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Started: InvestorACE, 11 Apr 2024 14:59
Last post: DannyQSee, 26 Apr 2024 16:53
This has been bouncing around for over 20 years. I can’t remember the exact number, but I think they’ve raised almost a billion over that time and the general problem was and still is that they never ever produced anything.
They explored lots of wells, did amazing PowerPoint presentations, most of the directors became millionaires, but us the shareholders got absolutely nothing.
When they couldn’t raise anymore they sold 75 % of the business to keep the gravy train running, which only attracted venture capital who thought they can make a quick bug.
They released most of the cash from the 75% sale but are now running out of cash too.
Rather than taking out a loan they are raising more funds to buy the rest of the company (with the money they previously released).
It’s been one enormous waste of time and money (for us the retail shareholders)
Nice2Michu, this touched 5 quid IIRC in the Hart days. Good bloke Kevin Hart, got a lot of stick at the time. IMO
I have a feeling there will be decent size trader players getting involved with this share in the coming months...so I'm expecting some spikes and retraces here as we go thru 2024
6 million shares traded already this morning, in clips of 1 and 2 million. Wonder who is buying and selling?
Absolutely 💯 so that’s why I am in this share. But I start with a heavy loss because of the spread.
Started: NicetoMichu, 11 Apr 2024 12:56
Last post: Rick123, 11 Apr 2024 14:52
FCK 82p average, jeez!
82p.......Gulp!
Good rise here. Not long until my 82p average!
Steel if that’s true please do a little research first. All the best!
Maybe he's following you around all these boards because he thinks you're a genius trader, Rick .. and he'll be on board here soon too now ?!
Started: Hamz74, 3 Apr 2024 14:37
Last post: Hamz74, 3 Apr 2024 14:37
Quite a bit less than the maximum 89% if nobody else had taken up the offer. Lets watch out for RNS TRS to see updated holdings from HSBC/Sand Grove, the Dutch group OMGK, and the Indian guy in Northwood!
Started: Hamz74, 2 Apr 2024 13:53
Last post: Hamz74, 2 Apr 2024 13:53
Did anyone make the AGM? I missed it this time.
Resolutions passed at AGM: https://www.londonstockexchange.com/news-article/BLVN/result-of-general-meeting/16403783
Interestingly, about 19 million votes were made against all resolutions. That is about 6% of the shares. I wonder who that might have been? It looks close to the percentage held by Sand Grove before they started selling, which may be relevant for the March 12 cut off date determining voting rights.
Started: Hamz74, 25 Mar 2024 08:02
Last post: DannyQSee, 27 Mar 2024 08:13
I’m repulsed by the attitude of some managers who see individual investors as cash cows that just have to be dazzled with a PowerPoint presentation or two or ten to hand over money.
Where do we get it from? We have to actually work for it and expect a return. They came in with a grand vision ousted the old useless board and said they can do it all better. Get a loan, get the share price closer to 70p (when I first started investing), than you might see some more engagement from me.
Are you voting anyway, just to increase the chances of them being able to do the open offer and raise from other investors?
They certainly can raise the money.
If the share is worth 40p and you have 50 million due on FID (which was due years ago), why not get a loan?
Something is very wrong about this and smells very fishy. I’m not going to pump anymore money in.
No certainty, no fixed timeline and too many broken promises.
Jed, if they cannot raise any money, then there is a 100% chance of losing what little is left. If they can do the open offer, there is some remote prospect of salvaging some value, from several scenarios. New Age may bring it to FID. New Age may find another buyer for its stake and maybe BowLeven's stake too, and that process could be faster now they have gone through a lot of bureaucracy with SNH. Or Lukoil might take it out, which might be more likely if the Russia/Ukraine war comes to an end, and sanctions are reduced or lifted.
I have had these for about 5+ years and bought in at about 70p, as far as I am concerned it won't make any difference as I have already written these off so won't be putting any more money into them. It's just a pit for money and will never see any of it again. The board have driven this into the ground while doing nothing for years.
