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BLVN Bowleven Plc

0.165
0.015 (10.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bowleven Plc LSE:BLVN London Ordinary Share GB00B04PYL99 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.015 10.00% 0.165 0.10 0.20 0.15 0.15 0.15 233,534 16:40:05
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs 0 -2.02M -0.0062 -0.24 491.2k
Bowleven Plc is listed in the Oil And Gas Field Expl Svcs sector of the London Stock Exchange with ticker BLVN. The last closing price for Bowleven was 0.15p. Over the last year, Bowleven shares have traded in a share price range of 0.111p to 3.35p.

Bowleven currently has 327,465,652 shares in issue. The market capitalisation of Bowleven is £491,198 . Bowleven has a price to earnings ratio (PE ratio) of -0.24.

Bowleven Share Discussion Threads

Showing 90276 to 90300 of 92900 messages
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DateSubjectAuthorDiscuss
16/5/2018
20:12
Since COC basically took control I have taken the view that any deal would be structured that the remaining cash at BLVN would in reality be outside any deal with a third party and ultimately returned to shareholders. I basically see it as a real positive not only for having a large % of the company covered by the significant cash position but also any interest simply would be in the asset itself - Etinde. Trying to value I think is simply too difficult currently and if COC were to enter into a transaction before appraisals I suspect it would need allowance of appraisal results. My gut feeling is the appraisal drills will happen first with COC controlling the situation, I doubt New Age or Lukoil would welcome a new third party - so the value to them might not be based on some traditional metric even though that seems pretty difficult to fathom ! There is always risk but those that know the story and endured the 2-3 years before COC arrived will hopefully reap the benefits of the clear strategy now set.
yasrub
16/5/2018
19:42
With the FID payment there is $108m of cash or about 25p/shr.

Cost recovery is worth something but hard to value that.

So as I said downside well protected with two carried appraisal wells to add material upside. What's not to like?

loglorry1
16/5/2018
19:16
In addition there is FID payment of $25m and on Page 21 of the BLVN BoD literature sent to us while fighting the take over from COC.

MLHP-5 and MLHP-6 drilling

'Past exploration costs associated with blocks MLHP-5 and MLHP-6 form part of the cost pool retained by the joint venture for recovery against the potential developments on block MLHP-7'.

Does anyone have an idea of the cost associated with the drilling and typically if this type of thing has a value which would make up any part of a deal?

benjimun
16/5/2018
17:16
@Benjimun I'm sorry I have no idea. I guess you need to look at similar recent transactions if you can find any. 75p to a £1 looks a lot more realistic on the appraisal success case which is probably 70% CoS given its appraisal wells.

It's very hard to say since FLNG is capex intensive and requires a good 1P number to risk large capex. Thus the bigger the reserves the bigger the economy of scale.

Obviously there are outcomes in between eg 1.5TCF plus willingness of potential buyers etc etc.

Even at this price it looks good risk return. Downside probably 30p. Upside £1 with say 60% chance.

I'm sure some bull will be along to quote Cove at me they always do.

Edit: obviously possible bid maybe at say 50p from other partners before appraisals or some sort of hybrid deal where a bit more is paid out on success in a bid.

To be honest there are a lot of moving parts but I still see upside from here especially given the stupid valuations put on real dross out there right now.

loglorry1
16/5/2018
17:01
Log,
A further 2TCF(in addition to 1TCF already paid for)of gas would equate to a further 340m BOE, correct?
At $5 a barrel that is $1.7billion, BLVNs 20% is worth $340m /326m shares= $1.04/75p per share.

Add the condensate and existing cash and you can see why people would be looking
to see fair value at £1+.? assuming that my assumptions are correct.

If I recall at the time of the farm out, BLVN got $2 per BBOE.
In your experience what would be a fair BBOE price at this stage
of the project/post FID?

benjimun
16/5/2018
14:39
That's gross revenue with no NPV discount, no capex, opex abandonment, risking and not taxed. Once reserves are proved up you could do a similar calc but not with $70 oil it would be more like $5 or similar and dito for gas.

Don't forget CoC bought a lot of shares close to cash backing so not much risk.

