The real play is Etinde. If the drills are as successful as the geology , hope/hype it's goodnight Bow.
We will be sold , company is not sustainable with just Bonomo and there woulf no appetite or reward for investors to fund any wild cat drilling on acreage secured post Etinde sale and KH knows this and he can't use current cash reserves on anything other than producing assets.
I think you'll be lucky to see any revenue from Bonomo before 2018.
Consider : -
1 They don't have a licence yet 2 They need to build a processing plant 3 They need to install a pipeline to connect the wells to the plant which are 2km apart 4 If they go for on-site power they have to build a suitable location. Do they have the land to do so? If offsite pipeline. Do they have the required permits? 5 How far away is the nearest grid point to transmit the power to? Douala is 15km away. 6 Who will build and pay for the transmission infrastructure? How long will it take? Probably Eneo but maybe not. 7 Who will contract for the generators? Lease or buy? Probably Eneo? 8 Wet season starts in July when hydro power is the preferred choice. Would they still contract generators or wait until Jan when the dry season takes over ? 9 This is Africa. Different timescales prevail.
All in all not much chance of revenue next year. Possibly not in 2018 either if Eneo can't provide the infrastructure in time. They may not have the budget in 2017.
Crown Ocean Capital, are Venture Capitalists, who have a branch of their business that specializes in the offshore industry. I'm hoping that sometime in the very near future they will have accumulated sufficient shares to put a director on the board. We may then see some action.
David Clarkson who supposedly has 30 yrs service in the engineering side of the oil industry has just been awarded 340k of bowleven shares for hiring a heap of scrap metal to drill Bomono causing a 6 months delay in the drilling schedule and $ 2 million plus in repairs to the rig before the well could be spudded. After finally drilling the to wells it would appear we couldn't collect enough information to publish a CPR hence,the two extended well tests. What the board are good at is rewarding incompetence,spending money .and rewarding themselves bonuses.
Most company's have a get well plan for underperforming exec A simple goal and achiement plan No ambiguity pass = bonus Fail = 6 months to reach. A certain level of performance Looks like the chairman and ceo need to be put on one if they fail to meet the fair and reasonable deadlines
Not clear why further exploration is needed I thought they had found gas/oil Have they or haven't they and what are they doing to hit a revenue stream in a timely manner?! If they haven't hit revenue in Bomono and started drilling in etinde by the end of q2 2017 I will not put any more money into blvn stock. If the board can't achieve both of these with the position they are in, in these timescales the chairman should be sacked with no bonus or payout as its starting to look like incompetence
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