I have been a VOG holder fro 5 yrs and have followed Bowleven .
It is odd that there is no discussion about a tie up/ amalgamaation/ cooperation takeover on The Bowleven board.
Bowleven seems to have large pile of cash and some landlocked gas. It obviously has Etinde and Lukoil setting its own pace.
Vog on the other hand is driling 2 wells twice as deep as Bowleven and driling completion on one is 2-4 weeks from now and I guess the second - with even greater expectations will be in 6-8 weeks. Then of course it has to verify/prove reserves.
There is a general expectation that Vog would build it phase 5 pipe to the Dibamba power station - Huge. World bank finance for Dibamba includes incentives to convert to gas from HFO. They wont do it unless VOG ( or Bowl) can prove long term supply with adequate reserves. There are high expectations for the current drills as they are adding to what Elf proved in 1956. Vog also picked up Matanda filed for zilch from Glencore together with huge amyt of reserch on Matanda. Frankly the exploration ( while it seeps oil in several places and is expected to have gas which is better for LPG production than that in its Logbaba field) will be risky fro smallco as Vog is. One mistake or dill in wrong place and VOG's capital/borrowing is gone.
Vog has 50km of pipeline and is in profit ( excl exploration) . Dibamba power staion supply could be a company maker by more than doubling its supplies to customers. ,
Bomono Lognbaba Matanda Etinde together form the largets onshore wetfield in S Saharan africa,
Somwehere in that mix there is a deal. Leverage in a great oil and gas field can ensure 2+2 = 10 or 40..
I think they will keep buying, they will not finish until they have got what they want... On assets and cash alone we should be at 60p.. Im surprised the market is still allowing this to be so undervalued..
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