yes we did have $165m not ££££££ so how do you estimate we currently have £150m.......since March we have paid petrofac circa $9m (from memory), we have had to pay for the drill repairs / costs not to mention general operational costs.
I am not disputing that BLVN have a shed load of cash but we currently don't have £150m sterling in the bank......I would estimate around £90/£100m.
Do you not what at the level of premier oil now approx. 72p, blvn should make a bid, we already have some £150m in the bank so we only have to borrow a bit more and hey presto we could be a much bigger company ready for the up-side.
Ted, my no re -rate comment was a bit tongue in cheek, we are trading below cash and completing on Etinde when most other deals fell through or were re-negotiated demonstrates the fact New Age and Lukoil felt they were getting a very good deal. So for the market to not add any value to the SP for the 20% holding Bowleven still have and no value for Bonomo is ludicrous.
New Age are operators now for Etinde, so Bowleven are not able to influence time scales as much as they used to (not that they ever did a very good job of that), additionally with the low oil price and money in the bank, you could argue there is less urgency around an Etinde drill who's results could very likely lead to Bowleven being forced to sell their stake.
I am comfortable with the way KH is managing the company, and I think Bonomo being commercial and the 15% Bonomo Farm out being retracted would be an "OK" outcome for 2015. This is unfortunate because I invested at much higher prices, and feel the key to getting my investment back, is as much in the hand's of OPEC and New Age than Bowleven.
As long as II's are avoiding O&G companies, a significant re-rate is unlikely I am afraid, but if Bonomo proves commercial and Bowleven move swiftly towards productions, as I say we could be in a completely different situation and become a much more appealing investment.
We are probably the only O&G exploration company capable of taking an asset and bringing it into production without having to accept a cheap farm in from a major or taking on expensive debt. I would say that is a good position as long as those wells are commercial.
I think if investors are considering Bonomo a sideshow to Etinde, they 'might' be surprised should it be commercial.
ok really like the stock feel its really oversold happy to hold and be patient. If blvn can capitalise the current drilling then that's even better as should provide the ability to pay-out dividends even if the sp does not recover as fast as investors would like.
if thats the case [ no re rate ] then there is no point holding these shares other than a share buy back . once again more delays, the drill should have been H2 2015 [ ETINDE] but our BOD once again let the shareholders down . Its time they delivered NOW !!!
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.