What a kack-handed way of voting.
My broker - Jarvis - demand twenty quid for the privilige of forwarding my vote.
Twenty Quid. Scandalous! They won't get it.
What are other brokers charging?
H-L ? Barclays? etc?
Only now do we see the mistake of the last overly generous dividend payout.
Maybe I can vote on the BLVN website. (I doubt it, but we'll see)
This is a straw-clutch exercise by the directors if ever there was one -
and it looks like it won't be the last!
Started: ripley94, 11 May 2022 02:58
Last post: Hamz74, 26 Mar 2024 09:14
Seems almost unbelievable in this day and age that a phone call would be needed for a corporate action. You should certainly complain!
Which broker has no facility for voting? I never heard that before.
If it's anyone like Barclays, to vote requires telephoning their Corporate Actions team and instructing them over the phone.
Money taken for non tradable still showing as such , also shows up 50%.
My broker no facility for voting .
And did you also vote the AGM resolutions?
Started: flyrc, 19 Mar 2024 13:56
Last post: Hamz74, 21 Mar 2024 18:18
40p was about USD 150 million. ( USD 150 million is GBP 120 million, divided by 335 million shares ). If the number of shares goes up by factor 4.8 to roughly 2 billion shares, ie 2,000 million shares, divide that 40p by 5 for simplicity to get 8p, almost 100 times the open offer price. The annual report also suggests the asset could be worth quite a bit more than 150 million at a higher oil and gas price. Well that is my back of the envelope arithmetic anyway, does anyone disagree?
I bought my first shares here for 70p.
Fast forward a few years and it’s now 99% down. I’ve made some money in between trading the shares and the dividend payout when these guys took over, but what I want to know now is their exit strategy.
A few years ago the current board was adamant that the shares are worth over 40p no matter what the share price of the day was … what is their target now after the raise?? Can someone ask the question at the AGM please.
You need to log into your broker account to do the AGM vote, and apply for extra shares. The areas on the sites are different, for different brokers. Is that what you mean?
Has anyone else received the email re logging in to your account from Bowlevens home page. ? i undersatnd the gist of what is going on but cannot find any link for investors to log into. Any Ideas anyone ?
Started: Hamz74, 16 Mar 2024 08:39
Last post: Hamz74, 16 Mar 2024 08:39
Whether or not you plan to avail of the open offer, you should vote so the company can go ahead with it, and has some chance of a future. Hardly anyone voted at the December 2023 AGM, but now its vital that everyone does so. It would be a great shame if the company had to shut down just because people could not be bothered to log into their brokerage accounts and vote.
On interactive investor, whoi emailed me today, its under Voting Mailbox. On Hargreaves Lansdowne, who have not alerted me yet, its under Shareholder Meetings. Not sure where to find it with other brokers, if you can't find it, ask them. It takes a few seconds to just click For All. You can also get an email confirmation of your voting choices.
I've attended two prior AGMs, 2021 and 2023. I won't be able to attend the April 2 AGM, but anyone who can do so should, to see if they can glean any insights.
Started: hairydavey, 14 Mar 2024 15:39
Last post: hairydavey, 14 Mar 2024 15:39
Company is going right down the shi**er now. Dont waste any more money on it. Ive written mine off. 2 fatal errors, 1. putting all their eggs in one basket with Etinde and 2 useless JV partners. 2. Wasting 50 million on divis when they could have purchased other projects.
