Bowleven Share Discussion Threads

[badger60] 30/11/2017 12:31

.....hence an interested party with money........

[highasakite] 30/11/2017 12:27

COC don't have the money to make a full bid

[badger60] 30/11/2017 12:05

Many purchases, including all of mine, are being shown as sales. My take on this is that COC will at sometime make a bid, backed up by a-another with cash to spend.

[badger60] 30/11/2017 11:54

It's going into my SIPP, so I'm stuck with the one broker.

[pjj71] 30/11/2017 11:33

try another broker... no problem in buying in size in the 20s.. oil price flying blvn tanking... same old...

[badger60] 30/11/2017 11:20

Interestingly, it's not too easy trying to buy in size (25k and up).I've recently accumulated 100k but had to get it in small chunks.

[librag] 29/11/2017 16:49

nope, we'd be in the teens where we were before Crown got serious.

[warbaby43] 29/11/2017 13:34

"It seems to be dependant on the new wells having sufficient gas for an off take for Cameroon's wishes" and this is amplified a little in the AR.

Indeed, the AR is interesting in a number of respects not least on filling in a little more detail on the Chahin 10m option and the levels of remuneration including for NEDs - $76k for Old Joe, for instance, and its still worth noting that contrary to his previous pattern he still has not made even a token purchase of BLVN shares.

[benjimun] 29/11/2017 13:11

Spel..
Yes I agree, I think that COC would be better to wait for appraisl drilling, alot depends on goals I guess. They could wait till appraisal, not sell and take our earnings from the gas sales over the years if offers are not high enough. However I suspect they want a nice lump slum and will be pragmatic enough to make it work for New Age.

[pjj71] 29/11/2017 12:54

clearly no investors except the clowns have any faith in the clowns.... would we still be tanking in the 20s if KH were still at the helm???

[speleologist] 29/11/2017 11:01

I'm waiting for those appraisal wells to be drilled too. Reasonably confident of a success with at least one of them and that should lift the value. After all its one of the reasons COC are buying now.

New Age have already lined up the Chinese to fund, build or modify a FLNG vessel in a Chinese yard, if the FID goes ahead. It seems to be dependant on the new wells having sufficient gas for an off take for Cameroon's wishes. Some interesting links on the New Age twitter feed for anyone wanting to look. Seems to be waiting on sign off in Cameroon as much as anything. See @NewAgeLtd Oct 12th 17 and Oct 26th 17.

I'm not prepared to sell out either at these levels. The Etinde asset is I think worth a lot more than our current share price would suggest. Not without risk of course.

NAI dyor.

[benjimun] 29/11/2017 10:37

Yes I had been wondering whether or not there were other buyers out there and what COC would do when they hit just shy of 30%. A little market wobble over brexit would be nice. I would definately consider lowering my average if shares dropped to 24p or so.

My suspicion is that New Age will want to buy us out before any further drilling, so would expect an offer sooner rather than later with COC looking for 150% on their average buy price. I would reject any offer until the appraisal has been performed but that is me.

[warbaby43] 29/11/2017 10:06

So if the New Age schedule comes to pass with two well drilling (hopefully with at least one successful) plus FID in 2018, Bowleven is then going to present a very tasty morsel to any predator with juicy asset plus $100m+ in cash for development costs.

Not only will COC then be quids in but so we will we and especially when compared with where we might have been under the ancien regime.

[fft] 29/11/2017 08:45

There does appear to be very little downside as WEST are bidding for 350,000 at 29p on RSP, and all other MM's are budding at the same or a higher price (though in smaller numbers). Not known whether the 350k is for COC or not, but shows active buyer - although not willing to chase the price.

[pjj71] 29/11/2017 07:53

Another holding RNS slipped into the mkt at a very odd time.. are the clowns feathering their nest...

[fft] 28/11/2017 23:50

COC increase again to 28.18%, but the share price isn't going anywhere. Indicates that there are still sellers out there. The question is what happens when COC get to 29.9%. I dont see them having the firepower to make an offer for BLVN, so who is going to pick up the sellers stock ? Will we get a gentle decrease in the share price until news comes out or will another buyer in size appear ?

[yasrub] 28/11/2017 19:03

Sometimes there is no complex agenda - COC simply see value and will probably keep adding to just below 30% - that will ensure there is no cheap take out. The key was to remove the draining of the company and cap Bomono and focus on Etinde. With Etinde it looks like activity is about to kick off next year - whichever way it cuts we have cover for the first two drills up to $40m and get $25m at FID. Should a predator come a long before COC can hopefully maximise value.

[stansmith3] 28/11/2017 18:16

and there are still people who pine for kev et al..does show you how valuable etinde is when 100m can be written of at bomono, 500m elsewhere and still activists see value in whats left, to the extent they remove the pigs in the trough

[neilyb675] 28/11/2017 17:41

Mmmmmmmmmm

[gark] 28/11/2017 17:37

Looks like they are manoeuvring to 30% prior to the AGM. December could get interesting, makes sense for COC prior to drilling.

[warbaby43] 28/11/2017 11:43

loglorry1 thanks for that, but aside from all the accumulated losses attributable to explo activities there are also those resulting from maintaining the Court of King Kev which, at around $12m pa, must be considerable.

However, on reflection and thinking back to conversations with our own accountant some years back, the case was/is, for small companies at least, that trading losses can only be set against trading profits and cannot be utilised when functioning as an investment/holding company.

So my understanding would be that provided BLVN is acquired by a trading company (eg New Age) its trading losses could be set against any future trading profits.

Correction, though, welcome.

[sivadnoj] 28/11/2017 09:08

$0.5 million spent in legal and professional fees rebutting the COC proposals! Those "cash machine" allegations appear wholly misplaced in retrospect.

[3waysout] 28/11/2017 07:32

With COC on the brick of a 30% threshold this should provide the momentum to keep the PIs interested in what happens next. The downside risk has been mitigated with the dismantling of the Scottish boys club and the vested interests that kept KH et al in place. No more incestuous board where executives were not held to account because they scratched each others back. They should all be ashamed at the way they recklessly enriched themselves in the face of shareholder value destruction. The execution plan has been surprisingly swift and professional. I hope its not too little too late. Let's wait and see.