Bowleven Share Discussion Threads

[gark] 30/5/2017 15:02

If you read the interface article, it basically says that the reason things are being held up is that Biya and SNH are delaying given they want to take the equity without paying for the development. Hence this needs to be solved before proceeding, that crystallises the problem more than anything else and I think is a positive in that we must be close to pushing it forward.

[gark] 30/5/2017 14:53

End game approaching.

[gark] 30/5/2017 14:51

Looks like SNH don't want to fund it and get it for free. Looks like New Age and one of the other companies has leaked this information.

[tradoil] 30/5/2017 14:41

Note "Scoop" Tweet - Miriam Malek - Cameroon FLNG blocked by Biya & SNH - hence weakness in last 30 mins I suspect.

[cyan] 28/5/2017 11:50

Will be more than 40p imo. Nearer 50p.

[gark] 27/5/2017 16:41

I think you will soon enough!

[kbrook] 27/5/2017 15:17

Hoping that something happens very soon so I can get out of this and forget Bowleven ever happened. Would be happy with 40 p just to get out.

[gark] 27/5/2017 12:39

Hoping for news that Bomono has been sold with transfer of operator. Once that happens I think we will see development of Etinde news and potentially a buy out. Any one agree or have another view? Very quiet here, I would have thought that the meeting with New Age would have happened already or be happening soon.

[gingerninja4] 19/5/2017 18:05

Hey Le Com,What's your latest view on Rock Hopper... you think a BLVN style buy out a possibility?BR,Ginger

[3waysout] 19/5/2017 14:39

What we had previously was a burning platform, a poor governance regime with a dictatorial CEO, a share price below 20p, a G&A spend to accommodate vested interests,a bloated org structure for a $80+ oil price environment, and a BOD hell bent on acquiring an asset to justify their existence ......what we have now is a right sized operating model, a technocratic CEO with a handle on costs and whose interests are aligned if he wants to be rewarded.....the market will price this right eventually....I can see a 55p share price once the stars are aligned. Only risk is stewardship over the assets and the politics on the ground....

[gark] 19/5/2017 14:10

Looks strong, I agree.

[1msn] 19/5/2017 13:44

Looks like you may get 34 this afternoon..

[gark] 19/5/2017 12:27

Anyone got Level 2? Feels like not much on offer and that the bid is getting stronger. Expecting 34p again soon.

[cyan] 17/5/2017 09:20

Technicalities to one side regarding holdings percentage; a critical number to remember is 34p. That is the price COC paid for a lot of shares and we are well South of that NOW.
This means we have lots of upside from here and lower risk of downside,imo.

[gark] 16/5/2017 15:15

CO same number of shares but diluted given more shares being issued.

[fatnacker] 15/5/2017 07:32

It's clear the operatorship is being reconsidered although it may not be in the context alluded to here.

[gark] 13/5/2017 11:54

Indeed, think they are doing the right things and hopefully we will see a nice uplift.

[oilretire] 13/5/2017 11:33

Thanks gark.

Good news - confirmation that the operatorship of Bomono is being reconsidered....

We are the operator [of Bomono] at the moment. It remains to be seen whether we are going to be the operator going forward.”

[gark] 13/5/2017 11:20

BOWLEVEN has announced sweeping job cuts across its sites in Cameroon and reduced headcount at its Edinburgh head office by two-thirds.The Africa-focused oil and gas development group has also confirmed it does not expect to pursue any new exploration activity at the current time.And its new chief executive cast doubt on Bowleven retaining its permit on the Bomono platform.The company did not reveal the extent of the total job cuts, but said that once staff reductions and other cost rationalisations efforts are complete, the monthly cost savings would total about $250,000 (£194,000), with one-off costs of up to $4m.Head office staff will be reduced from 18 to five staff, with contractors providing additional support.Eli Chahin, who has been chief executive since Keith Hart was ousted in an investor revolt, said that the first phase on the new board's plan was get the organisation into an "appropriate" shape. "We've got much more appropriate operating models given the fact that we don't have that much money. It was difficult, particularly as exploration and production wasn't necessarily what we want to be doing and we didn't have the balance sheet to do it anyway. You need a big balance sheet to do that."Having steadily increased its shareholding in the group to 22 per cent, Monaco-based Crown Ocean in March successfully lobbied for the removal of Mr Hart, finance director Kerry Crawford and chairman Billy Allan and installed its own nominees to the board – retaining only chief operating officer David Clarkson.Asked about the extent of the job cuts, Mr Chahin said: "The bulk of the people [in Cameroon] are actually service providers. We've cut it down and what we're looking at is where the costs can be made and what impact it will have on overseeing the assets. We will protect that as best we can while finding resolution for the various stakeholders."He said the changes will allow Bowleven to retain "the necessary skills, relationships and capacity to progress a route to shareholder value at both Etinde and Bomono."Asked if the new board would offload assets, Mr Chahin said: "I can see there will be some development on it in the next weeks and months, [we will] liaise with the [Cameroon] government. We are the operator [of Bomono] at the moment. It remains to be seen whether we are going to be the operator going forward."Responding to the previous board's accusation that Crown Ocean wanted to use the company as a cash dispenser, Mr Chahin said he didn't believe there was any evidence to suggest that was the case.Mr Chahin was joined in the new-look boardroom by Crown Ocean-nominated chairman Chris Ashworth.Mr Ashworth commented: "The difficult decisions, made by the board and led by Eli Chahin as our chief executive, impact a large number of people."I would like to thank all the employees of Bowleven for their cooperation and contribution to Bowleven in the past and through this difficult transition period."

[oilretire] 13/5/2017 10:54

:-(

It's a subscription article.......

[gark] 13/5/2017 09:54

Provides more detail with comments by Eli Chahin. Seems very sensible and should mean we can move forward positively.

[belo horizonte] 12/5/2017 14:27

On consideration I think it is a positive RNS.
First, the CEOs incentive shares are based on share price performance and cost control. Good, shareholder aims and management rewards are aligned. How I wish the other guy had had those provisions instead of an arrangement whereby he won when we all lost.
Second, the share options can be reduced or taken away if the incentive goals are not met. I assume that applies also to leaving before the job is done.
Third, costs have been reduced in head office and exploration, while maintaining the in-country personel to shepherd the projects through to sale/production.
Fourth, they are taking the time required to progress the Etinde and Bomono projects and fully understand the political implications and cash commitments going forward. Only after that will the company have a firm estimate of any possible cash distribution. Sensible.

[warbaby43] 12/5/2017 14:24

Prior to the coup, COC estimated Admin costs for the slimmed down coy to be $1-2m pa which seemed entirely reasonable and makes today's $4.2 all the more puzzling and concerning.

To draw a comparison, the Aminex figure for 2016 was $2.8m with a headcount of 9 in the UK and 10 in Tanzania with operatorship of two PSCs with one producing well and an appraisal well recently drilled and a follow up explo one expected shortly.

$4.2m costs for BLVN therefore look nearly as unacceptable as the absence of detail on the options indulgence.

[cyan] 12/5/2017 12:32

Why would any shareholder vote for us going private?