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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
  -0.125 -7.35% 1.575 1.40 1.75 1.70 1.575 1.70 146,020 10:10:44
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -1.4 -0.7 - 5

Bowleven Share Discussion Threads

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DateSubjectAuthorDiscuss
31/3/2021
10:55
So 25-50p a range but weighted to the lower end. Would be nice to get out of this eventually.
gark
31/3/2021
10:24
Back to good old risk and reward, gark, and I agree that there are good solid reasons that it should all come together but it will just take more time than could ever have been envisaged pre Covid

When it does, a sale to Lukoil, NA or A N Other still most likely, but at what price and here we may differ. I can't see the $229m that your 50p per share would equate to at $1.37, but $100m would be only $1.50 per boe with the $25m FID factored in and that can very easily be envisaged. Similarly, $125m could also easily be on and perhaps even $150m, especially if, the post FEED, seismic reprocessing and FDP, pre FID audit returns BLVN's 20% stake to c60m boe - not an unrealistic expectation.

Near shore, shallow water Etinde, with its gas and liquids, has a lot going for it not least the relatively low cost of development, especially when compared with the likes of of the deep water Senegal asset Lukoil tried to buy from Cairn for $400m before Woodside stepped in and pre-empted them - see pages 14-16:

Https://www.cairnenergy.com/media/2559/investor-presentation-march-2020-final.pdf

warbaby43
31/3/2021
10:02
Sorry Dealy I should be more specific with my answer - Etinde will go into production, but BLVN taking their part into production, thats the slim to none chance
welshki
31/3/2021
08:12
Hi Dealy.......I'd say that chance is slim to none. As we are no doubt all aware COC by their very nature aren't likely to want to tie their large investment down forever and a day, the time needed and risk associated with taking this all the way through to production, in my opinion, isn't their business model. Plus there is the dividend payout of 15p, it would seem odd to hand out all that cash knowing the large amount of money they would need to go into production. With FID would come the possibility of raising money via debt but it just doesn't seem the most logical approach. I think Etinde and by extension BLVN is going to be sold shortly after FID to either Lukoil or New Age. The price, who knows, I am just glad KH is not negotiating that for us anymore! The most interesting factor for me is the CEOs 10,000,000 options which only trigger at 45p. Seems a crazy price point considering the share price now but they set it knowing all that we know now......just wonder does that 45p include the 15p divi so a sale could happen at 30p and options still trigger, or does a sale need to be at 45p no matter what.......food for thought
welshki
31/3/2021
08:04
ferrostaal didn't realize their project in cameroon because of a too high gas price in cameroon. and still after many years the jvp partners are in discussions about the very same topic with snh. let's see what the next couple of months will bring.
buy_more
30/3/2021
21:28
Great summary welshki. What are your thoughts on the probability of Etinde going into production?
dealy
30/3/2021
17:15
Dealy pay no attention to winnet he is a very bitter ex-shareholder, with zero class, that lost the vast majority of his investment here. An individual that was promoting BLVN at way over 200p and worshipping the ground Kevin hart walked despite the multitude of his failings, some the product of incompetence, others complete lack of fiduciary responsibility and some, I have heard on the grape vine, down to corruption. Either way winnet didn't bat an eye lid, or utter a single word of criticism throughout the entirety of KHs utterly shambolic reign here. Winnet has always said COC will run off with all of BLVNs cash (despite never providing a single shred of reason or logic) and even now when they paid out 15p to ALL shareholders, he is still not willing to accept reality and admit that COC are far better custodians than KH was, and ever could be. Winnets opinion is and always has been derived from either stupidity or dishonesty. Always whinging that COC "stole" this company, despite a completely legal and above board takeover that was allowed to happen due to KHs dismal performance. Fact is KH put the company in its woeful position way before COC arrived. COC have not done a single thing illegal, underhanded or irresponsible during their tenure and its desperately embarrassing winnet still can't accept that and still turns up like a sad little man when ever the share price drops.
welshki
30/3/2021
16:49
The market doesn't have a memory. It doesn't care about people who overpaid in the past (or sold too early in the inverse case). I only care about how much the shares can reach in the future.
dealy
30/3/2021
16:47
Just out of interest, if all plays out (which I think the balance of probability would suggest) where do you think this ends up price wise?
gark
30/3/2021
16:36
dealy - but they didn't acquire their shares at 4 quid did they? That was always the misalignment here. COC came on board as asset strippers with no intention of developing the bsuiness. Great, i suppose if you want to roll the dice at 4p, but for most LTH who a firmly in the red, not so great!
winnet
30/3/2021
16:10
Our Eli being Our Eli who could never be accused of the spinning and glossing so beloved of his small oilie peers. Instead, a round, unvarnished tale he again tells and a praiseworthily full one as well.

