i can think of a few individuals that wont want to post with a strong move like this on decent volume
but yes it is getting interesting - maybe it was that article on friday thats pipped interest, the comment about returning shareholder value maybe, COC were recently buying more shares too...... our leaders are dipping their hands in their pockets (nice change from the KH days) so must see value at 30p no matter what some tell you on here, and more pi's following suit?
it will be interesting how many shares COC want to get, i cant see them wanting to go over 30% or they will have to make a bid themselves and i dont think thats what they want. i think they want to get 29.99% then sit back, hope the drill results increase reserve numbers, hope the oil price continues to steadily ticking higher and then sell the whole lot before the year is out
45p bare minimum..............nice 25% increase reserves and oil at $70 we could be seeing 60p+ sale
"I wonder if COC read that before buying 29% . Worrying isn't ."
Well, what might diminish your apprehension Rex is the thought of who certainly would have read it, namely Lukoil and New Age and it sure didn't stop them from ponying up $250m between them for the farmout.
What might also provide you with further reassurance on the forthcoming IM-6 drill is that they would have also seen not only the result but all the data from the IM-5 well and that plainly further whetted their appetite for 75% of Etinde.
i can think of few people who frequent this BB that wont like seeing that
is there really any downside to 30p, i cant logically see it
that article shows that COC are doing the right thing by sitting tight on the cash, waiting for the drills (free carry so why wouldnt ya!) and then with the results hopefully an upgrade to the reserves number, flog the CO to the highest bidder and let shareholders get out of this 11 year nightmare with a minimum of 45p per share
Partners line up Etinde exploration campaign
NewAge, Lukoil and Bowleven have jack-up en route to Cameroon for appraisal work, with promising secondary targets
16 Mar 2018 00:00 GMT
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Privately-owned NewAge and its partners in the Etinde permit off Cameroon are set to start a two-well exploration campaign in May or June this year.
Eli Chahin, chief executive of 25% asset stakeholder Bowleven, told Upstream that the jack-up Topaz Driller is due in country towards the end of May and that may push out a couple of weeks.
The rig, which is currently in Singapore, has been fixed for 150 days and will be used to appraise the Isongo Marine-5 gas and condensate discovery.
Located south of IM-5, the IM-6 appraisal wells main target is a potential 200 to 280-metre Intra Isongo sand column that could contain 870 billion cubic feet of gas. Its secondary targets are the shallower Grinder formation and deeper Yankee zone, which house potential resources of 1.1 trillion cubic feet and 200 Bcf, respectively.
A sidetrack could also be drilled off IM-6, with the well designed for conversion to a producer in the event of success.
The IM-7 well has been designed to assess the size of the Grinder formation.
Chahin said Bowleven£s conservative estimate is that the two wells could find 1 Tcf of gas plus 200 million barrels of liquids. Additional resources would supplement the 1.1 Tcf, plus liquids, discovered so far at Etinde, which is already enough to support a floating liquefied natural gas project. Commenting on the NewAge-driven FLNG scheme, Chahin said: "We've got a commercial project now. It£s a very important project that we£re trying to get off the ground."
He added that successful appraisal results will create "a much more lucrative commercial project to be able to take to a final investment decision."
Tentatively, a final investment decision is targeted for next year, with first production about three years later. Chahin said the FLNG scheme is a multi-billion-dollar project, so Bowleven may decide to scale back its interest or sell it entirely instead of funding its way through the development.
That might be the opportunity to realise some value for shareholders or find out shareholder appetite to play along the value chain.
Both Jersey-registered New-Age and Russia's Lukoil have 37.5% stakes in Etinde.
