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Share Views Episode 4: Mid & Large Caps with Chris Bailey


Bowleven Share Chat (BLVN)



Share Price: 28.50Bid: 28.25Ask: 28.50Change: 0.00 (0.00%)No Movement on Bowleven
Spread: 0.25Spread as %: 0.88%Open: 28.00High: 28.50Low: 27.75Yesterday’s Close: 28.50


Share Discussion for Bowleven


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ihavenoclue
Posts: 4,185
Observation
Opinion:No Opinion
Price:28.50
NT22
Tue 22:51
There were no shares bought yesterday under the buyback scheme as there would have been an RNS stating amount and price bought by 7:30am this morning
 
NT22
Posts: 416
Off Topic
Opinion:No Opinion
Price:28.50
RNS
Tue 20:40
? 2 days buys? what were the volumes
tunggie
Posts: 495
Off Topic
Opinion:No Opinion
Price:28.50
RE: Mention in IC..
Tue 20:02
Thank you brighterlater, sorry for calling you brighterwater before, my eyesight is getting worse and I'm only 66.
brighterlater
Posts: 14
Off Topic
Opinion:No Opinion
Price:28.50
RE: Mention in IC..
Tue 19:46
Yes of course. I'm 86 and not very good with computers.

contd/

Moreover, with the oil price almost doubling in value since hitting a multi-year low of $26 a barrel six months ago, and the shares still only trading in-line with cash even after last week's rise, we are getting a free ride on Bowleven's exploration assets. That's anomalous to say the least, a sentiment the board clearly share. Buy.
tunggie
Posts: 495
Off Topic
Opinion:No Opinion
Price:28.50
RE: Mention in IC..
Tue 19:18
Thanks brighterwater, now can you not just copy and paste the second half?
brighterlater
Posts: 14
Off Topic
Opinion:No Opinion
Price:28.50
View Thread (3)
RE: Mention in IC..
Tue 18:22
Sure. I cant seem to paste the whole thing but this should give the gist..

From Simon Thompson, Investors Chronicle:

Clearly, I wasn't the only one who felt shares of Bowleven (BLVN:28.5p), the African-focused oil and gas exploration group, were being harshly valued ('Bargain shares half year report', 15 Aug 2016).
After my article was published a week ago the board subsequently announced a US$10m (£7.7m) share buy-back programme. The company has authority to repurchase up to 14.99 per cent of the 327m shares in issue as voted through by shareholders at the last annual meeting. All the shares will be purchased on-market and held in treasury, so this in effect creates a floor for the share price given the scale of the programme.
Other investors have cottoned on which is one reason why Bowleven's share price has risen by 30 per cent from 22p to 28.5p in the past week. The board have wasted no time either in starting the buy-back programme, purchasing 192,948 shares at 26p each in the market last Friday. At the current price Bowleven could acquire 27m shares, or 8.2 per cent of the issued share capital of 327m shares. The directors certainly have the funds to do so because the company had a cash pile of $100m (£77m) at the end of March 2016, and is due to receive $15m of deferred consideration next month as part of a farm-out deal on its Etinde Permit off the coast of Cameroon. Bowleven retains a 20 per cent non-operated interest in Etinde having completed a farm-out to energy giants Lukoil and New Age in March 2015.
The buy-back makes commercial sense too. That's because the company's current market value of £93m is only slightly Bowleven's cash balance once you factor in the receipt of the £11.5m deferred consideration due next month, and massively below its last reported net asset value of $367m (£282m). This means around $267m worth of exploration assets are effectively in the price for free. Or put it another way, the company is paying 28.5p a share in the market to get its hands on 86p a share of net assets, so this is hugely value accretive for shareholders. If the full $10m is deployed, and 27m shares are bought back at an average of 26p each, then I estimate that it will add around 5.5p a share to Bowleven's net asset value per share. The buy back is also a vote of confidence by the board in the company's prospects and its funding.
tunggie
Posts: 495
Off Topic
Opinion:No Opinion
Price:28.50
RE: Mention in IC..
Tue 18:11
Not a subscriber so can you copy and paste the article please. Thanks.
NT22
Posts: 416
Off Topic
Opinion:No Opinion
Price:28.50
sp movement
Tue 18:09
28.5p great news!!
so actually up over the last 12 months now that has not happened for a long time!!
patience
brighterlater
Posts: 14
Off Topic
Opinion:Buy
Price:28.50
Mention in IC..
Tue 17:40
I haven't gone through the board history so not sure if this has been posted already but it's good to see some more profile, courtesy of Simon Thompson. http://www.investorschronicle.co.uk/2016/08/23/comment/simon-thompson/bargain-shares-on-a-tear-BrrLj9ubWEE4mP5OoC3XlI/article.html

Cheers
NT22
Posts: 416
Off Topic
Opinion:No Opinion
Price:28.50
sp movement
Tue 17:12
with 4 =1 buys rather than sells would have expected a bigger jump
have ocean issued any statement of there long term plan on blvn or are they just after a quick profit?
if blvn get the go ahead on the drilling before the buyback finished I think ocean will stay in for the longer term bigger return!!




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