""Without further delays"" will have the LTHs rolling in the gutter with laughter. Despite having a bloated, underwhelming, overpaid subsidiary of Euroil, Bow's record in Cameroon is one delay followed by even more delay - both bureaucratic and mechanical (Has anyone been sacked for the Bungle in the Bomono Jungle??)
KH has overseen incredible xploration success with Etinde Sapele IM5 etc followed by a complete lack of commercialisation
From May 2013 "" With the recently announced agreement between Bowleven, Ferrostaal and SNH, of a gas sales term sheet for the proposed fertilizer plant, and a work already underway to update the formal EEAA to integrate the very successful IM-5 well results, the Group remains focused on delivering the planned phased Etinde development and reaching FID, targeted by the end of 2013."""
We have had nasty lawsuits (which went to court) with our partners in both Cam and Kenya and our highly costly and successful blocks 5 and 6 apparently have had to be handed back without compensation.
Our website is horrendously out of date e.g. for our current activity in Kenya ""The tender process for the seismic programme is at an advanced stage with contract award anticipated during Q2 2014 and seismic acquisition envisaged during H2 2014. Funding from First Oil covers a significant proportion of the Group’s share of the initial minimum work programme (FTG and 2D seismic).
I've posted before that maybe KH lacks the Psychopathic traits which are such a positive in CEOs. He made his money with Cairn as a Finance Director and he seems to lack the ability to persuade our partners of his commercial arguments. As regards asking CamGov to go it alone if Luk says no, I suspect it would take them many months to reply with a resounding ""No"".
No bonus or wage increase should be awarded to any executive of any company until that company starts to make a profit on the original investment. Any muppet can sell off shareholder investment without a return, that's easy money, so why reward. As with any company shareholders can only vote accordingly at the right time if not happy. How long this current statis is to go on, who knows, what exactly are they doing , again who knows . My worry now with blvn is that we seem to be in control on absolutely nothing and consequently are actually doing nothing but waiting. If we were drilling and producing then things would be different. It seems like the last five years as a sure thing have just passed us by. I've heard of slow burn but this is ridiculous.
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