Given it's a toss up which moves at the most sub glacial speed, the O&G industry or W African governments, no surprise that things are taking so long especially with Covid precluding face to face meetings and when there are so many parties involved.

That said, any threat of licence removal appears to be now dead and it looks distinctly possible that the pre-FID reserves and resources audit will, this time, throw up an asset increase. Difficult, too, to see why an agreement with SNH on an acceptable development would not be reached given that a win for the JVP is very much a big win for them and for Cameroon.

If the global equilibrium is restored in the coming months, that would surely help as would, even more, should a Chinese/Russian fertiliser manufacturer hove into view.

warbaby43
30/3/2021
14:32
They own 100m shares and have the same incentive as other shareholders to see the stock go up. The dividend was received by all. There is still a chance that on of the JV partners buys Bowleven to simply things going forward. 10p per share is still a double from here in a pretty much worst case scenario
dealy
30/3/2021
14:08
or they will wake up and not let this project die. Still possible
dealy
30/3/2021
13:59
Hello friends,

Just popping back in to see if any of the old COC "crew" are still so keen on their leader. I doubt it.

Major life lesson for the COC rampers here. Just be careful what you wish for. It could end at 4.5p...

I warned many fellow holders that these guys would just shell the company, take their money out and shareholders would be left with nothing.

Wonder how this will all end. My guess is the only deal good old Eli wants to do is one which makes him money. Terrible governance here...

winnet
30/3/2021
13:35
You are deeply misunderstanding African culture. They will all be squabbling about who should be receiving personal back handers.Whether Cameroon benefits or not is inconsequential.
wallywoo
30/3/2021
11:49
when you think about how much is at stake here for the Cameroon in terms of jobs, energy independence, image etc you would think that the authorities would do everything possible to make this project fly.
dealy
30/3/2021
09:39
Oil price surely helps here. Surprised it has fallen to 4p - looks worth a punt at that level to me.
nigelpm
30/3/2021
09:30
The $25million question
stpalm
30/3/2021
08:10
So investors are thinking that there are no guarantees that FID will actually take place in which case the expected 25m will go up in smoke and its curtains for the company. Alternatively it will take place and be a success and the company will be worth 100m. Which outcome is more likely (giving a range of 2p to 25p) ?
dealy
30/3/2021
06:46
sounds promising for vog

we understand there have been detailed discussions between Aksa, SNH, ENEO and Victoria Oil and Gas plc ('VOG'). We understand that an electricity price may have been agreed and that some commercial discussions have been undertaken on matters such as gas demand and pipeline tariffs. As part of the Gas Master Plan for the country, SNH have confirmed they will build a pipeline between Limbe and Bekoko to transport gas purchased from Etinde to supply to the Aksa power plant in Bekoko and other potential customers in the Port of Douala vicinity. There have been no discussions on gas supply agreements between us, SNH, Aksa and VOG. We expect these to progress in 2021.

johncasey
30/3/2021
06:45
I'm following HSBC.
hodhasharon
30/3/2021
06:45
When did they announce this discovery and the deal with Lukoil? 2014? FID planned for 2022. 8 years of pain for investors
dealy
30/3/2021
06:26
Interim Results

Bowleven, the Africa focused oil and gas, Exploration and Production Company with key interests in Cameroon, today announces its unaudited interim results for the six months ended 31 December 2020.

HIGHLIGHTS

-- The Operating Committee through its resolution dated 11 December 2020 has given the JV partners permission to negotiate a new Etinde Exclusive Exploitation Authorisation ('EEA' or 'EEEA'). The current EEA will continue until replaced.

-- Group cash balance at 31 December 2020 was circa $6.4 million with a further $2.1 million held in financial investments, with no debt and material financial commitments.

