The original RNS talks of the FO being for all of the Etinde permit "" The farm-out transaction relates to the Etinde Permit (currently comprising blocks MLHP-5, MLHP-6 and MLHP-7), offshore Cameroon. EurOil, a subsidiary of Bowleven, is currently the operator of that Permit."" and then of course 5 & 6 PSC expired, so all Luke got was 7.
Would SNH give Bow full rights to 5 & 6 again when Luke and NA are now calling the shots. ?? Sapele found oil, gas and condensate before being halted by HP gas and Bow has intimate knowledge of the area. Is our Chief up to the backroom haggling to get us a good deal??
If we do get 5 & 6 back will Luke say that they've already paid for the FO ??
I asked why MLHP 5 and 6 was not mentioned in the latest presentation, here is the reply on 16th of March:-
Thank you for your email. As previously announced the PSC over blocks MLHP 5 and MLHP 6 expired in December 2014. As we no longer have title to these blocks we removed mention of them from the asset overview page. An application for a new PSC over these blocks has been submitted to the Cameroon authorities and discussions on the application are ongoing, a further update will be provided in due course.
Bowleven plc The Cube | 45 Leith Street | Edinburgh | EH1 3AT
this is the worst timed sell if you are thinking of it imo. could have got out before if required to do so but with extra dollar in the bank seems strange to ditch now. unless you know more than average joe hold tight will get more for your investment soon
"This is truly transformational. In addition to the US$165 million upfront cash injection, there is also an estimated US$5 million to follow for working capital, a net carry on two Etinde appraisal wells worth US$40 million, a further US$15 million on completion of appraisal drilling and a contingent US$25 million at Etinde FID. "
"The company has pledged to be prudent with its cash pot and, to date, is revealing little about its intentions: more detail on future plans is expected at the release of the interims next Wednesday."
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