It was indeed. I guess the market had already discounted the news as the award had already been made as per previous RNS and the signing was a mere formality. Still disappointing though. I remember VOG spiking massively on its presidential decree about 3 years ago. VOG is also in Cameroon of course.
Surely this is a joke? Forgive me if I'm wrong, but wasn't this the major hurdle that needed jumping before the deal could complete? Are we not going to currently have the current market cap in the bank once the first stage of the deal is complete?
I can't really see it going lower from here, but why is not considerably higher????
Interestingly the RNA did not go as far as to announce how much of the the 20% stake SNH have taken. I assume we will see another RNA with change of operatorship, SNH approval and the amount the stake they are taking.
If is is 20%, Bowleven are then Farming out 40% and keeping 20%, which will make it a better deal than if they were farming out 50%.
I am desperately hoping than none of these will require a further presidential sign off!
A very muted market response. GaryN, suggest you put pen to paper and write a Shareprophets article on how undervalued this company is:)
Importantly we now own 60% - 75% of a 20 year exploitation license which is extremely valuable, so Lukoil deal, no Lukoil deal and Petrofac deal, or sale of company or entire asset, all becomes possible today, which is far better than the position this company was in yesterday!
This is another important step, 3 down now and one more to go.
Whilst I don't know, my assumption is that the Cameroonian Govt, if not the President himself, are aware of the terms of our deal with Lukoil and therefore this decree would not have been signed off if there was not also the intent to allow the equity transfer to take place. It seems, based on what we've seen unfold, that the dominoes are all lined up and are falling in the correct order.
We have four weeks to get over that final step and the deal is done and the cash will be ours.
Chris i do not mind you popping up on the board if you offer sensible opinions. But you are incorrect to say those that bought Friday timed it wrong again. I bought 75k @ 37.94p and I expect others got around the same price. Where are we now? c. 39.25p is quoted to buy. If you an investor +/- 1p in any case is neither here nor there. But well done to those that did buy.
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