The Bomono permit onshore Cameroon is Bowleven's only other asset, which, despite delays, it plans to offload to Victoria Oil & Gas.
i dont know whether winnet is completing losing his marbles or just happy with out right lying and misleading, possible a combination of both, but his posts come across as if he has been living in a parallel universe for the last 11 years
lets trying and pick apart these nonsensical ramblings
"BLVN has been turned into a one trick pony. Its a holding company for Etinde"
when wasnt it a one asset company??!! Hart had 10 years (that is a DECADE) to extract value, diversify, produce anything etc etc and what did he get us other than etinde? kenya - written off, Bomono - money ($95mil minus the $15 mil he told us he would be spending) stolen from shareholders to fund a dodgy rig making that asset a write off AND he sold the share of etinde for 50 cents a barrel in june 2014 when POO was $110 +
"Under Hart, there was the opportunity value priced in"
just flat out nonsense, ramblings of the deluded
"There was always the chance that we would put some of the cash he's got to use"
yes he said he would didnt he, but he didnt!!! BLVN were cash rich in the biggest oil industry down turn of a generation and NOTHING done with that money
but of course he put that cash to good use on his wages and bomono didnt he!!
"stagnation of the SP"
so that only happened when COC got involved??!! oh my lord! and KH reigned over a SP decimation, stagnation or decimation......hard choice that!
"You then are relying on the COC to run this business properly with almost no knowledge of the oil industry"
and where did KH's "knowledge" get us........might want to rethink that remark winnet! plus KH was/is an accountant, not an oil man
"because they now own 30%. Any votes are automatically invalid. Holders are passengers on the COC express"
so what, thats how it works across all companies listed in the UK, what is your point?! and do you ever wonder why is was so easy for COC to acquire 30% at such low prices.......i'll let you think about that one!
"the CG is terrible here"
examples please? and also please provide examples of how it was good under KH?
"that holding cash is not an effective way to generate revenues"
first off it is a good idea when you dont know exactly what future commitments etinde will have, its actually a very prudent move to wait until the etinde picture is clearer.....secondly so what did KH do with that money that is better than what COC are doing.......your argument on this point is the epitome of hypocrisy
"They could have gone out and got an asset and have an income by now"
another ridiculous comment - again i refer you to the fact KH failed to pick up anything when cash rich and assets were going at fire sale prices AND before spending money Etinde commitments needed to be firmed up
"When the offering changes, change your position. I'm glad i did and without wanting to sound like a to**er, it was a great move"
this is hilarious, simply staggering irony............winnet didnt sell out when POO went from $120 to $27, KH was misleading the market, writing off assets, way over spending on bomono, cash disappearing with no notification of where it was going, that infamous 45p placing, SP dropping 90% etc etc but KH gets fired and winnet is a genius and savvy because he reacted to that change.......simply mind boggling
"The very fact we are still discussing the Hart era is a sideshow in any case. COC have had plenty of time to build a decent business and sadly, they haven't"
is this possibly one of the most stupid and hypocritical things winnet has ever written - so COC have had what a year and they are the operator of nothing - KH had 10 years and what did he create..............mind boggling irony and completely lacking any logic
"The trading range under Hart was actually about 2.20 in June of 2006, it then went down to about 35p, then up to 394 [nice little ten bagger there if you were on to it], then down to 35p again last March when he was booted"
I agree with what you say. If you are happy to wait, I would expect you'd get in excess of 45p eventually [assuming all goes to plan on the drill]. But the there is of course risk.
Tips. Its kinda bad form to talk up other business on other boards. But seen as this board only gets the occasional post now, I'm happy to fill it up!
I'm actually heavily invested in a company called Global Petroleum [ticker GBP]. They are in the process of a Farm out, which should then lead to sale. [Hopefully]. Very undervalued - doing the whole trading at less than cash stuff. Think their cap is about 5 million IIRC.
I like SDX. DYOR on that. I'm into a few minors at the moment - playing the commodity trends. I'm very bullish copper, tungsten etc. Junior wise THR look good, MTR are a similar bet. I'm also back heavily into RKH... been a long term fan of the that development - I was actually in when DES struck gold in 2010 i think it was. Not much to say on their development really, like here, its not nailed on, but I trust mgt over there.
