Bowleven Share Discussion Threads

[gark] 15/8/2018 21:38

You seem to be very negative and disrespectful reading your other posts, shame you had to land up here. Think I will now be refraining from this chat until you are blocked.

[nicobellic] 15/8/2018 21:22

Diane

Thanks for confirming my previous post - as you say 'No holding, just watching'. There's probably a club you could join?

Not bothered about tomorrow's drop. I'll fill up. Like I said earlier, this will sell for more than 50p and I've got plenty of patience and plenty of money.

Good call by the way. Now, go and get your hubby's dinner on.

[dianecarberry] 15/8/2018 20:52

So funny GARK.

[dianecarberry] 15/8/2018 20:52

2 classics from GARK earlier today:




gark15 Aug '18 - 14:50 - 17562 of 17573
0 0 0
Think this has nothing to do with drill. I suspect there will be another big buy announced, then drill results and then a takeover announcement.




gark15 Aug '18 - 16:27 - 17566 of 17573
0 0 0
Volume very low and not indicative of drilling problem. This is being walked down to fill an order or reduce price prior to news and potential sale.

[gark] 15/8/2018 20:39

https://www.worldoil.com/news/2018/8/15/bowleven-provides-operational-update-on-cameroons-etinde-block

[dianecarberry] 15/8/2018 20:28

"The sole purpose of the IM6 - 7 drill was to discover the oil-water contact of IM5 while investigating the higher and lower formations 510 & 310 formations."


complete and utter tosh.

[matt123d] 15/8/2018 20:14

I'd say this person has a motive to be posting lies about opening quotes.

[slipanchor3] 15/8/2018 20:13

The sole purpose of the IM6 - 7 drill was to discover the oil-water contact of IM5 while investigating the higher and lower formations 510 & 310 formations.
They have now found the oil-water contact so there is no need to drill IM7 and we move to plan B IM4.
Having now found the OW contact it remains to be seen whether it improves the volumetrics of MI5 I guess we will have to wait for the analysis of the logs.
We have found a new discovery in the lower formation and found the Southern extension of IM5 so by no means a total disaster and maybe the reason they made the statement pleased to announce.

[dianecarberry] 15/8/2018 19:57

City Index quoting an opening of 28-29p

[cyan] 15/8/2018 19:10

HSBC added VERY recently; went from 7.073 % to 8.016%

There is a lot of natural doom and gloom over the drills failue. We still have another shot at adding to a value COC and the likes of HSBC recognised was already stablished; IMO that number is circa 50p take out. Of course, the next drill may add to that.

I will stick with 50p without any 'good' news from the second drill.

[benjimun] 15/8/2018 19:07

IE4 drilling if comes off could be very nice addition if indeed it is adds 0.2 - 0.6TCF of condensate!

[loglorry1] 15/8/2018 19:03

There wasn't enough volume for the big holders to sell anyway and I doubt they'd be that spivvy.

It's a setback but plenty of cash backing and a second drill to go.

It was never odds on but obviously for 0.7tcf worth a pop.

[cyan] 15/8/2018 18:57

Hi loglorry1. Any leak did not reach the ears of HSBC it seems.

[loglorry1] 15/8/2018 18:55

Not much point doing the I told you so. Nobody knew for sure until the RNS was out so nobody sensible would trade on the hearsay of a BB poster.

Price weakness suggested news had leaked.

[cyan] 15/8/2018 18:54

So, what is a realistic valuation per share now?

In June 2014 Bowleven updated the market on their sale of interest in BLVN;

"Bowleven will reduce its interest in the Etinde permit from 75% to 25% and receive aggregate consideration of approximately $250 million (subject to final working capital adjustment) comprising:  $170 million cash payment at completion;  $40 million staged deferred cash payment due at Etinde development project FID and on completion of appraisal drilling; and  $40 million (net) carry for two appraisal wells."

I think a reasonable MINIMUM starting point is $500 million for ALL of ETINDE based on the previous 2014 buy in price.

This , to my mind, is a reasonable MINIMUM value.

Twenty percent is then worth $100 million to BLVN or about £76 million sterling. That equates to about 23.2p per share.

We have , on top, to consider that $25 m USD payment upon FID . That is about 5.8p per share.


Group cash balance at 31 December 2017 circa $83.3 million = circa 19.4p per share;

Running total 48.4p per share.

The next drill MIGHT add value but even discounting that as another failure , I see BLVN being sold for maybe 50p , plus? Beyond the shorter term pressure there ,imo, is still money to be made especially for those brave souls buying on the lows.

As I wrote before, COC did not invest here to lose money. They Knew what was already found and its value. Their buys included 14 million at 34p.

[ohisay] 15/8/2018 18:38

Honestly why put stuff out at 16/40 - its really not doing your shareholders justice.

[dianecarberry] 15/8/2018 18:34

"dianecarberry, you have no 'contacts' in Cameroon. You got lucky with a silly throw away comment this morning."



The first time I ever post on here at 9am forecasting bad news and bang the same day a shocking RNS.

Wow I am lucky.

LOL

[dianecarberry] 15/8/2018 18:31

"Diane, who has no stake here, is simply a voyeur."



If only you had listened to my rambling at 9am today.

You face a slump tomorrow sonny jim.

[dianecarberry] 15/8/2018 18:30

Hemsworth

You believe what you want to believe.

This RNS after hours was rushed out as the word got out last night.

"drill problems there wasn't".......LOL


Yes there were. In abundance.

[hemsworth] 15/8/2018 18:28

dianecarberry, you have no 'contacts' in Cameroon. You got lucky with a silly throw away comment this morning. Now you are hoping that everyone will think you are somehow connected and will be able forecast other drill results. Seen it all here before and yes, people do make a lot of money by making themselves out to be messiahs. Hopefully, people won't fall for your rubbish.
They didn't have any drill problems if you read the RNS. Granted it is a temporary disaster, but drill problems there wasn't.