Looks like chris2 has been Wright! Who were those individuals coming on here saying rig on site?? have email from kev saying rig on site?? biya signing week ago friday etc?? etc etc etc dealy after delay after delay!! and KH to go where the sun dont shine!
Trader250, good to hear about that shareholder value in 2015. The question is with Cash in the bank, if the market does not rerate us, will Bow give a special dividend or buyback some shares to help us along the way.
Brief notes (as having a v busy day). RH apologised for absence of Chief Tabetando as he is in Cameroon in connection with having the decree signed by the last signatory - Pres Biya. As per my earlier post, it is a long-winded process. The decree signing is a tri-party process: from MOM to PM to Pres Office. The decree having been signed by the PM and MOM, is processed through 3 depts. in the President's Office and has been cleared by "Legals", "Corporate" and now on presidential desk for the third signature (by Biya himself). (The last time it hit the pres desk for the EA award, it was signed some 7 days later so that's an indication of the timescale). I think the gazetting date is on the 31st (the prior date was the 15th). Both KH and RH quite sanguine about matters. "Nothing negative - just a process". Completion takes place on date of gazetting.
GSA - pretty well 99% there. Last meeting last week so well advanced.
Bomono - the two dev wells to spud in January. The rig is in 41 crates at port awaiting assembly - should be quick.. Zingane drilling TD @1700m and should take @ 40 days. Deeper drills more likely to be liquids. Should be quick to get oil on stream and use gas offtake on power production. Cameroon power generation is mostly hydro but in dry season, hydro cannot supply enough power so need another power source.
Kenya - block 11b. Tullow doing a lot of drills near our acreage. Great potential here. Zambia - early days.
Etinde appraisal, spoke to DC who met Luk and New execs last week. Luk keen to get on. DC impressed with their technological knowhow - "good to have a major on board". KH hinted that they "have an inclination" that there is a "an oil lake" in the intra isongo. This could be a game-changer as existing test results strongly hint at liquids. Again, talk of "taking cards off the table".
One sh chap gave BOD a hard time as he was quite annoyed, think he bought in 2006 and bemoaned current sp. KH squirmed a bit but very aware of need to deliver sh value. Should occur in 2015 esp with four material wells to be drilled.
RH says he will resign in Spring as will Caroline Cook so new Chairman in due course.
Herald correspondent mark Williamson was there so will probably post his usual negative piece in tomorrow's Herald about the delay in decree signing!
My impression - pain in the backside about time taken to have the decree signed (but this is Cameroon and the bureaucracy has its own timescale) but plenty of upside to come in 2015
Thanks Trader250, I'd be interested to hear more if you have a chance later, just wondering if KH did his standard presentation and whether he made any other commenst about whether the Maquarie loan will be required, Bonomo spud, PSC for blocks 6 & 7, Bonomo farm in possibilities, whether the Oil Price is likely to impact anything they are doing near term etc.
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