Thanks for taking the time to respond to my question.
I agree long term holders are unlikely to get back what they invested but as economists say - what's spent is spent.
From this point on i'm hoping for at least a 50% increase to 45p at some point in the future which I believe is achievable, and if the odds are 70/30, I'll take those odds even if they are on a one trick pony.
COC must be confident if they are increasing their holding and surely they know more than the rest of us?
I agree the cash could have been put to better use, but didn't KH try and make a deal that fell through and cost us a few million, I forget who it was with now.
Anyway good luck with your current investments, care to share any tips?
The trap you've fallen into poodle , is to assign simple, binary reasoning to the poor share price performance between 2011 - 2016. Look at the charts of many AIM oilers - it was the same pattern. I have criticized Hart in my recent posts. He was a prodigy at Cairn and was tipped for very big things, much bigger than BLVN. Its a crying shame what happened IMO> a combination of poor drilling results (anyone remember the report post Sapele) and toxic funding environment. Maybe he should have sold to Dragon in 2012 - £1.50 was offered apparently. hindsight eh?
Anyway, I'm noo going to go over these arguments again.
You seem happy to wait it out and hope the appraisals work out. They might, they might not. The COS in high, around 70% i recall, but its by no means certain. In which case, COC haven't been very bright with their wider strategy, have they?
I only very rarely post here, but I couldn't stop myself after reading Winnet's lengthy reply.
It's very decent of you to lay out your arguments, but I find your logic as to why the present situation is so bad absolutely baffling.
"The reason for this is very simple. BLVN has been turned into a one trick pony. Its a holding company for Etinde."
= Fantastic! A rig has been located and BLVN will very soon be drilling Etinde, which is already a very big resource and could triple in size if the appraisal programme goes well. If Etinde were never going to be drilled again, then I'd say that's a problem. But actually it's a virtue currently.
"Under Hart, there was the opportunity value priced in, thus we saw share prices in much higher ranges that today."
= Not for several years, and that was at a time that all junior explorers were going through the roof. And what other oppotunities were there? We saw how their efforts to diversify the resource base went with the Bonomo drills, and Bowleven under Hart were often priced lower than cash (no opportunity priced in there).
"There was always the chance that we would put some of the cash he's got to use, from the deals he'd made."
= As I said, Bowleven under Hart were often priced lower than cash, which gives you some idea of how the markets viewed his deal making abilities.
"They could have gone out and got an asset and have an income by now - a la Rockhopper, but they decided not to. They have cornered them self, because they have sacked everyone. "
= That's not COC's fault. The previous owners were already burning through the money so fast, including on the money sink that was Bonomo, that cash was getting tight in any case. And I wouldn't say that Rockhopper are the poster boy for acquisitions. Just look at the disaster that was the MedOil& Gas acquisition, and, for that matter, its share price.
Hart had already farmed down to 25% at Etinde, and spent vast chunks of that money on the disastrous Bonomo campaign, before COC "got control and gave all the staff the boot". In reality, the blue sky opportunity had already passed, thanks to that particularly incompetent management team. COC's approach is simpler, more achievable and abdundantly clear: conserve cash; drill Eteinde (the cost of which is fully covered); and then most likely sell the company. We all should do fine out of that.
I laughed because I found your statement funny , the trading range under Hart was 362p to 18p or there about .
Ok Rex, i'll bite.
Hart was appointed in 2006 - https://www.investegate.co.uk/bowleven-plc--blvn-/rns/appointment-of-ceo/200606200700318473E/ He left in March of 2017.
The trading range under Hart was actually about 2.20 in June of 2006, it then went down to about 35p, then up to 394 [nice little ten bagger there if you were on to it], then down to 35p again last March when he was booted.
I got involved with BLVN in about 2009, not much above today's price. I like you have traded this up and down, however, pretty much BLVN used to be an ever present in my folio.
