Bowleven Share Discussion Threads

[jordaggy] 25/1/2021 10:02

One can only hope...

"We are pleased to announce that following a constructive dialogue between the Etinde JV partners and SNH, authorisation to apply for a replacement EEA has been granted. This is very positive news for the Etinde development, as it essentially eliminates the possibility of the Government of Cameroon removing the Etinde licence from the JV partners, following the end of the initial six year development implementation period in January 2021.



The JV partners continue to make good progress towards achieving a Final Investment Decision on the licence in 2021 and I look forward to keeping all our stakeholders updated on developments over the coming months."

[buy_more] 25/1/2021 09:05

after years and years of delays it was pretty clear this will not move fast on only EEA news. it was obvious after the arnoff news that the approval will follow. it depends now on the deal the russians and lukoil are able to secure re sonara imo. looking forward to the next couple of weeks/months here...

[annual austerity] 25/1/2021 08:46

One would have expected more of a reaction to an RNS like that...

[buy_more] 23/1/2021 23:08

imo if the russians help sonara/cameroon to restructure their debth and help them to bring the refinery back on track with repairing their infrastructure they will also buy us and probably vog.

[gark] 20/1/2021 10:40

Thanks, I agree but would like a bit of progress here. Sounds like we will not get anything until later in Q1. The share price needs to build a solid base to rise from as danger we drift lower and only get back to 4.5 or 5p on news.

[gark] 20/1/2021 10:27

Thanks. No news and share price drifting lower was making me a bit nervous. I hope that this is a done deal but this has a habit of disappointing.

[buy_more] 20/1/2021 10:26

gark, imo arnoff with his experience with russia wouldn't be nominated as a chairman if in 11days the licence would run out...

[warbaby43] 20/1/2021 10:25

P20 of the AGM presentation:



"SNH have recommended that the JV partners submit a formal
request for a new EEA at the next OCM meeting in January 2021"

And in the commentary Chahin indicated that the JVP had received the letter with that SNH recommendation as recently as November.

Inevitably the licence will now be post dated to run from this month and it would be beyond surprising if it wasn't forthcoming.

Post OCM update hopefully arriving in coming days/weeks.

[gark] 19/1/2021 19:21

License close to running out and no update. Risk still low?

[belo horizonte] 11/1/2021 22:02

He was already a board member but the strengthening of the board structure by bringing back a chairman position does indicate more corporate activity to come. I believe the renewal of the licence will be conditional on an early FID.

[buy_more] 11/1/2021 19:59

good news that arnoff is now a member of the board. from my point of view that means something is going on behind the scenes. why else this move?

[gark] 10/1/2021 15:39

I thought these were ready end of last year and given they appointed a financing advisor would assume they have FEED results.

[buy_more] 08/1/2021 22:18

good evening and to a good and happy new year to everyone here, does anyone has an idea when we can expect the final results of the technips work?

[nufckk] 31/12/2020 16:17

Hear, hear, let's hope our years of patience eventually pays off.

[warbaby43] 31/12/2020 13:41

There we are Toon, wellies away and a precious hard fought and earned Magpie point to brighten your end of year.

All the Best to all on here and let's hope, with some realism, that even if we don't actually get to FID itself in 2021, we get as near as makes no matter

[jordaggy] 31/12/2020 13:01

Anyone capable (care too) of outlining best and worst case scenario for 2021? HNY all.

[gark] 31/12/2020 12:57

Happy New Year! Let's hope 2021 is where it all comes together for BLVN.

[warbaby43] 30/12/2020 17:05

"I was under the impression the delays in reporting the 2019 accounts were due to Ernst Young disputing the value of Etinde and/or the method of calculating its value. Hence their resignation post year end accounts."

I had believed it was down to waiting on D&M producing their resources audit report but I guess you're probably right Toon. However, given the significance of what the D&M report contained, it does raise the issue of why it wasn't put out at the time of receipt. As it appeared to be widely interpreted at the time of the AR as a difference of view on asset size, had there been a standalone RNS, it might have enabled them to properly explain that that was not the case but merely a different D&M view from the JVP's of the recoverability factor. Mind you, given BLVN's habit of emphasising the negative in RNSs, they might well have made it sound even worse.

As for tonight, don't give up hope, it all depends which LFC turns up and bear in mind that the Cottagers battered them in the first half and the Seagulls were well worth a draw at least.

[nufckk] 29/12/2020 17:58

The monthly meeting appears to take place on the first Tuesday of every month, so a Wednesday RNS may provide some light relief Gark. SNH need to sign off the 2021 budget so you'd expect something early in the year.
No worries re the raining on my parade Warbaby, I have my wellies on for the expected backlash from the WBA game tomorrow night. I do however need to start doing screenshots etc as you do, so I can refer back to them. Although it was never explained at the time I was under the impression the delays in reporting the 2019 accounts were due to Ernst Young disputing the value of Etinde and/or the method of calculating its value. Hence their resignation post year end accounts. If anyone knows any different please feel free to point it out.
When I first started posting on here I once used the Company valuation of Etinde as a method for calculating a likely sale value and was quite rightly chided for my naivety I do however find it strange how often it is referred to in Company presentations, Q & A sessions etc
Anyway, hope you've all had a cracking Christmas and we all have a brilliant 2021.

[gark] 29/12/2020 16:59

Is there a deadline on the license renewal? Should we get an update before the end of the year?

[warbaby43] 29/12/2020 16:32

Sorry to have rained on your parade Toon, but I entirely agree re the cack handed 2019 Results announcement with them being delayed without any reason being offered and then when they did arrive the contents including the poison pills of the licence break plus the drop from 290 mboe to 244 mboe for Etinde. What then compounded that, in my view, was that it was not made properly clear that the fall was due only to a difference of opinion on the recoverability factor.

It was, I thought, the lowest point of this management's time at the helm while I have believed for some while that were to be a prize for the company on AIM with the worst PR, BLVN would win it by a country mile while Celicourt would win the prize for the worst PR outfit by several country miles.

Still, I guess we should best focus on the important stuff like Etinde's capability for c150mmcfd of gas and 30,000 bpd of liquids.

[nufckk] 29/12/2020 09:13

You are rmore than likely right Warbaby it was just an opportunity to attempt to create a bit of a positive buzz going into the New Year.
If I remember correctly the clumsy announcement of the need for a license extension saw the share price drop over 6 pence with more than 6 million shares traded. I very much doubt we will see that ground recovered when the extension is approved, even if it is announced with a fanfare of trumpets and a fly past by the red arrows

[warbaby43] 29/12/2020 08:21

Thanks for the spotting of the New Age updating, Toon, but on FID don't they have form, eg from BLVN AR 2019:

"The date at which FID may be given is
uncertain as it is subject to a number
of subsidiary stages, that have yet to
commence. NewAge believes that the
FID decision point can be reached by Q1
2020. Given the complex nature of the
interaction between economic/commercial
issues, the sub-surface development
plan and the necessary development
infrastructure combined with internal SNH
and Governmental approval processes,
we consider that progress towards
resolving the open issues will take time,
consequently delaying FID to later in 2020"

A great many balls still in the air with many, if not most of them, having to come down in the right place for FID to happen. Hopefully, one important step towards FID, the licence extension, will get a step nearer with the January OCM.

Still huge issues around where all that gas is going to end up before there can be FID. For me it's still only even money for 2021 FID

[ham74] 28/12/2020 23:42

hxxps://www.newafricanglobalenergy.com/cameroon/ Yes I think you are right. They say EARLY 2021, which is an advance on Bowleven's more vague 2021.