If you are so distrustful of BoD ability why hold the shares?
Do you REALLY need me to answer this? I'm not a seller of the shares, I'm a buyer, as the shares are cheap enough to discount any concerns I have over management. Some of my biggest wins have come from buying good assets which are trading at little or no value because the market distrusts management. Why should I sell the shares? The oil has been there for millions of years, whilst the management have been there for five seconds, comparatively speaking.
I'm risking first well at 40% CoS and the second at 20%. How are you risking them?
And what will happen if both wells disappoint? Will BLVN be able to sell Etinde or be forced to roll the dice on development. BLVN too small to undertake such a large, single asset development with double development risk. ie depends on no problems with fertiliser plant.
Can you please explain how you expect this to play out, detailing how you are risking Etinde?
I've already explained that I've made no attempt to risk Etinde. However, I wouldn't disagree with 40% & 20% for the 2 wells.
How do I see this playing out? The wells get drilled, and the results are either good or bad. If they're good, we make a fortune, if they're bad, we try and recover what we can - hopefully someone will still want Etinde, as it's already meant to be a commercial find. If not, we lose, and that's that. I've got no problem with a poor appraisal result as that is always a possibility, and management can't do a lot about it. This is the oil business, and bad results happen.
More interestingly, an appraise and sell strategy is what has been sold to investors since the Lukoil deal was first announced. What's suddenly changed, apart from a load of cash hitting the bank account? All of a sudden, Hart has had a chat with you and signalled that he's gagging to do a deal if Bomono doesn't come off as some companies in the market are desperate. That'd be fine if Bowleven had made investors a load of money but, to date, they've only enriched themselves. If Steve Nicandros of Frontera, or any of their jokers in this sector to,d you they were gagging to do a deal, how would you react? Negatively, I'm sure.
This really is a matter of perception. You've maintained dialogue with Hart, and think he's credible. He may be, but I'm not willing to put money on it, especially since Bowleven have consistently shown themselves to put their own interests at the top of their priority list. Rather than give them another chance to demonstrate that, I just want him to sweat existing assets, then get what he can from them. If they wanted leeway, then they shouldn't have been so greedy in the past - there are consequences, and putting them on a very short leash should be the least that they can expect.
You may think I'm being stubborn. Personally, I think I'm remaining focused, and clear in my thinking. if Hart wants to approach shareholders with a
Haha , I see he is back tracking on twitter now , he spoke 15minutes ago on twitter saying he is not invested etc and only posts what he heard ,its a bit like hewent to the pub had a drink with a couple of buddies over Easter one being the window cleaner who said do you know BLVN is being shorted , so he puts it on twitter , the bloke is full of bullsh*t and waffle,
cockerfella , I might drop BLVN an email and say whats going on , it can be quite damaging to a company saying that their company is heavy in short selling and more to follow , where again the FT clearly says short selling is very Low .I am not sure what this bloke is playing at . the company is fully funded ,drilling will start very soon (could even be this week ) in Cameroon with no cost to BLVN in fact they will receive another chunk of cash ,
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