Bowleven Share Discussion Threads

[gark] 03/5/2018 14:02

Bank of America sold out already. Wonder if that went to HSBC? Looks like some activity going on in the background.

[hot_topic] 03/5/2018 10:29

Will we see 40p this week? :-)

[3waysout] 03/5/2018 09:17

True to the holdco strategy.... a dress the bride exercise to facilitate a seemless sale of the company perhaps...without having to give anything away to all the hangers on........less to the sycophants means more to the ordinary shareholders...way it should be!

[kimboy2] 03/5/2018 08:15

A bit of an odd statement 'more clarity on the likely outcome'. The nessage is clear though.

[gersemi] 03/5/2018 07:45

' Capital expenditure cash flows during the period were $5,000 (H1 2017: $2.9 million). The Group is carried for its share of the budgeted cost of the two well Etinde 2018 appraisal drilling programme, up to a maximum amount of $40 million. The Group consider that, barring any major unforeseen event during the drilling programme, the two well programme will not result in any cash expenditure during the period. Technical and other studies (excluding results testing) performed after the completion of each well are generally not subject to the carry. The value of the carry is recognised as an asset in the balance sheet as deferred consideration. As at 31 December 2017 its value is $39.6 million (H1 2017: $39.7 million). The deferred consideration is transferred to intangible fixed assets on utilisation. Any surplus will be released to the profit and loss account on termination of the 2018 drilling programme.

At 31 December 2017, Bowleven had $83.7 million of cash and no debt (H1 2017: $95.1 million and no debt). Under the terms of the Etinde farm-out transaction that completed in March 2015, the Group also has access to a further $25 million which is receivable on achieving Etinde FID. This is held as a contingent asset pending further clarity around Etinde project sanction/FID. '

-

value of the carry is $39.6m
cash is $83.7m
$25m for FID

$150m = £110m in terms of value to be realised plus the resource to be drilled

[iamthedogman] 03/5/2018 07:33

Todays RNS

"Further to the announcement of 14 December 2017, the Board has decided to delay a decision to appoint a new external Non-Executive Chairman until there is more clarity on the likely outcome of the results of the two well appraisal drilling campaign on the Etinde field, expected to commence in Q2 2018.



In the interim period, Bowleven is pleased to announce that Matt McDonald, currently a Non-Executive Director of the Company, has been appointed Interim Non-Executive Chairman, with immediate effect".

Looks like the end may be nigh..........do we get to drilling or not get to drilling, that is the question ??

[gheebee] 03/5/2018 07:12

Big hint this morning....Temporary Chairman rather than someone on a contract. Get that bid paperwork polished up.

[warbaby43] 02/5/2018 07:38

With many existing PIs now happy to hold pending the drills and if IIs continue to hoover up shares at the rate they have over recent weeks/months, then scarcity will determine that new PIs are going to find it ever more expensive to board the good ship Bowleven.

[hot_topic] 01/5/2018 16:44

Great news - shows II's have confidence in the company's ability to deliver.

[neilyb675] 01/5/2018 16:29

HSBC Holding
7.073%

[warbaby43] 01/5/2018 16:09

Current market cap £118 or, more meaningfully, c$162m, so it never does any harm to remind ourselves of this from 17th march 2015:

"The farm-out transaction comprised the sale of 30% and 10% interests in the Etinde Permit to LUKOIL and NewAge, respectively, in return for a total consideration of approximately $250 million."

And these:






And BLVN has $80m+ in cash with another $25m to come if/when FID arrives.

[fft] 01/5/2018 09:46

This substained rise is on quite small volume. Hard to believe it is solely linked to the speed, course heading and distance of a drilling rig to it's target :-). It shouldn't be as this has been announced a long time ago. I did ask last week how the valuation would look if the new Wells came up as *not* production viable as opposed to valuation if the estimates from the company presentation we're met. Would still like to hear anyone's thoughts on this.

[kimboy2] 01/5/2018 09:40

Talking of facts what is a realistic valuation.

[hot_topic] 01/5/2018 09:20

At least it's facts rather than the complete fiction posted by some ;-)

[neilyb675] 01/5/2018 08:54

Gosh how exciting having these shipping transit updates😆

[hot_topic] 01/5/2018 07:57

Marine Traffic showing her postion now well to the north west of Cape Town and making 13.9kts on a course of 334 degs. ETA Luba still the 8th.

[iamthedogman] 30/4/2018 15:23

Now passing the Cape of Good Hope............Surely a prophetic sign of overdue rewards for those who have waited for so long.

LOL

[3waysout] 29/4/2018 13:22

Refreshing to see a sensible feedback from Wshak. There is much to be said in having commercially minded people opine of the merits of this investment. The strategy is appropriate given the company's history and balance sheet, management has successfully avoided the cash burn, the discipline appears to be there in the measured approach to spending shareholder funds.....it's all about the drilling program and the ability of the Board to capitalise on the Etinde opportunity if (or when) it presents itself.

[hot_topic] 29/4/2018 10:01

Eagle making good progress. Now well inshore and in the Agulhas current approaching Port Elizabeth.

[hazydaisy] 28/4/2018 14:48

Additional contract for Topaz Driller.

[hot_topic] 26/4/2018 08:56

Eagle now ca100 nm off the southern tip of Madagascar and heading for the Cape.

[wshak] 26/4/2018 08:52

Hi Benjimun,

COC don't need to engage with me, or me with them. I did my due diligence on them at the time of the Board fight, and was satisfied that they were straight and had a similar vision for the company as me.

We have loads of cash, tiny cash burn and an asset that a major farmed into at a value far greater than the current share price indicates.

That's it.

[benjimun] 25/4/2018 18:21

Hi Wshak,

Thanks for the update, appreciate it as you are of course not under any obligation to respond. Given you hold a large holding are COC engaging with you as to their plans or progress, within the relevant laws etc?

The investment conerned me due to it following a pre-described scenarios on this board at the time of the takeover. However I was also mindfull of actions to date and previous deals and other institutions increasing their holdings and continue to hold.