Started: kat2008, 14 Mar 2024 10:42
Last post: scoredagainsteps, 14 Mar 2024 14:02
IMO as crazy as it seems it still worth a bit in .AS NEVER SAY NERVER 500 in could end up nothing or thousands.IM buying in but not paying .25
Like many of you - i have held BLVN for over 15 years and watched the inexorable slide from promising exploration company to dormant holding company waiting for FID to happen. Todays RNS is not really a surprise - they have to raise cash somehow to keep the lights on while we wait. Like you KAT - I am torn as to whether to bother to take up the rights. For me it is a binary gamble - the company will either fold as FID will never happen or it will kick on (either because FID gets approved or someone decides that it is worth buying it out and developing the resource). So putting more money in is a 50/50 gamble and the RNS makes it no easier to decide which way it will go. On balance I think I will take up a portion of my rights on the hope that at some stage in the future that will be seen as a good decision -but it is not based on logic or insight but rather on the desperate desire to finally get something out of this pup after 15 years of pain!!!
This RNS proposal is a major development, but it has been received with utter indifference by the market.
No buying or selling, no comments from the gallery.
Opinions on whether this is a 'good' or 'bad' thing ?
It will cost me £240 to purchase my subscription amount, based on my 50k shares, giving me approx 300k shares after.
Not a lot of £ to chuck in the pot to play for another 12+ months optionality, but am I just throwing good money after bad, as we are just keeping the lights on. ?
Views ?
Started: bsfalsehoods, 14 Mar 2024 13:58
Last post: scoredagainsteps, 14 Mar 2024 14:00
I THINK 300000 left
According to accounts held at investors chronicle , this stock has a very strong balance sheet
check out this link
https://markets.investorschronicle.co.uk/data/equities/tearsheet/financials?s=BLVN:LSE
Started: hairydavey, 5 Mar 2024 11:30
Last post: LeaGreen, 7 Mar 2024 11:50
And the man who made the "Most stupid move ever" has looted the company and its shareholders ever since.
We are in here now!
https://www.lse.co.uk/rns/BLVN/proposed-special-dividend-djrh857f0ze00o5.html
So wish they hadn't given away the 50 million. Most stupid move ever!
Started: scoredagainsteps, 14 Feb 2024 15:09
Last post: Hamz74, 21 Feb 2024 15:15
Fairly large volumes still going through most days.
Large volumes going through today, about 3 million shares traded so far
Discount placing or convertible loan notes?
Or will they find a mystery White knight?
They are running out of money and Ocean Capital may prop them up but as stated , it would be at a figure considerably below where the share price was prior to the rns, maybe best to wait and pick shares up at the potential discount price. Dealing in Cameroon has proved a complete disaster for BLVN, nothing ever agreed or signed off by the government dept, imoo I think the company is doomed , nothing has progressed in 12 odd years really since they found the hydrocarbons.
CAN BOW SURVIVE > IF SO tempted at these prices or is it chucking away money . KIND THANKS
Started: scoredagainsteps, 15 Feb 2024 13:21
Last post: scoredagainsteps, 15 Feb 2024 13:21
Wait it is then hope your trading is going well -ithaca energy gives a cracking divi off topic
Started: jadee, 26 Jan 2024 10:10
Last post: DannyQSee, 26 Jan 2024 14:48
The total current company valuation is £1.5 million, but on FIT $25 million is due to them and they still hold a third on the whole thing.
If I was one of the other two partners I’d rather buy the whole company than pay my $12.5 million fee… it just doesn’t make sense.
Something is going on which we aren’t being told.
The consequences of dealing in Africa unfortunately, time is not on the side of BLVN unfortunately.
Started: Dicko80, 25 Jan 2024 11:14
Last post: DannyQSee, 25 Jan 2024 21:17
I have actually sold some around 6p (this price sounds like dreamland now!!) when this was first announced.
It was supposed to be a positive, but then turned negative as the potential new partner wanted a new course of action and a huge time delay pressed this down to 0.5p.
Now they’ve left and rather than going back up to 6p it’s dropped towards 0.3p … only time will tell what’s going to happen, but the “fair price” of 40p suggested by the board looks a million miles away now.
That's probably the final nail in the coffin. Can't see how this is going to survive. It needs a cash injection and no prospect of commercialisation in the near term.
