They are looking to raise capital but it wouldn't surprise me if BLVN were not part of their plans further down the line. Steve Lowden made a point in his last presentation in stating, that the companies main interest were in shallow water, low cost, easily recoverable wells, so the rest the rest of ETINDE fits the bill.
"""Since the company was incorporated in 2007, we have drilled twelve successful exploration and appraisal wells and built a portfolio comprising six oil fields and six gas fields. Five development projects have been sanctioned and we have already started producing from four of these fields."""
Rot, I like yourself am not happy with the lack of news and like you I wrote to BLVN on numerous occasions without any response other than the standard statement that any news will be issued via an RNS.
With this in mind I called BLVN and asked to speak with Katie Gammie, It will come as not surprise to anyone that Katie was " Out of the office this week" however the lady who answered the phone confirmed that she also worked within the IR department.
Unfortunately in true BLVN style the lady was unable to give me any answers to any of the basic questions I asked and was unable to provide me with her name! That said she did say she would pass my questions "up the line" and would make sure these questions would be responded to via an email.
I presume every day is a Friday at HQ BLVN as I have yet to receive anything back from anyone "up the line".
I know many on here will not have a bad word said against KH or the BOD and that's their prerogative and some may think I am talking "Pi5sh" but the facts are there to see. the cash in the bank is not close to what was spent to find these "world class" finds, the cash in the bank is not increasing and is actually decreasing by approx $1m per month, BLVN has no income and as yet no indication the management have a plan in place to provide an income that will at least pay the overheads,
The this is Africa excuse is just that an excuse, Having worked in Africa I fully understand the dynamics of doing business and how things move and I can assure you it may not be easy however it is possible with the right management, If people don't believe me they can take a look at the Espoir field in the Cote d'Ivoire, I was part of the project team in 2000 working for CNR/Ranger oil and yes it wasn't easy however we had the correct people in place unlike the cash cow that is Euroil, I was astounded when I opened the link posted last week, we have no operations in Cameroon yet we have a large HSSE department!
The reason I invested in BLVN was because I believed Cameroon could provide a good income at very low lift costs and I still believe that however I have lost all faith with the current BOD as they seem unable to manage the basics let alone the high level workings like a drilling program! ( 6 months late for a basic 2 well land program).
before the grammar police shoot me down the above was written while on the move on my phone.
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