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I think they should spare us the 'response to share price movement' RNS this time round.. it was only a week ago when they issued the last one.
Also, this s/p collapse has been barbaric... and adding a few hundred per cent from 1 p ish for eg is barely scratching the surface of that fall..
PS: Generally, this company's share of Etinde and FID terms and New Age buy out in progress etc makes this worth a hell of a lot more than a penny or three by any definition imho
On the basis of the detailed examination undertaken, the Board felt justified in maintaining the investment case for the Etinde valuation in excess of $150 million and hence concluded that no impairment was deemed necessary at the current time. The Board feels that with the evolving macro and geopolitical environment, the revenue and cost assumptions of our recent financial modelling, and the high calibre JO partner, the Etinde valuation now has a stronger underlying hypothesis. We acknowledge that the current capitalisation falls well short of these levels and that the Board's challenge into 2023 is to close this gap.
This will be the trigger for a huge re rate. The Company continues to await the completion of the sale by New Age of the 37.5% stake in Etinde to Perenco and understands that this continues to be progressed by both parties.
Only the start of big things to come.
All the excitement over by Monday 24th July .
Back to 1.2p with 33% spread.
In June 2022, NewAge signed an agreement to sell its shares in the project (37.5%) to the Franco-British company Perenco and the National Hydrocarbons Company of Cameroon (SNH). The operation would give Perenco the status of operator in the joint venture with the Russian Lukoil (37.5%) and the British company Bowleven (25%).
Looks like there was meeting a few weeks ago which possibly explains this weeks share price rise. Game on
The Cameroonian government does not currently have visibility on the effective development of the Etinde gas project, following the explanations given to the National Assembly on June 16, 2023 by the Minister of Water and Energy (Minee), Gaston Eloundou Essomba.
No smoke without fire. interesting few months ahead
Agree RLL. Last update the company made it clear they planned to close the gap between the current market cap of £5 and the Asset on the balance sheet valued at £150m. In share price terms thats 2p to 50p. So take your pick somewhere in the middle
Although Bowleven aren't ware of any reason for the price increase, the potential investors are, it could be that a tight lipped bank or its representatives like what they see and are buying in early before announcements are agreed and deals are finalised. Stocks don't have a sharp increase in volume and price for absolutely no reason, behind every share there's a person or an institute that clearly have confidence in BLVN.
I've kept my eye on this on and off for some time, there's definitely something going on behind the scenes, maybe just in time for them to get their friends and family in on it.
So some still want to buy, suggests there's more to this than we are being led to believe
Interim statement referred to in todays RNS
Eli Chahin, Chief Executive Officer of Bowleven plc, said:
"We remain on the verge of what we believe to be a major turning point in the business with the expected upcoming change of the Etinde operatorship once Perenco secures regulatory approval.
This is expected to be a key milestone in progressing what is hoped to be a transformational energy project for Cameroon , accelerating what has to date been a challenging timetable towards hydrocarbon production at Etinde for the benefit of all the JV Partners. As demonstrated by the recent signing of a bilateral co-operation agreement on hydrocarbon monetization with neighboring Equatorial Guinea, we are on the cusp of a new energy horizon for Cameroon that will impact the lives of many. We look forward to keeping our shareholders abreast of the anticipated positive developments over the coming months."
I think if you start to DYOR on what the board were saying last year is beginning to stack up why the price is starting to move north. The board value our stake in Etinde at $150m but they recognise the gap between current market cap of £5m and the £150m needs to be closed. I think this could well be the start of that gap closing event. Here is their statement - “On the basis of the detailed examination undertaken, the Board felt justified in maintaining the investment case for the Etinde valuation in excess of $150 million and hence concluded that no impairment was deemed necessary at the current time. The Board feels that with the evolving macro and geopolitical environment, the revenue and cost assumptions of our recent financial modelling, and the high calibre JO partner, the Etinde valuation now has a stronger underlying hypothesis. We acknowledge that the current capitalisation falls well short of these levels and that the Board's challenge into 2023 is to close this gap.
Bowleven [LON:BLVN] was up 67% at the close, having seen some very heavy buying in the latter part of the session. The one-way traffic drove the spread out to 20% and whilst there’s no firm news, the underlying has pushed to fresh highs for the year. There are a number of potential high profile events which could lead to a significant rerating for the stock – is something looming?
Ok, let's clear up 2 things here please.
Firstly, if that was a quote from the 2022 results, why the large number of trades and SP movement late on today?
Secondly, that HMRC case is against Perenco for some fields they acquired from BP in North Sea. Absolutely nothing to do with Bowleven
The quote came from the second half 2022 Bowleven results, released March 20 2023. You can read the full report on the Bowleven website.
In other news...From what i can see, HMRC lost an appeal against the company today. The judgement was announced today. Not sure how much difference that makes.
https://www.bailii.org/uk/cases/UKUT/TCC/2023/169.html
Where's this quote from?
Nice to hear, I nearly cut my losses here (had £9k at 30p), but hanging around in desperate hope of recouping something
I was lucky 22/3/23 when a sell mistake order did not execute .
Was never able to buy for the 1.25p , spread down to 18% today .
13 years I've been suffering in this dog . They were over £3 then, be nice to get a few quid back
Main broker showed this up 134% typical when I was out from 9am to 4.30pm today. Above shows *2.4p high .
Looks like after 4pm surge .
Maybe a few of my AIM gambles will start to bear some fruits .
RBW yesterday.
Just the sort of statements I've been waiting for... All I need now is a 1000% re-rate to get above water and to hopefully stick around for some divi's. Most likely be swallowed up before then. Will try feeling positive in the short-term tho, been in this 10 years now. 🍻
Eli Chahin, Chief Executive Officer of Bowleven plc, said:
"We remain on the verge of what we believe to be a major turning point in the business with the expected upcoming change of the Etinde operatorship once Perenco secures regulatory approval.
This is expected to be a key milestone in progressing what is hoped to be a transformational energy project for Cameroon , accelerating what has to date been a challenging timetable towards hydrocarbon production at Etinde for the benefit of all the JV Partners. As demonstrated by the recent signing of a bilateral co-operation agreement on hydrocarbon monetization with neighboring Equatorial Guinea, we are on the cusp of a new energy horizon for Cameroon that will impact the lives of many. We look forward to keeping our shareholders abreast of the anticipated positive developments over the coming months."
Https://www.africa-energy.com/news-centre/article/cameroon-perenco-signs-rio-del-rey-production-deal-eyes-new-age
1st sentence : Paris-based independent Perenco has signed a production-sharing contract (PSC) for the offshore Rio del Rey Basin and says it expects progress on approval of its acquisition of New Age’s interest in the Etinde gas field project.
(I did not pay to read the rest of the article behind the paywall. Does anyone have a subscription to African Energy ?)
The FID payment would actually be USD 25 million, from either New Age and Lukoil, or Perenco and Lukoil if the Perenco deal goes through.
The annual report continues to indicate a valuation of around USD 150 million for Etinde, which can go up and down with inputs such as oil and gas prices and discoun rates. USD 150 million would work out at about 50p per share.
The staff have temporarily gone part time this year while waiting for the Perenco deal to go through and waiting to hear Perenco set out its plans for development.