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
Bowleven, the Africa focused oil and gas exploration group traded on AIM announces that it has been awarded a one year extension to the existing Bomono exploration licence, onshore Cameroon, pending the final award of an Exploitation Authorisation (EA).
The Bomono Exploitation Authorisation Application (BEAA) was submitted to the Cameroon authorities prior to the formal expiry of the exploration licence on 12 December 2015 to enable the progression of development activities.
The interim extension award ensures that the Group's interest in the acreage is maintained while dialogue is ongoing with the Cameroon authorities on the BEAA.
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