So if buy back finishes today once the AGM is out of the way, it just goes to show it has been a complete waste of time and money. So what happens to the shares already in treasury, if we are not buying any more will we be selling them back into he market at a reduced price or will the bod hold them through 2017 and then issue them to themselves as a bonus for NOT hitting any targets.
Thanks very much. I attended last few AGMs so much appreciated. I think we will merge and it will be a North African play. F.LNG is the sticky wicket - any indication of timescale in having Camgovt approval?
Overall interesting meeting with lots of 2 way interaction between shareholders and Billy & Kevin.
Etinde - ongoing discussions but jam tomorrow - BoD looking at all options re our stake, including operatorship but all partners see similar "high" value in the prospect. Chair advised that there will be progress in the next year.
F.LNG - still preferred option of NA but Cam gov not keen without gas to home market too. Not clear how the deadlock will be broken - bod challenge for 2017
Bomono - Licence extension expected shortly (Jan RNS). Expect to develop finds and make some return ( $7m per well). Not a particularly commercial return on the cash invested but some return on the money invested / cash spent. Further drills expected but not till cash coming in ( est $10m pa per well revenue)
OC were in attendance but were having a private mtg after the AGM. Several PI spoke to them - my take - they have their own specific agenda and that is not to invest in the Bowleven assets & assist development , so will need to wait and see what other "influence" they can bring to bear.
Share Buy back - OC indicated that the authority might be revoked so the programme may stop after today. Will find out on the AGM RNS tomorrow .
G&A costs will be slimmed down to c$7m pa but no significant further changes expected from now.
Cash spend mainly on Bomono drilling c$50m in last 18 months - c $20m was on extra costs to bring the rig used up to scratch, which is under arbitration - will take 6-12 months before that is resolved , unclear how much we will get back at this point.
KH did state that they were open to merger / acquiring or being acquired ( Malky's favourite merger with VOG?). Maybe OC can help with that option?
My take - Shareholders clearly expressed their dissatisfaction with progress and the bod acknowledged that and said they would take that into account. Chair made it clear that no progress in the next year was unacceptable, but nothing specific promised and not clear what can be actioned given the government positions and Etinde partners.
No timescales to material change , but if something does happen then imho the sp could hit 50p+ ( Jam tomorrow) Risk / Reward weighted to the risk side on a 12 month view, but who would invest in BLVN unless they were taking a risk?
Been trying to sell for the last 15 minutes but unable to. No one wants these shares. Can't believe how Kevin Hart has been able to get away with such mis-management of a company to totally destroy shareholder value. He is only out to build his pension now as there is no company out there that would take him on after this shambles.
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