Bowleven Share Discussion Threads

[gark] 07/12/2022 13:35

Thanks for the comment and interesting to read. There seems to be no urgency to move this forward on the part of the government which causes me some concern. Raising equity at these levels will be derisory and lead to big dilution.

[ham74] 06/12/2022 17:24

Any idea why SNH stake in Etinde is just an option to buy 20%, rather than 60%?

[warbaby43] 06/12/2022 15:36

Much said in AR and Presentation about an FLNG project incorporating gas from Rio Del Rey with Etinde's, however, the biggest producers there, RDR Associated and Mokoko-Abana, peaked back in the 80s and are now in decline. A wealth of detail on the RDR blocks is contained here with one interesting feature being that in both of the big producers SNH's stake is 60%.

I am struggling to envisage how FLNG might be viable but does anyone else see the RDR blocks as having sufficient gas to render viable a combined field FLNG especially after netting off 70mmcfd for theoretical domestic power generation?















Incidentally, while the major RDR producers might be in a smooth but steady decline, the situation facing Perenco down the coast at its Sanaga gas field is precisely the opposite. Small wonder that Golar are not renewing the Episeyo contract when it expires in 2026:



Given these declines in production and income doesn't it kinda illustrates just how valuable Etinde might be both to Perenco and to SNH and the Cameroon state

[gark] 05/12/2022 10:28

Let's hope they get to FID before we are wiped out.

[ham74] 05/12/2022 08:00

Or maybe FID in late 2023 under some of the scenarios they map out, though its not easy to forecast timescales.

[gark] 03/12/2022 12:59

No but looks like FID not until 2024 and we will need more equity at depressed levels.

[ham74] 02/12/2022 08:18

Did anyone attend the AGM? 18 page presentation now up on the site here hxxps://www.bowleven.com/investor-relations/presentations

[ham74] 22/11/2022 16:01

The bid is slipping, but volumes have been pathetic. No signs of big holders selling out.

[gark] 22/11/2022 13:45

Starting to look a bit doomed this....

[ham74] 18/11/2022 11:17

Did anyone glean anything new from the annual report last week?

[ham74] 18/11/2022 11:08

Tiny trades going through this week. Like 35 shares so far today for total value of 64 pence! I guess these must be algo or market maker trades?

[jilly10] 09/11/2022 15:36

Thanks Ham74. That's very convenient for Eli, I'm sure he'd tell us it was to save money! It was useful you going last year. Unfortunately, as much as I'd like to, I can't make it this year either.

[ham74] 09/11/2022 14:47

Bowleven told me virtual joining is probably postponed until next year. Last year I attended the AGM near London Bridge in London, and met Eli, the CFO, and others. I cannot make it this year on December 1. If anyone can, they should make the effort to attend, and report back.

[jilly10] 08/11/2022 16:32

If I remember correctly, at last year's AGM we voted to allow future AGMs to be attended remotely. I've been through the Annual Report twice and can't find any reference to this. I purchased the bulk of my shares through Hargreaves. Can anyone throw any light on this?

On Page 78 of the report, it states : ‘Shareholders who have general queries about the AGM or need additional information in relation to the voting process should call our
Shareholder Helpline on 0370 707 1284 (no other methods of communication will be accepted).’

I just rang that number and they didn't have a clue what I was talking about. The last dealings they had with Bowleven was in 2014. What a shambles!

[winnet] 03/11/2022 18:30

Haywards, The single-asset strategy is entirely to blame. The CoC strategy was always to limit OPEX [except when it comes to their own remuneration i hasten to add!] and get Etinde to FID> hence producing a large profit for the distressed holding they acquired.

It was wrong. Hindsight [and the market] have made their judgment.

[haywards26] 02/11/2022 18:00

I am not sure COC can be blamed for the current situation given it mainly revolves around BLVN partners and their specific links to Russia.

The additional malaise is also directly related to doing business in Africa and Covid impacts going back the last 2 years.

My only real criticism of COC would be the decision to pay out the dividend which in hindsight was an error given the now questionable funding position of BLVN.

Despite the negative full year results accounting statements re going concern, I still feel things will progress once the new partner is confirmed and in place.

[winnet] 02/11/2022 17:03

Before Waseem Shakoor and his active investor group got hold of Kevin Harts's balls, this was worth something. Look at what CoC have done to this business. Was Hart really worse. The answer in retrospect is clearly not.

What have i learned from this over the last 10 years? 1. Management generally are trying to do the best they can, as KH was. 2. Beware of these HNWI who invariably have their own agenda and are willing to destabilise a company for it. Check the share register, are the folks that own it the sort of people you'd like to take out for dinner, or are they the Tom Winnifreth's of this world? 3. Vote early and quickly with your feet if you can. Don't hang around too long once they have their teeth in.

[warbaby43] 01/11/2022 16:53

"Why are we paying the CEO 500k a year for this!"

Couldn't agree more Gark especially as this predicament underlines the sheer folly and reckless stupidity of that quite unnecessarily lavish dividend payment of $63m in February 2019.

Predicated on an FID in late 2019 or early 2020, that decision left BLVN with just $6.9m cash and $8.7m in investments with that folly now being visited on shareholders today.

What compounds matters is that Chahin loftily dismissed concerns when the issue was raised in Conference Calls.

[haywards26] 01/11/2022 10:44

10p per share and most holders would bite a buyers hand off.

[chesty1] 01/11/2022 09:12

Those results read awful!

[gark] 01/11/2022 08:54

Time to sell to Perenco?

[typo56] 01/11/2022 08:44

Released at 07:30 not a good sign IMO. Sure enough, not since 2014 have they had to include a "material uncertainty regarding the going concern status of the Bowleven group". It doesn't look pretty.

[gark] 01/11/2022 08:25

Same old, same old. Why are we paying the CEO 500k a year for this!

[winnet] 01/11/2022 08:18

LTH's must rue the day that they let COC get hold of this.

This is dead.

Come back Kevin Hart, all is forgiven.

[sdavey] 01/11/2022 07:47

Nope we didn't