Yeah I think you've done well there, better than me anyway. I thought the bottom was quite a bit higher!!! Agree on 38p too, I'm getting pretty excited about blvn ATM, if things go well in the coming six months they could add some serious value here. Need to get the market back on side now and generate some positive sentiment again. Mwa worth researching think it could possibly be the most undervalued share I have ever seen IMHO as always. Did you see OPHR's partners in Seychelles have completed seismic surveys??
They have been advised that "a formal resolution confirming the State's support and approval of the Etinde Exploitation Authorisation Application (EEAA) has been signed", for which they have had to answer further questions according to KH since posting off the $$$ cheque, and it "defines the means of monetising the Etinde hydrocarbons by supplying treated gas to a Government sponsored fertiliser plant and also through a liquefied natural gas (LNG) scheme." So, not just a Stage 1 Fertiliser plant but the Stage 2 LNG Project, which requires the additional 2 drills, (and delays the FID and SNH take-up).
This then begs the question of how it can be honoured by BLVN (Euroil).
Their solution is a rapidly executed sell down in order to salvage something before it all went t!ts up. Looking at the 'conditions', after the EGM vote, (b) the Cameroon Government approving (i) the transfer by Euroil of the LUKOIL Interest to LUKOIL (or an affiliate) and the New Age Interest to New Age (or an affiliate) and (ii) the transfer of operatorship of the Etinde Permit to CAMOP;
and (d) the Exploitation Authorisation being approved or granted by the Cameroon Government;
these require the CG to 'approve' transfers and 'approve or grant' the EA.
I suggest that BLVN will not see the decree, rather it will (assuming success) all be done in a single move with CAMOP getting the operatorship and the necessary EA and LUK as the new partner. Quite what they need to do before approving and how long it might reasonably be expected to take, is an unknown for all, I am also assuming that an approval, ultimately, can only come from H.E. I may be wrong, but how perverse would it be to approve CAMOP as Operator and grant Euroil the EA, and then what procedure would be needed to amend H.E. Biya's Decree, and how long might that take before the monies can pass to BLVN??
Bring on the Bomono drills, the value enhancing appraisal drills may be some time yet.......
Never had a close look at that one but know a few people who are in there/trade it regularly. Nice to see our other one doing better as well - certainly bounced well off of the low 190s, got a fair chunk within 1p of the bottom which was handy! Reduced a bit though at 210.1 today as had put more in than i like to have in any one company - first tranche just about back to break-even now as well, so all good and more news to come there. Couldn't resist another go here at 38p - anything that close to cash (or what will be cash anyway once the deal goes through) and with assets to spend it on (no point being like GBP and doing nothing with it for instance - although might make them attractive to someone else in the area) that will add value, has to be worth a go (same reason why i went in heavy on the FTSE250 one at that level!).
Still holding a lot in there but decided to take a bit off the table and bank a bit! Not looked at TPL in a while. So many to choose from at the moment that look very cheap! Will be time to take something in the FIs in a few months as well!
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