Yes of course. I'm 86 and not very good with computers.
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.
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.
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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