That sounds like a wish list intended for poor investor's consumption rather than a business plan. "Drill 4 wells in the next 12 months" Don't make me laugh. It's May next week and they can't even get a rig to work. Is it me or do you all feel like you are being led up the garden path?
Tiny little short by GSA of no consequence whatsoever. BUT and it is a big but: JP Morganhave just taken a 9.91% holding that is nearly £10 million. So now we have a serious well respected investment house on board. They have not put in this amount for fun. So wise up all you miserable people. This is going places. Courage mes Braves.
People complaining about the share price, blaming everyone and anyone. This is GSA Capital Partners LLP percentage short positions: 0.60 2015-04-07 0.51 2015-03-27 0.48 2015-01-27 0.50 2015-01-16 0.49 2015-01-09 0.51 2014-10-24
There you are Chris2 Straight from the blvn interims.....not too hard was it?
Key objectives for next 12 months to focus on existing asset base:
Work alongside expanded Etinde joint venture to:
Select optimal well locations and commence drilling as soon as possible to further appraise the significant potential of the Intra Isongo reservoirs; and
Progress development plans including finalisation of gas sales agreements.
Complete the forthcoming two well exploration programme on Bomono.
Evaluate and progress development options on Bomono in the event of commercial success.
Secure an extension to the initial exploration phase on Kenya block 11B to enable seismic acquisition and decision on second exploration phase.
Results of planned drilling on Etinde and Bomono will influence future capital requirements.
Protect balance sheet strength, with a disciplined approach to the consideration of further investment opportunities.
Kevin Hart, Chief Executive of Bowleven plc, said:
"Following completion of the Etinde farm-out we are well positioned, with a strong financial foundation, to take the business forward. The Group is looking forward to participating in four potentially significant exploration and appraisal wells over the next 12 to 18 months.
Our near-term focus is to commence drilling on Bomono and work alongside our partners on Etinde to advance appraisal and development plans. The key driver of both campaigns is the conversion of resources into reserves to further monetise the significant potential of our Cameroon acreage.
In this challenging environment for E&P companies we remain determined to exercise capital discipline and maintain our balance sheet strength."
Can someone please enlighten me as to Bowlevens business plan since receiving the money? It seems I am a laughing stock to suggest that they haven't given any indication as to how they will spend the money. Maybe some folk have just been reading too many bulletin boards.
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