Interestingly, the website changed to mention the target towards the end of May (I wrote a post when this happened).
So why would Bowleven change the website at the end May to set a target for the end of June, which now turns out to be unrealistic (I emailed them to update it a few weeks ago suggesting it might put off potential investors but did not get a response).
I am assuming that perhaps Lukoil and New Age are involved in the agreements and perhaps are renegotiating terms with Ferostaal - Bowleven could not afford to wait for CLNG but Lukoil can, so they might be saying to Ferostaal, "you need us more than we need you", so therefore asking for a better price for the gas.
However this type of negotiations would not be popular with SNH...
In short who knows what is happening - Lukoil may not be involved as Farm out has not been finalised, but they might have had a condition that the GSA is not signed until the Farm Out completes.
OAM and MW have 5.77 Million shares short (approx)
The final date for completion is Fri 19th Sept ( I think) "" The effective date of the transaction is the completion date, which will occur 15 business days after the satisfaction (or, where permitted, waiver) of the conditions to the transaction. The longstop date by which all conditions to completion of the transaction must have been satisfied (or waived) is 31 August 2014.""
EEIIAAdio is signed, Petrofac are happy. The outstanding conditions to be satisfied are :- El Presidente agreeing to the deal ( and having signed off the EEIIAAdio that seems a given) and SNH deciding if they want 20%
Plus we'll have news on Bomono in the near future, so, surely to goodness in the next month those shorts will have to close as we rerate (at a minimum to cash in the bank).........
"Negotiations to agree the detailed Gas Sales Agreement (20 years supply) prior to FID are well advanced with signature targeted for H1 2014"
Bit behind then, hadn't realised this target timescale previously for the GSA.
A double whammy of farm-out money in hand (100m gbp + 30m already there vs. 112m market cap) and the GSA signed would undoubetdly finally put a rocket up it's ar5e. Drill bit turning again before year-end would be a nice bonus on top.
Yes roll on something positive to get our teeth stuck into. Chart-wise, assume last week's hammer was the low and we make progress into the 40s very soon. Sentiment can change very quickly and just like it can overshoot beyond your imagination on the downside, it can do the opposite when it breaks higher with momentum, especially after such a prolonged period of drag. I think when this finally gets going it may surprise everyone, myself included.
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