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Trades at cash again... drill for nothing , etinde for nothing..
bought a few
the same you can never get out once the news is out
Unlucky if you were planning to get out early. Long auction. 25p ouch
Probably drop to 28p recover to 30, is my guess. Flurry of sells first thing I would imagine.
Agree but if we get into 20s again I will buy more.
Don't think the short will last. There were good reasons why the stock were picked up last few weeks and of course there are people waiting for a quick bucks. They are the one who sold out most likely. Unless, someone increased their holding, there is a high chance we are going side ways.
i dont agree on leak; if it had been a leak the volume would have been in the 10s of millions not the crappy volume we have had for the last few weeks
... never fails to disappoint.
So it was a leak after all - never a good sign to drift 20% lower as a drill is reaching TD.
IE-4 could be very interesting but this will be in the 20s by the time we spud. I'm in til the end, but honestly I fking hate BLVN hahaha.
Seems to me that they have satisfied the appraisal objectives of this week. While unfortunate not to have proved upside in the 510 or 410 they found condensate in the 310 and a Bruce bonus deeper sand. Pressure data will be simple to interpret the Gas Water contact and redone the resource, hopefully proving a deepe contact than previously assumed. The 310 contact is obviously deeper and we now have a significant find below this (the 210) that we have very little additional info on. High pressure may mean a limited column but still I shall wait to see what they say about this. Not a bad result at all and we are more than likely better off than when we drilled. While the assumption was no doubt tontarget the well at the 510/410 contact let’s see what the pressure data does to our reserves prior to reacting.
I’m not discouraged by these results at all and will continue to hold
It wasn’t a disaster but this is AIM so the share price will move down to 30p probably. COC will be dumb to wait any longer and should flog the rest of Etinde and wind up the company. 45-50p would be ideal and I can reinvest the proceeds in a better country than Cameroon such as North Korea.....yep I’d rather invest in NK lol
New Age is privately held - they don't need to announce anything.
Agree, seems there will be a more accurate picture oolumetrics the way it is reading, good article:
https://www.worldoil.com/news/2018/8/15/bowleven-provides-operational-update-on-cameroons-etinde-block
We just have to take it on the chin; its being plugged and abandoned.
We move on with the reassurance of the value we have already established that is a lot higher than todays sp; imo , its circa 50p.
The next drill MIGHT add to that value. We have been fully carried for these drills which is a blessing.
The sole purpose of the IM6 - 7drill was to discover the oil-water contact of IM5 while investigating the higher and lower formations 510 & 310 formations.
They have now found the oil-water contact so there is no need to drill IM7 and we move to plan B IM4.
Having now found the OW contact it remains to be seen whether it improves the volumetrics of MI5 I guess we will have to wait for the analysis of the logs.
Or they need to drill again?
The well reached a total depth of 3,550 meters. The original planned target depth was designated as being 50 meters of shale below the lowest sand horizon in the 310 Intra-Isongo sand package. This was estimated pre-spud at 3,340 meters. The lowest sand horizon within the 310 package was slightly deeper than expected and a revised target depth was set at 3,375 metres. However, at 3,370 meters a previously undetected sand body was encountered associated with a significant gas show resulting in a pressure spike to higher than well design tolerance.
So, what is a realistic valuation per share now?
In June 2014 Bowleven updated the market on their sale of interest in BLVN;
"Bowleven will reduce its interest in the Etinde permit from 75% to 25% and receive aggregate consideration of approximately $250 million (subject to final working capital adjustment) comprising:  $170 million cash payment at completion;  $40 million staged deferred cash payment due at Etinde development project FID and on completion of appraisal drilling; and  $40 million (net) carry for two appraisal wells."
I think a reasonable MINIMUM starting point is $500 million for ALL of ETINDE based on the previous 2014 buy in price.
This , to my mind, is a reasonable MINIMUM value.
Twenty percent is then worth $100 million to BLVN or about £76 million sterling. That equates to about 23.2p per share.
We have , on top, to consider that $25 m USD payment upon FID . That is about 5.8p per share.
Group cash balance at 31 December 2017 circa $83.3 million = circa 19.4p per share;
Running total 48.4p per share.
The next drill MIGHT add value but even discounting that as another failure , I see BLVN being sold for maybe 50p ,
COC did not invest here to lose money. Their buys included 14 million at 34p.They Knew what was already found and its value . HSBC ADDED very recently based on what was already known.
There is a lot of natural doom and gloom over the drills failue. We still have another shot at adding to a value COC and the likes of HSBC recognised was already stablished; IMO that number is circa 50p take out. Of course, the next drill may add to that.
I will stick with 50p without any 'good' news from the second drill.
will do me held for years may as well hold out till the end
have new age announced anything yet
Low ball offer coming?
next tuesday , very interesting and extremely rare thing from blvn ,wonder why ,,,,
dougal this well get bummed tomoz
Lets not forget we have dropped 20% already from the highs, maybe this has been orchestrated to this level.. known information... NO ill's have sold volume has been tiny..
Maybe, but a lot of interested parties involved here..