
Article in Sunday Times 19-3-17

Embattled oil explorer Bowleven has hoisted the “for sale” sign after a shareholder putsch saw top two executives voted off the board last week.

Chairman Billy Allan has kicked off a “strategic review” in an apparent attempt to flush out bidders for the Africa-focused minnow, industry sources said.

Suitors, however, could be deterred by the upheaval in Bowleven’s top ranks. Last week, activist investor Crown Ocean Capital ousted five directors, including boss Kevin Hart, and finance chief Kerry Crawford.

Crown Ocean, which owns 22% of the company, failed to depose Allan, who just survived with 50.65% of votes cast in his favour. He has refused to sack Hart and Crawford — even though they are no longer directors of the company.

Crown Ocean, which is based in Monaco and backed by two German businessmen, has called a second extraordinary shareholder meeting in a bid to remove Allan, and install two more of its appointees on the board.

“We now see a significant danger posed by either a dysfunctional board or one controlled by Mr Allan who could use his casting vote to maintain the status quo and protect his and the old leadership’s entrenched positions,” said Crown Ocean.

The fund began building up its stake in Bowleven, which has a market value of £112m, last year. It believes that the company has not adequately developed its main asset, the Etinde discovery off the coast of Cameroon. It also criticised boardroom pay levels. Hart took home £568,000 last year, compared with £903,000 in 2015.

Crown Ocean wants Bowleven to get out of oil exploration and production and return its excess capital to shareholders.

Bowleven has accused Crown Ocean of a “blatant attempt” to grab its £76m cash pile. Unlike many rivals, Bowleven emerged from the downturn in the oil industry debt-free and with money in the bank. In 2014, when the crude price was near historic highs, it sold a majority stake in Etinde, significantly bolstering its balance sheet.

But Crown Ocean accuses Bowleven management of “destroying shareholder value”. Since 2011 its share price has plunged from a high of nearly 400p to 35.25p last week. Bowleven declined to comment.

[kimboy2] 19/3/2017 14:27

I presume if they get a buyer quick the LTIP will still be in play, but not if they are chucked out.

Unless they say that KH left on 'friendly terms' like they did with some previous beneficiaries and gave them a freebie.

[oilretire] 19/3/2017 14:08

They'll be a lot of junior O&G companies who have seen their share prices up a lot recently considering making an all share offer to get at Bowleven's cash balance.

AEX ;-)

Now that would make for an ironic situation :-)

[yasrub] 19/3/2017 13:50

I always wondered whether Cairn were a realistic option. Not sure the Entinde % is too low now for them to be interested but some of the ex board members have history there.

[888icb] 19/3/2017 13:16

There is uncertainty about what is going to happen next but whatever happens in my view the share price will rise because the company is worth a lot more than its current market cap.
We just have to wait for a take over or merger. Perhaps COC will buy more shares or someone else will start stake building.I am sure it's going to be interesting but don't see much downside from the current share price

[loglorry1] 19/3/2017 12:28

They'll be a lot of junior O&G companies who have seen their share prices up a lot recently considering making an all share offer to get at Bowleven's cash balance. If your share price has doubled in recent months it makes sense.

I'd be amazed if BLVN have not had these types of offers already. Long term holders should not necessarily welcome them.

Let's not forget the Sunday Times reported last week a landslide victory for CoC and mass BoD resignation. It's not at all clear they have any inside scoop at all.