Even Barclays has a target of 50. As for the whiners, we are in a strong bear market for oil; oil Barrel magazine expects further declines. The Bod are not going in hammer and tongS but quite sensibly biding their time. I assume none of you posters has ever run an oil company In difficult circumstances or indeed at all? We have net cash in the bank greater than NAV; some of the competitors would give their eye teeth for this.
The group received $165 million (£110.59 million) in cash for the transaction and will take a further $5 million shortly for working capital.
It will also enjoy a $40 million two well appraisal carry on Etinde, offshore Cameroon, another $15 million on completion of the appraisal programme and a further $40 million once Etinde development Final Investment Decision is secured.
Westhouse are bullish:
'Bowleven has just received a sum of cash in excess of its current market cap and is carried for the next stage of the derisking of the Etinde development, which we currently value at 47.6p on a risked basis. Bowleven will also soon begin an exploration campaign in the Bomono permit, onshore Cameroon, with the Zingana-1 well (targeting over 100 million barrels of oil equivalent) expected to spud in coming weeks.
'We see Bowleven as one of the most undervalued exploration and production stocks in our universe, with a significantly strengthened balance sheet that puts it in an interesting position in the current weak oil price environment.'
They (apparently/allegedly):- failed to xpedite the paperwork over the last two years had no calming influence on Camop over the court case have a minor role in Etinde now that Camop/ Luke's the operator couldn't assist with a timely FO of Bomono no mention of new PSC's for the out-of-time blocks don't seem to help in the aBomonotion that is the Bungle in the Jungle
Where's the Chairman wielding the big stick??
Who's gonna get sacked for the Bungle in the Jungle.....??
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