Bowleven Share Discussion Threads

[gark] 06/12/2023 20:46

Anyone go to the AGM?

[gark] 05/12/2023 14:49

Couldnt agree more

[gark] 27/11/2023 13:55

Thanks for asking. I don't have anything in particular to add. This is for me a digital option at the moment. I wouldn't mind knowing whether they will sell if FID comes to fruition. To my mind they are difficult to finance and hence sale more likely.

[ham74] 27/11/2023 11:36

Thanks, I will add those to the list.

I had suggested yesterday as a deadline, but I might give it another couple of days in case anyone eg gark wants to weigh in?

[warbaby43] 26/11/2023 12:11

Ham74, many thanks for offering to collate our questions and herewith quite a lengthy list and while a great deal of information has been provided in this AR, any clarifications you can obtain will be most welcome though I would guess that they will be unable/unwilling to address some issues.

Firstly, is it known whether the absence of consent to the NA to Perenco transfer is down to no decision apparently being reached or is it because SNH are seeking to attach conditions to the transaction that are unacceptable to the parties?

P5 of AR - references to "a major shareholder" and "our major shareholder" - can we assume both references are to Crown Ocean only?

P9 "core initial IM Only field development" not even plus IE-2? What are the projected flow rates of gas and liquids for IM?

P10 "However, progress delays with the outstanding completion issues and obtaining governmental approvals has been much slower than anticipated. The June 2023 long stop date was not met and Perenco and New Age have informally agreed to continue to work together to resolve all outstanding issues and complete the transaction in due course" - "All outstanding issues", are these all entirely with SNH or are they also between the two parties and has even this Lukoil issue referred to in the H1 Results been settled - "Under the terms of the deal, a number of conditions precedent remain outstanding. Completion of this transaction is notably dependent on Perenco reaching both governmental agreement with SNH as well as commercial agreement with LUKOIL relating to some logistical matters. We understand from New Age that regulatory approval is expected to be issued by SNH and the Government of Cameroon in mid-2023, and that discussions are ongoing between LUKOIL and Perenco."

P10 "We anticipate the current uncertainty will be resolved by early 2024 at the latest by either the transaction completing or by some other means" - what other means do management envision?

P11 Is it correct to interpret what appears under "Short Term Outlook" as a JVP ambition to avoid having to hypothecate c 70mmcfd for domestic gas generation to maximize gas available to render a Bioko or a Perenco Plan B development more viable.?

P14 etc - Clarification please on timing of possible money raise given mention of present funds lasting through to Spring/Summer and possibly "a small number of additional months in practice" set against on p14 "a raise will be required by early 2024"

P14 From the H1 Results of 30th March - "Perenco has not, to date, sought to directly discuss its plans for the future of Etinde development with Bowleven or LUKOIL, although we have been made aware of some of their potential ideas indirectly. We consider the financial and strategic acquisition merits of Perenco’s purchase to be compelling and there are options we think are currently being assessed that would lead to commencement of production at Etinde in a cost effective and profitable way for the benefit of all Etinde JV Partners." However, on P14 of the AR concern is expressed on the possible negative implication for Etinde development of an absence of "public comment" and "private communication" from Perenco. Would management care to comment on the apparent change of "vibe"

After 18 months, can management offer any possible suggestion for such SNH delays given the centrality of O&G revenues to the state set against the RDR fields being in significant decline and Sanaga gas output being projected to "fall off a cliff" in 2026?

[riskyinvestor] 20/11/2023 21:56

I think I will wait for 0.25p

Placing price

[ham74] 20/11/2023 17:23

Warbaby et al,

Sure, if people can try and write down their "wish list" of AGM questions by this Sunday 26 November, I can try and group them together, and send them to Bowleven week of 27 November, to give them a good week and a bit to think about them. I can then try and report back anything interesting.

rgs

Ham

[warbaby43] 20/11/2023 12:34

"Has anyone else here eg gark, warbaby, ever been to the AGM?"

Living in rural N Yorks makes attendance entirely impractical for me but am glad that you will be attending and hopefully you will be able to provide a report for the rest of us.

One suggestion if I may, though, is to e mail the company several days prior with the questions you would like to see addressed on the day and I wonder if you would be prepared to collate any questions that the brethren here present might have?

[ham74] 19/11/2023 09:51

The most amazing thing about the years of delays, is that the Cameroon Government really do need the money - they need more tax revenues in general, and other fields are declining. This has to be approved and developed at some stage.

[ham74] 19/11/2023 09:48

Of course at this stage we cannot be sure if the development plan and eventual FID even includes fertilisers.

[ham74] 19/11/2023 09:47

I know how you feel, but when I atttended in 2021 it was a small room in London Bridge area, everyone could get the same bagels, fruit salads and coffee. There were 4 people from Bowleven - Eli Chahin, Nicholas Brough the Finance Director, Jack Arnoff the non-exec Director, and another one. There was also someone from Shore Capital the house broker, and Arden (now called Zeus) which writes research notes available on Research Hub. There might have been one or two others from a registrar or something like that.

[ctc1] 17/11/2023 10:03

If the fertiliser plant had been approved as originally planned, without NAge interference and wresting operatorship off blvn, we would all be wealthy now.

[ctc1] 17/11/2023 09:58

The last AGM I attended our illustrious leadership, Eli Chahin and cronies, cosseted themselves in a separate room for refreshments, while we small private investors were shepherded into the presentation room without even a cup of tea or glass of water.

[ctc1] 16/11/2023 11:28

The annual report is worth reading. Some fascinating insights into the company going concern dilemma and operational impasse, mainly due to SNH's tardiness.

[ctc1] 16/11/2023 07:30

yes, it's box ticking and boring. private investors are powerless in the context

[ham74] 15/11/2023 23:34

Shareholders should have had an email or message via brokers, but just in case anyone did not, the 84 page annual report is now on the company website. The AGM is in London on Wednesday December 6, and I plan to attend it. Has anyone else here eg gark, warbaby, ever been to the AGM?

[gark] 10/11/2023 20:40

Agreed, let's see. Hopefully they pull off a miracle. I have written it down to zero so I am hoping I get a positive surprise.

[wakeland] 10/11/2023 17:27

In fairness I don't think anyone either investors or those within the company could have imagined the glacial speed of the Cameroon authorities. It has been dependant on this Perenco deal going through for how many years now? At least they have held off dilution until the spring but if the authorities do not give their blessing sometime soon it is over for Blvn (well for sure the equity).

[gark] 10/11/2023 15:45

Totally agree, criminal, all they seem to do is issue negative RNS's

[deanmatlazin] 10/11/2023 11:11

BLVN spend £150k a month just sitting duck waiting for Perenco approval. HOw much the management take money for their salary ? Scandalous!

[gark] 10/11/2023 10:31

Option value now, binary outcome. Should sell company as soon as Perenco approved.

[gark] 25/10/2023 16:57

The family behind Perenco just paid themselves a massive dividend so hopefully they will invest a bit here. At the moment doesnt inspire any confidence.

[ham74] 25/10/2023 11:18

"Business as Usual" for Perenco in Gabon, according to this Bloomberg article



So Gabon should not be causing delays now.