Now, a lot went on between 2006 and 2017, a couple of oil cycles, a financial meltdown and critically, funding for juniors dried up toward the end of 2014 and persisted until 2017 ish. Then we have a had a little renaissance, which Hart should have taken advantage of. He and Billy apparently (and i know this from personal contact) had upwards of 40 companies they were looking at. They didn't get a deal over the line in that cycle and that left them open to vultures like COC.
The bears point to the highs of 2011, without ever mentioning that Hart 10 bagged for some investors during his tenure. Me, like most other PI's voted against the resolutions as we knew what would happen (and has happened). Lets not forget it was Hart that earned all this cash, not the COC boys. When he left the business was in a very strong position - read the old RNS and financial statements.
The best thing that could happen is that someone will come and reverse into BLVN, pay COC off and start using the cash to create shareholder value. I dearly hope that will happen, but is suspect not.
Anyway - i criticized you for banging on about the old days, and here i am doing exactly that. Guilty yer honour.
COC have had plenty of time to build a decent business and sadly, they haven't.
Why would anyone think that was their aim ? They are here to make money out of this . I agree LTH's that haven't averaged down are going to loose . but that would always have been the case under Hart . I learned my lesson years ago , shares like this are not long term holds . I remember selling this at 362p if my memory serves me and I've traded it at different levels since . I must admit I got caught when I bought at 72p but I averaged down from there over time . I laughed because I found your statement funny , the trading range under Hart was 362p to 18p or there about .
Not sure what you find that so hilarious. Its my opinion, obviously others will have theirs, but the purpose of my post isn't to get into a extended discussion of the Hart era [to say that's been done, would be an understatement]. I was replying directly to Simon's question.
The very fact we are still discussing the Hart era is a sideshow in any case. COC have had plenty of time to build a decent business and sadly, they haven't.
My general view on this has long been that LTH's will not make money from their investment here. I said this at day one, when COC got control and gave all the staff the boot. The reason for this is very simple. BLVN has been turned into a one trick pony. Its a holding company for Etinde. Under Hart, there was the opportunity value priced in, thus we saw share prices in much higher ranges that today. There was always the chance that we would put some of the cash he's got to use, from the deals he'd made. This cash would therefore be used to increase value of the business. Or so the story go's. It didn't quite turn out like that and to be honest, Hart only has himself to blame for not protecting BLVN from what happened. He could of been out and about doing deals and stroking II's, but he seemed to have more interest in racehorses and fine dining.
The point is, anyone who is a LTH, who's shareholding predates COC getting involved and the stagnation of the SP, is not going to re-coup their investment. For now the market is certainly not valuing it at more than 35p [well 30p today]. Post Etinde appraisal, if the results come in like they should, this will be more. But there is always the chance they won't come in as predicted. This is oil exploration and there's a risk in drilling. Even then, the price is capped at just one asset. You then are relying on the COC to run this business properly with almost no knowledge of the oil industry on the board or in the business. Shareholders [large PIs for example] can have no impact, because they now own 30%. Any votes are automatically invalid. Holders are passengers on the COC express.
So what I am basically saying, is great, keep your shares in here and it *could bag from here, if everything works out. Me, I've decided not to. This is based on long experience in junior markets. The risks (which have been discussed by more sensible posters) outweigh the possible upside for me. The CG is terrible here and the COC boys have no interest in anything other than the binary play they've identified. Its traditionally assumed that holding cash is not an effective way to generate revenues. I support this assertion. They could have gone out and got an asset and have an income by now - a la Rockhopper, but they decided not to. They have cornered them self, because they have sacked everyone.