Been on the watchlist for some time
Disappointing
Started: YamR1man, 10 Jan 2024 17:13
Last post: YamR1man, 10 Jan 2024 17:13
30% RISE. What's happening with this site's recording figures? Codswallop.
Started: Hamz74, 8 Dec 2023 19:39
Last post: Hamz74, 8 Dec 2023 19:39
After the AGM, we got an RNS/email showing it appears that only about 10 million out of c 300 million shares voted in relation to the AGM resolutions. Out of interest, how many, if any, people here cast their votes? Those unable to attend the AGM can cast their votes electronically, by proxy.
Started: Hamz74, 8 Dec 2023 19:37
Last post: Hamz74, 8 Dec 2023 19:38
Lukoil logistics
Bowleven think that Lukoil needs to be aligned on the development plan.
Costs
There are currently two directors, two finance staff and someone on the ground in Cameroon, at the Euroil subsidiary.
Overheads (excluding development spending) could be about 1.5 million a year next year, but not all would be a cash outlay. If the directors defer their emoluments, these amounts will be accrued.
The costs of being listed are about 300,000 to 400,000 a year.
Here are some other bits and bobs gleaned from the AGM:
Limited communication
The joint venture between Bowleven, Lukoil and New Age, is technically an “unincorporated JV”. This gives the parties commercial rights, such as pre-emption rights that were not exercised when Perenco bid for New Age’s stake, but does not guarantee communication. Therefore, the discussions between New Age and Perenco have been bilateral, and the directors admit they are confused, baffled and surprised by the delays.
Nonetheless, they are aware that Perenco and New Age agreed to an addendum to the long stop date. Bowleven has had sight of it but cannot share it as it is private.
Recoverable costs
Regarding the difference of opinion over USD 10 million of recoverable costs, there are a few angles. Bowleven’s share of this is only 25% or USD 2.5 million. The money can only be recovered from future cashflows from Etinde In the greater scheme of things, USD 10 million is not that much for a project that could generate over USD 1 billion of cashflows. There has been a 10 year audit trail on costs, which is naturally a big exercise. Bowleven anyway expect this dispute will be resolved.
Other Perenco licenses
One possible source of complication and delays, is that Perenco could be negotiating /renegotiating multiple licenses with some inter-related and overlapping issues. We already know they renewed the Rio del Rey license earlier this year.
Possible sale of Bowleven Etinde stake
If this ever happened, the SNH approval process should be less complicated, because Bowleven is a financial investor and not an operator.
Geopolitics and costs of capital
The Chad pipeline dispute, and change of regime in Gabon, could raise fears of contagion risk, increasing the country risk profile. Equatorial Guinea however looks relatively stable.
Geopolitics might increase costs of capital but the auditors agreed to a 15% figure in line with previous years.
Perenco in West Africa
Perenco is the largest player in Cameroon, and is also active in Ghana, as well as Gabon.
Capital raise
Bowleven would prefer to see the share price rebound to minimise dilution. The aim is to offer it to existing shareholders, but they could also be open to new shareholders. Some form of hybrid structure could be considered, though a pure loan would be unlikely. Any offer probably needs to be fully underwritten to take out the execution risk.
They cannot disclose details of the Crown Ocean proposal, such as the share price, because it is private, and is anyway an ongoing discussion.
Domestic Gas
This could be important as part of the ESG agenda, in terms of obligations to the host government.
Development Finance Institutions
If the project gets to development plan and FDI stage, it is possible that development banks and other multilateral agencies might provide some financing. Bowleven has had discussion with banks in African and France
Many thanks for taking the trouble Hamz74 look forward to your notes of the meeting
Yes very helpful of Hamz.
Appreciated Hamz
I attended. At the end of the AGM presentation, there is a Q&A section addressing some questions posed that reference the annual report.
https://www.bowleven.com/system/files/uploads/financialdocs/agm-presentation-2023_1.pdf
In my next posting, I will try and copy and paste it, but there may be some kind of word limit (some other pastes seem to have been cut short ).
