Bowleven Share Discussion Threads

[gark] 19/3/2021 09:27

Any expectation of further news on 30 March?

[jordaggy] 12/3/2021 11:52

Too much conjecture but thanks for posting.

[warbaby43] 12/3/2021 11:38

With hat tip to happy sparrow (and ctc1) over at LSE VOG site:



If accurate, positive news, especially if two platforms are being sought possibly indicating a planned joint development of IM and IE which in turn would require a home being found for all that gas.

As gark says oil price rise to c $65-70 very welcome given Chahin indicated in the pre Christmas Conference Call that the development economics were robust at the then price c $40. More importantly prices are forecast to remain firm as all the drilling cut backs over the last seven years kick in, and while there has been conjecture of prices rising over $100 that seems unlikely given that the Saudis and Russians will almost certainly want a more stable market, say c $75, giving Big Green no price excuse.

With economics comfortable at $40, the potential of Etinde at those sorts of prices looks very attractive given the tested liquids flows over the IE and IM wells we do know of comes in at 26,195 bpd (and that excludes the 9k bpd oil find at IE-4 which still, I think, needs clarifying) though as ever the "tested at" proviso needs stating. In addition, there are those drills pre the Dec 2004 listing which we know nowt of, other than some, if not all, tested positively - IM-1,2,3 and 4 and IE-1.

To get at those obviously highly profitable liquids, the challenge has been to find a home for all that gas which tested at 140 mmcfd on the wells we do know of, and while Our Eli has constantly asserted that the problem is manageable, it is certainly a complicated one, possibly involving trade offs between domestic generation and export, probably to Bioko Island.

This is where all the discussions and negotiations with SNH are likely to be focused and is where the JVP deserve all our sympathies. Dealing with that lot must be a nightmare - not for nowt does Cameroon lie at number 165 out of 190 in the World Banks Ease of Doing Business league table. Down there, incidentally, with its neighbours - Gabon 169, EG 178, Congo 180 while Nigeria hits the dizzying heights of 131st - all I guess making up the dreaded West Africa Factor.

If the "Upstream" headline is correct and two platforms are being sourced, then it's possible that progress has been made on destination(s) for the gas and a joint IM and IE development has become more viable. If so, then I guess we might hear before too long of the JVP going out to IE FEED (assuming they have received by now the IE "thin bedded" report they sought.)

[ham74] 09/3/2021 23:31

Full story is behind a paywall? Has anyone read it?

[ctc1] 09/3/2021 13:48

Yeah New Age web site says 1st half '21

[gark] 09/3/2021 13:45

Thanks for posting. Seems like FID is close if they are taking steps to hire.

[ctc1] 09/3/2021 12:18

New Age in the news with Etinde in focus

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[gark] 05/3/2021 14:07

Recent rise in oil not factored in here. Production value rising and likelihood of FID also increasing.

[gark] 01/3/2021 15:33

Would be nice to get news by then. Not sure if it will be that quick though.

[warbaby43] 01/3/2021 14:07

Counting down to 31st March - RNS of 5th February 2020:

"Under the terms of the LOI, VOG and New Age will seek to enter into a gas supply agreement ("GSA"). The LOI envisages that New Age will supply processed Gas to Gaz du Cameroun S.A. ("GDC"), a wholly owned subsidiary of Victoria Oil & Gas Plc, at Limbe. GDC would then transport the gas to Douala


The LOI anticipates that the GSA would be for a period of 20 years and would see New Age supply a minimum of 25mmscf per day of gas to GDC for the first three years, increasing to a minimum of 30mmscf per day. The LOI remains in force until the earlier of the signature of a GSA or 31 March 2021. Ultimately, finalisation of the proposed GSA terms and conditions is directly linked to the Final Investment Decision ("FID") in relation to the Etinde field development project."

The Aksa project has been bobbing around for a couple of years, but as to whether it ever gets off the ground, place your bets now. Indeed, it might very well suit the JVP if both the 150MW Douala plant and the putative 350MW Limbe plant bit the dust.

[ham74] 26/2/2021 10:24

When was that from start to finish?

[slipanchor3] 26/2/2021 10:02

Don't hold your breath, the last Exploitation Licence was given priority status and still took over 12 months.