When the offering changes, change your position. I'm glad i did and without wanting to sound like a to**er, it was a great move.
good luck getting a honest and/or sane response from Winnet, he hasnt produced one of them since KH got the boot - he is far too bitter and emotional to look at this rationally now
i have asked exactly the same question (you just put forward) on many occasion, as the likely hood of not getting a decent return from this level holds zero logic
there is also the case of the CEO's 10 mil options being set with minimum trigger of 45p, now why would he agree to that if 36p (winnets supposed sell) is the highest price BLVN shareholders will ever see again (according to winnet and Jac)
winnet also implies COC propping up the SP as a negative thing, again where is the logic in that? KH did the opposite, turned a 200p SP into a 18p SP over the space of a decade and only with COC's involvement did we get above 20p, i dread to think what the SP would be if KH remained in charge - my guess is somewhere between 8 - 12p
If you recall we've been on the same side in many a debate on here in the past, I'm therefore curious why you feel this will end badly given the fact that coc are increasing their holding at the current sp?
As per usual more deramping nonsense backed up with zero - logic, common sense, facts, substance and even decency from our 2 former biggest BLVN losers, too bitter to have moved even now
So COC see value at 30p but still its going to end really badly........brilliant
Anyone remember when Winnet thought COC had sold down just after getting control, but in fact their % was just lowered because overall shares increased, he used that to have a stab at BLVN holders and said it was bearish........now when COC buy more, that is still bearish...........poor ol boy, cant even lie convincingly anymore
i wonder why they are buying more shares at this level when winnet said 30p for a full takeover and eagle said the shares arent worth much as COC will just siphon off the cash and leave shareholders with nothing................
jac selling but million dollar hedge fund buying .............
Jac the last line of that post had me lolin so much ......The irony of you saying that is simply staggering
Again the question I asked you is dodged and just twisted slightly into another question so you can avoid looking even more of a f00l
First point is KH was incompetent thats the biggest difference!!!!
But the main point was that you and winnet and eagle have dribbled on for ages about COC selling out low and all shareholders being stitched up (when COC have near 30% of outstanding stock it shows how st00pid that comment really is) and also stated that the CEO is a COC man so this is bad for the co.........so please explain the logic behind a COC man accepting a 45p as a trigger for his options if the price you sold at was the epitome of being clued up
P.s. did you see what happened to oil today and all other oil stocks......if you had half, no even a quarter of a functioning brain it would be obvious why BLVN is down but your bitterness from losses here wont let you see that, so its the usual de-ramping drivel again
And again, that last line of your post.......comedy gold
you got out of this "dog" at a massive loss, and thats you being "clued up" is it? it hasnt tanked in anyway shape or form since you sold so the self congratulatory pat on the back is unwarranted
fact is you were buying and holding it through to the fall from triple digits to 18p, since then and with COC in charge 90% of the time the SP has been between 28-33p......and with nothing happening on etinde for a while the SP in a holding pattern is obvious and attaching the label "dog" is complete drivel
i asked you before and i will ask you again, the CEO's 10mil options trigger at minimum of 45p.............why are they that high if the SP is never going to get above your genius sell price?
Perhaps but I had enough of a clue to get out of this dog... where as you still blindly hang in there hoping all will be well and promising your wife/husband/sexrobot that they'll get the holiday of a lifetime....next year!
the usual drivel from our resident marshmallow i see
jac i have just had a peek at your posting history...........in your last 600 odd posts on this website you have posted twice on SXX and once on HIBU (the old YELL) and the rest was only on BVLN
and you want us to believe you have made money "else where" ...........LOL
i notice you were stating buy at BLVN all the way back in 2012 and 2013 and 2014, since then BLVN has come crashing down from triple figures to 18p .......... is it therefore OK that we disregard this "advice" of yours please
P.S when is your 12p target on BLVN going to be hit?
P.P.S why is it a sell at 30p when the CEO only gets his 10 mil options if SP is above 45p, please explain?
P.P.P.S. do you remember writing this on hibu months before it went BUST?
"I'm hearing whispers that things are swinging our way in a big way... Could HIBU turn out to be the buy of the century?"
everyone please stay well clear of this mans advice, it will end up being seriously bad for your wealth
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