can only think that this paragraph in the june 14 RNS must have come into play...
Further updates, including update upon satisfaction/waiver of all conditions precedent to the arrangement, will be made in due course. In addition to the above arrangement, Bowleven is continuing discussions in relation to a further farm-out of part of its interest in the Bomono Permit in advance of drilling.
there must have been another RNS to this regard but not researched it yet
You may be right, but are you sure? The modelled field is for 67% oil/condensate (hence the trucking) and 33% gas. The defining factor is selling the gas, if the modelling of the Moambe development assumes peak gas production of say 40mmscf/d, that is far beyond the domestic gas demand (as Victoria Oil and Gas was and is - I I believe - still is discovering). So maybe stage one is just to truck the 67% oil/condensate to the ENEO plant for them to turn into power. BLVN are in the happy position of learning from VOG's mistakes. Happy to be wrong and critised for my opinions - such fun!
I don't know where that has come from? We gave a 20% interest in the permit to Fortresa for drilling 2 wells at cost. See RNs mid 2014. There is no info stating otherwise. Why it cost us 15 million plus testing costs is beyond me. It looks like a poor negotiation now though.
I am not sure if Malcy gets the fact that the reason why Bowleven are keeping their Cash is to allow them to bring this project to market without going into debt, diluting or being forced into a Farm out.
I am definitely of the mind set that the right thing to do is to test the wells, see the results, decide what needs to be done should it be commercial and then cost out the infrastructure required and period before production.
The challenge is integrating all the pieces into a compatible timeline and to make sure BLVN line up a plant with the demand anticipated. As they are trucking it (no cost to pipeline implemtation) it should be manageable with a short time span with limited costs. If they can succeed in this project (coupled with Ethinde) then BLVN will start to become an exciting play.
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