-- Front End Engineering Design ('FEED') completed in January 2021 marking a very significant milestone in progressing Etinde towards FID and development approval.

-- Ongoing market volatility caused by the COVID-19 global pandemic in 2020, and the associated fall in global oil prices, has continued to slow down and impact negatively on progressing Etinde development overall. This has particularly impacted various commercial and legal/regulatory approval negotiation processes. As a result, FID is likely to slip into 2022.

-- The recent oil price recovery significantly helps project economics.
-- The JV partners continue to place a high priority on maximising project NPV and minimising capital development costs as we conclude Etinde development and commercial options.

Operational

Etinde

-- In December 2020 the Operating Committee gave the JV partners permission to apply for and negotiate a replacement EEA. The current licence continues to be in force until replaced. The new agreement would reflect a change in the development plan, focussing on the Cameroon gas thermal power generation sector as the base level use of Etinde gas.

-- During 2020, the JV partners completed:
o FEED on the development facilities and associated pipeline infrastructure combined with Health, Safety, Security and Environment ('HSSE'), pipeline route surveys, reservoir risk analysis and mitigation and the preparation of the initial sub-surface drilling plan

o FEED builds on previously completed extensive pre-FEED studies undertaken in 2019

o Reprocessed the Seismic data for the entire licence area.

-- The JV partners have also undertaken to continue commercial activities focused around a liquids-based development alongside discussion of sales terms with potential gas, condensate and LPG off-takers.

-- New Age and Bowleven jointly appointed Cofarco (a Paris based financial advisory business) as lead advisor in relation to raising debt finance to fund Etinde development.

Corporate

-- Group cash balance at 31 December 2020 was circa $6.4 million with a further $2.1 million held in financial investments, with no debt and material financial commitments.

-- Bowleven considers the value of cash and investment of $8.5 million to be sufficient to meet the Group's financial requirements for at least the next 12 months.

-- The loss for the 6 month period was $0.9 million compared to $1.4 million in the equivalent period last year.

-- Management continues to diligently manage costs and minimise cash burn to support G&A up to FID, focused on continuing to work alongside the Etinde JV partners during the rest of 2021 to explore both commercial opportunities and related development engineering designs and costs, with a view to having a sufficiently detailed, costed development plan to reach FID before end of Q1 2022.

Eli Chahin, Chief Executive Officer of Bowleven plc, said:

"During 2020, we were pleased with the progress made towards achieving FID at Etinde. We have completed a significant number of the most important technical work streams and made strong progress on a number of other important project development related work streams. Certain hurdles persist, predominantly around agreeing the many commercial aspects of the development with SNH, the Government of Cameroon and other interested parties. The principal outstanding requirements to achieving FID are now almost entirely commercial and regulatory approvals relating to the development concept we will propose.

Currently, the facilities development cost, relative to the production levels we can achieve due to commercial and regulatory approval issues relating to the sale or utilisation of methane gas production, can be improved upon. Whilst the proposed 'Base Case' development concept tested by FEED provides a positive outcome, the economic value is lower than the minimum level the JV partners consider desirable. The JV Partners are confident that further discussions with the Government of Cameroon, represented by SNH, can progress to a stage whereby a development concept with significantly increased economics for all parties can be agreed upon.

At a time of considerable market turbulence, we are fortunate to benefit from a robust financial position, with in excess of $8 million of cash and investments on the balance sheet and no debt. Coupled with our low-cost base, we remain well funded to reach FID, after which we will be in a position to receive the $25 million contingent consideration from the JV partners, instantly giving the Company a significant cash injection.

Although the ongoing macro-economic conditions seen in 2020 and beyond have negatively impacted the timing of the Etinde project, we welcome the recent oil price strength and we continue to work towards achieving FID as quickly as possible. We look forward to keeping all of our stakeholders appraised on progress over the coming months."

hodhasharon
29/3/2021
17:19
Interims tomorrow. The annoying thing is we could have had a fertiliser plant up and running by now if it wasn't for the grandiose plans of New Age bullying blvn out of the way and seeking Flng size development.
ctc1
28/3/2021
09:32
Agreed but given the new speed with which they are trying to get things going in the background, I believe we might be on course for good news for a change. I will hold and see this one through. I am trying to manifest a price of 50p soon :)!
gark
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