Then next week I will also send some notes from the chat at the AGM.
Started: Hamz74, 7 Dec 2023 21:41
Last post: Hamz74, 7 Dec 2023 21:41
22 Questions & Answers Annual Report page 14 query :- 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"
When New Age informed the JV partners of the proposed transaction, we were informed that they expected the transaction to complete in Autumn 2022, although they subsequently extended this at the end of the year. Since then, a further 11 months have passed, including the 12 month long stop date of the original transaction, essentially with little to no development.
This is a concern.
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?
No. We cannot speculate on the intentions of the Government of Cameroon.
Started: Hamz74, 7 Dec 2023 21:38
Last post: Hamz74, 7 Dec 2023 21:38
21 Questions & Answers Annual Report page 10 query :- "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?
There is a possibility that SNH and the Government may not approve Perenco’s proposed acquisition, which will require a change of strategy by New Age or different steps by Perenco. In, addition, we also consider that there is a possibility that New Age may seek or be approached by an alternative buyer to Perenco.
Annual Report page 11 query :- 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?
No, not in the way implied by the question. When we study the technical requirements for producing wet gas (condensate) at a fixed rate, for a finite period of time (for example to meet the commercial requirements under a Gas Sales Agreement) there are corresponding IM-act on the way the field is operated, and this has practical ramifications on liquids production levels and therefore on other commercial and economic considerations which impact the valuation and future cash flow of the Etinde project. In our view, the supply of natural gas to the Cameroon domestic market needs to be assessed as part of the overall development project.
Annual Report page 14 query :- 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"
There are two slightly different considerations:
• How long will the existing Bowleven Group working capital last and how can we maximise this period of time using specific expenditure control mechanism, whilst, as a minimum, maintaining our obligations under the PSC agreement, based on the existing draft 2024 work plan and budget (or any amendment following a change in Operator), whilst maintaining a necessary safety margin; and
• The second reflects the time it will need to find new potential investor(s), agree commercial terms with them and then seek the necessary shareholder approval at a subsequent EGM. This needs to be completed prior to Bowleven fully exhausting its current working capital.
Started: Hamz74, 7 Dec 2023 21:35
Last post: Hamz74, 7 Dec 2023 21:35
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?
There has been no formal correspondence from SNH to Bowleven or the JV partners as a whole on this subject. New Age has not provided any specific details of their negotiations on this point.
Annual Report page 5 query :- references to "a major shareholder" and "our major shareholder" - can we assume both references are to Crown Ocean only?
Crown Ocean Capital in this context.
Annual Report page 9 query :- "core initial IM Only field development" not even plus IE-2? What are the projected flow rates of gas and liquids for IM?
There is no simple answer as it depends on multiple factors, including (but not limited to) development concept, the acquirer of natural gas produced and the contractual terms of any gas sale agreement, the number of wells drilled, which reservoirs are being produced from and the capacity and design of the gas processing facility. Technically, the maximum rate of initial wet gas production is likely to be up to about 150 mmscf/d.
Annual Report page 10 query :- "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."
We are not party to the Transaction between New Age and Perenco or any discussions these parties have with LUKOIL regarding specific aspects of their deal that impinge on LUKOIL. So far as we are aware, given a level of communication with New Age and LUKOIL, none of the potential issues relating to the SPA between Perenco and New Age have been resolved. We understand that SNH has raised some issues with Perenco that impinge on Perenco obtaining Governmental approval to acquire New Age’s stake, but we are not aware of all the details and cannot comment more than we already have done.
[ Now run into word or character limit, see next posting for more ]
Started: Hamz74, 15 Nov 2023 23:28
Last post: jadee, 6 Dec 2023 18:51
Any interesting developments at the AGM today? If any who went can share with us I would be grateful
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 site. The AGM is in London on Wednesday December 6, and I plan to attend it.