Bowleven Share Discussion Threads

[steveberyl] 27/7/2023 14:15

A rise like this will bring profit taking, Top slice, traders happy with 3%, price takes a breather, drops back, then buyers return, rinse , repeat.

The Sale is certainty and as Risky says, whats not to like about a possible 50p a share.

[imjustdandy] 27/7/2023 13:58

It's coming Risky.

[riskyinvestor] 27/7/2023 13:34

Just need news of the Perenco and New Age deal being completed

Will be interesting to see how much Perenco paid

[haywards26] 27/7/2023 13:31

3p by end of day? :)

[riskyinvestor] 27/7/2023 13:30

Forum still quiet

[riskyinvestor] 27/7/2023 13:19

Could we hit 3p today

??

[steveberyl] 27/7/2023 13:11

NT online to buy any amount

[riskyinvestor] 27/7/2023 12:59

imjustdandy

A lot of Private Investors have been burnt in this stock hence not many taking an interest

I got burnt before but now realise there is value around these prices

[imjustdandy] 27/7/2023 12:57

Watch this space. Lots of options

[riskyinvestor] 27/7/2023 12:55

Agree why not sell for £150m

Around 50p a share

[imjustdandy] 27/7/2023 12:49

Or they may just sell their stake

[riskyinvestor] 27/7/2023 12:43

Crown Ocean Capital own nearly 30% so they obviously need a higher share price

It may not even be an equity raise

It could be a loan payable when they receive FID money of $25m

Something like this is what they need


"Senior debt is secured by a business for a set interest rate and time period. The company provides regular principal and interest payments to lenders based on a preset schedule. This makes the debt less risky, but also commands a lower return for lenders. Senior debt is generally funded by banks".

[imjustdandy] 27/7/2023 12:38

They won't raise down here. News, deal, price up to 30p then they might consider a raise at 25p. The price is just wakening up as the asset deal gets closer.

[riskyinvestor] 27/7/2023 11:50

It is an equity rise which has depressed the Stock price

Companies Stock price always gets destroyed when they mention an equity raise

They do not need to do an equity raise but alternative financing like a loan until they receive the $25m due when FID is made

[imjustdandy] 27/7/2023 11:19

Market now realising this is a big asset.

[riskyinvestor] 27/7/2023 10:31

BLVN are due to receive $25m at FID

All they need is a bank loan and pay it back when they receive $25m

[riskyinvestor] 27/7/2023 10:09

All we need is a sniff on how much Perenco have paid New Age for their stake

Anyone good at investigating

[riskyinvestor] 27/7/2023 09:48

Found it in the accounts...




Our base line
financial modelling demonstrates that the
1 January 2023 value of Bowleven Group’s
20% share of the Etinde development
project ranges from $158 million to
over $200 million at $65 Brent

[riskyinvestor] 27/7/2023 08:26

Can you post link where it says £150m asset




imjustdandy27 Jul '23 - 08:22 - 19591 of 19592
0 0 0
Only going one way - £150m asset on the balance sheet

[riskyinvestor] 27/7/2023 08:25

They should forget about an equity funding rise and just put up the Company for sale or do a farmout

[imjustdandy] 27/7/2023 08:22

Only going one way - £150m asset on the balance sheet

[riskyinvestor] 27/7/2023 08:12

Not a good start


Hopefully buyers will return soon

[imjustdandy] 26/7/2023 19:22

You ain't soon nothing yet riskinvestor

[riskyinvestor] 26/7/2023 18:25

OLD NEWS BUT WORTH A READ. THEY HAVE ACTUALLY DESTROYED SHAREHOLDER VALUE


POSTED BY: SCOTTISH FINANCIAL REVIEW MARCH 22, 2017

Edinburgh-based oil and gas firm Bowleven — which last week had most of its board ousted by Monaco-based activist shareholder Crown Ocean Capital (COC) — said it is launching a strategic review of all its options including a sale or merger of the firm.

Shares of the Africa-focused oil and gas exploration company rose 2% to around 37p on the news, giving it a stock market value of roughly £115 million.

Bowleven issued a stock exchange statement saying: “In light of results of the general meeting held on 14 March 2017 and in the interest of maximising value for all shareholders, Bowleven announces that it is launching a strategic review of all options available to the company …

“The options to be considered during the strategic review may include, but are not limited to, a review of the strategy proposed by Crown Ocean Capital in its letter to Bowleven shareholders dated 15 February 2017, a farm-out or sale of one or more of the company’s existing assets or a corporate transaction such as a merger with or sale of the company to a third party.”

At the general meeting Crown Ocean ousted five directors at Bowleven including chief executive Kevin Hart and chief financial officer Kerry Crawford — but chairman William Allan survived.

Crown Ocean, which controls about 22% of Bowleven shares, succeeded in removing Hart, Crawford, John Martin, Tim Sullivan and Philip Tracy as directors and in having two of its nominees, Eli Chahin and Christopher Ashworth, appointed to the Bowleven board to drive the company in a new direction.

Then last Friday Crown Ocean requisitioned another general meeting to “remove” Allan as a director and appoint two “independent” directors Julien Balkany and Didier Lechartier.

Balkany is a partner of New York-based hedge fund Nanes Balkany Partners LLC, which targets investments in publicly traded oil and gas companies, and a brother of French politician Patrick Balkany.

Lechartier is a former executive at a number of oil and gas companies.

Crown Ocean warned that it is “no longer appropriate for current executives to continue to hold their pre-existing executive roles.”

Last Friday, Crown Ocean said: “William MacDonald Allan, the current chairman of Bowleven, however does not acknowledge that shareholders voted for change in leadership and direction and is unwilling to implement the clear new mandate for the new board proposed and voted for by the voting majority of shareholders.

“As a result, we now see a significant danger posed by either a dysfunctional board or one controlled by Mr. Allan who could use his casting vote to maintain the status quo and protect his and the old leadership’s entrenched positions.

“We note that Kevin Hart still acts as chief executive of the company and the other removed executive board member Kerry Crawford remains a Bowleven employee without termination notices having been served.

“We understand that Mr. Allan has no intention to change this. We also want to remind shareholders that Mr. Allan does not own a single share in Bowleven as of 31 December 2016.

“This situation is clearly not sustainable and not in the best interest of shareholders.

“Mr. Allan needs to be removed to see the change in leadership and direction at the company that the voting majority of shareholders have voted for.

“We therefore urge shareholders to vote to remove Mr. Allan.

“In addition, we propose two new and independent board directors with extensive oil and gas sector expertise, board level experience and a strong value creation track record.

“We note that Mr. Lechartier is an oil and gas industry veteran with 25 years of operational experience and an in-depth knowledge of and relationships in the African market, including Cameroon and other West African countries.”

[riskyinvestor] 26/7/2023 18:16

If the asset is worth £150M amd they are going to receive £20m on FID why is the share price this low

Surely a bidder could take it out for around £50m