[buy_more] 25/2/2021 11:19

gap @ around 6.30 closed. hopefully next news soon

[dealy] 25/2/2021 09:43

The strong crude price should make Etinde more valuable and feasible

[gark] 17/2/2021 23:05

From Happysparrow on LSE:Remus PetroleumToday 17:24After reading Malcy's blog today, https://www.malcysblog.com/2021/02/oil-price-petrotal-far-remus-and-finally/ I decided to have a look at Remus - It seems they have their pencils out sharpened for 'production assets' in Cameroon.https://remus-petroleum.com/#portfolioEither VOG or NewAge/Blvn, or both, would fit the bill.And a failed bid for FAR would give them A$200m looking for a home.Yashodan Sathe is of particular interest. (now Head of Mergers and Acquisitions for Remus).Part of a big Downstream player in Nigeria https://neuronstrading.com/about/'We have complete understanding of oil trading, technical and operational procedures in the shipping line; we also understand the diverse businesses in the maritime industry and best records of our board member in the energy sector and their years of experience and expertise in the business'Of possible note on Oil and Gas Trading https://neuronstrading.com/services/#1553759161384-692d5a6d-31e0 ...'We anticipate significant synergies to arise in Africa after setting up our natural gas desks as market liberalization continues and the LNG and natural gas markets converge. We believe that future arbitrage opportunities arising between LNG and natural gas, combined with Neuron's experienced market intelligence, will allow us to develop a unique value proposition to our counter parties and partners in the next few years.'https://neuronstrading.com/staff-item/yashodhan-sathe/'Over the last few years, Yashodhan has developed a robust network of investors in the Venture Capital and private equity fund and transaction space encompassing institutional investors, family offices, fund of funds and ultra-high net worth individuals.'

[buy_more] 17/2/2021 22:14

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[belo horizonte] 17/2/2021 21:09

My wife has a similar business model with me.

[buy_more] 17/2/2021 14:49

the extractive industry sector as per below info makes only 5% of cameroons GDP. probably SNH will not invest in any infrastructure but only participate in the revenue as per their negotiations with all jv partners. let's hope for news soon again.





Extractive industry (Oil, Gas, Mining)

Cameroon has been an oil exporter since 1977. Oil production has stagnated as prices fluctuated, but the country can count on untapped gas reserves estimated at 3.5 billion cubic meters. The government dominates the sector and generally operates a revenue-sharing business model with foreign investors.

[gark] 17/2/2021 13:00

Thanks, I agree seems to be full of unfounded conjecture and inaccurate.

[ctc1] 17/2/2021 11:31

Thanks Warbaby for that update on the AI article. Very helpful indeed.

[warbaby43] 17/2/2021 11:12

Any apprehensions related to the "Africa Intelligence" piece can be safely set aside. It is nowt more than an alarmist, sensationalist headline designed to entice people into spending their hard earned brass to read the rest of the piece, which turns out to be highly inaccurate, ill informed conjecture of the sort that gives journalism a bad name.

The standard of journalistic accuracy is evidenced in the first paragraph which asserts that 244 mboe Etinde has a "reserve" of 58m boepd (per day!) and continues with the fiction that SNH has backed into the project at zero development cost. The piece then continues in a manner that would make the average tabloid hack blush with shame.

Throw in the fact that BLVN and NA are both UK based companies and that "Africa Intelligence" is published not in Africa, but in Paris, and it can probably also be dismissed as simply more French mischief making.

[gark] 14/2/2021 17:20

In the past Eli has been very conservative and somewhat downbeat so given recent announcements I think we are on the right path.

[nufckk] 14/2/2021 17:06

Lets hope so Gark, if the headline is correct it certainly makes a mockery of Eli's constant " constructive dialogue", "colaboration", "best of chums" narrative. Get the feeling Warbaby is talking more sense re timescales than our leaders.
From last years interims...."Whilst the Etinde development plan has been inconclusive in the recent past, we are convinced that
the likelihood of the successful development of Etinde remains promising in a normal macro
environment and the development will commence in the next 12 months"
Blame it on the Covid I suppose

[gark] 14/2/2021 16:17

I am not convinced they are that reliable so wouldn't pay for the paper. Sometimes they get it right but on given that the politicians support this as it is important for the economy I am not sure what they are talking about.