If appraisals go well here we'll see the share price rise a lot but I wouldn't pay too much attention to guff on LSE.

loglorry1
16/5/2018
13:27
this was a question over on the lse site... maybe someone has an answer? :)

Today 13:24 Price: 38.65
Jillykins 15 posts
Selling Price

Some of the valuations for what we might sell for seem a little on the low side. I realise when we sold to Lukoil oil was top dollar but KH had to do a deal as we had no money left so was bargaining from a weak position. Could anyone correct me on the following maths as I know I've taken a few guesses. If gas is worth $5 per thousand cubic feet, then three trillion cubic feet is worth 15 billion dollars. Our 25% share should be worth $3.75 billion. If we find 3 x the oil, then 3 x 95 million is 285 million barrels at say $70 a barrel. That is say $20 billion and our share would be $5 billion. So $8.75 billion ÷ 326 million shares = $26.84 per share. Even if it took 50% to get out of ground, it is still $13.42 per share? I realise we will get nothing like that but surely we should get more that 90 odd pence? Please feel free to correct me. I realise this is probably hugely flawed. I also cannot believe COC would risk the amount of money they have put in to triple their investment.

buy_more
15/5/2018
15:11
No resistance all the way back to 75p
neilyb675
15/5/2018
13:45
Unrelated but David Clarkson has joined Sound energy.

hxxps://www.energyvoice.com/oilandgas/africa/171372/ex-bowleven-director-switches-to-sound-energy/

benjimun
15/5/2018
13:15
Our luvs a good spud dus Iaa. Could be an exciting couple of months coming up! hopefully coc will keep us appraised of events...we need news flowing - like gas.
jordaggy
15/5/2018
13:05
Not sure why spudding would cause a jump in the price. Leaking results of the drilling may do, but that is a while away.BTW, being a junior partner with no real control (the other companies are way bigger), I hope that samples and logging are available on an equal basis to BLVN as to the other partners.
fft
15/5/2018
13:00
Spud is "end of May". This week is a bit premature I think.
loglorry1
15/5/2018
12:58
Looks like we could hit 40p this week. Expect spud announcement is imminent :-)
hot_topic
15/5/2018
08:57
I invested 5,000 into jmktrading and lost the lot.... just beware Frank!
targatarga
15/5/2018
08:43
"If it seems too good to be true, it probably is"

Only BLVN postings wanted here matey !!!

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15/5/2018
08:23
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frankpondish
15/5/2018
08:19
Could it be the 38p barrier is weakening..........OLIH
iamthedogman
14/5/2018
16:40
If CoC were going to run off with the cash they'd have done so already and not bought more shares. Always a risk but not one we as minor shareholders can do much about. In any case I think the risk is very tiny.
loglorry1
14/5/2018
16:26
"They are carried non-operating partners on Etinde and Bomono is worthless" - true loglorry1, but they are not the only assets, there is also custodianship of the $80+m to consider, which is why I would prefer a counterbalancing voice to COC's.

However, I have backed Herr Stoyanov & Co from the off and continue to do so in the belief that they will pretty broadly do what they put on their tin and one of the principal reasons for that is precedent. As I posted above, the smearing and scare stories only had traction because nowt was known about them but success for them and the rest of us with BLVN and just think of how many other companies there are with self-serving, self-indulgent BoDs that are ripe for the plucking and how much easier it will then be for COC next time.

warbaby43
14/5/2018
15:47
Thus far we've seen nothing to suggest that the Feb requisitions to kick out the Board has been anything but the right tactic. Share price is where you'd expect it to be and the appraisal well prospects, coupled with the significantly reduced cash burn, is why I continue to hold this stock. Old Joe was always expected to walk the path he did with Premier and Gulfsands. Ashworth simply provided some cover to get things on the right track. They are superfluous to the company's needs. What's required IMO is that management's feet are kept close to the fire and that no screw up are tolerated.
3waysout
14/5/2018
11:38
In my opinion it’s always the “ I wasn’t expecting that” expression that will be possibly the most unwelcome when the board is left to its own control and self interest. Let’s hope their better than that. I don’t give a damn what they do really as long as we don’t get shafted!
symbo1
14/5/2018
11:01
Log I think there is much more to running this company than meets the eye. Even to do little or nothing has to be a decision.

Think Admiral Nelson! The finest example of cool leadership on this earth.

gunsofmarscapone
14/5/2018
07:57
The company has nothing to do except wait to see what Lukoil/NA do and wait for a bid. There is no need for a strong BoD. They are carried non-operating partners on Etinde and Bomono is worthless. If I were CoC I'd cut costs to almost nil and wait.
loglorry1
14/5/2018
06:37
After what happened to Ashworth, and the seeming intention not to appoint an independent NED in succession to the also abruptly turfed out Old Joe, perhaps a difficulty in recruiting a replacement Chairman of any worthwhile reputation.

Indeed, the major concern I have is that of governance with the reason given for the Darby and Ashworth dismissals testing credulity and the board currently consisting of two COC men and with the apparent intention of maintaining a two to one majority over any newly appointed chairman. A right patsy he would be setting himself up to be.

warbaby43
14/5/2018
01:41
Maybe just part of the plan to reduce the cash burn. Far preferable to having lots of free loaders on the board who ok every thing and don't care.After the KH days, this lot are a breath of fresh air. They also have a lot of skin in the game (paid for not like previous board). I think their interests are fairly closely alligned with other shareholders.
fft
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