80% of 1 block of an asset, for $170,000,000 Chris, another $40,000,000 at fid and another $40,000,000 carry for two appraisal wells. Hopefully them appraisal wells will significantly increase booked reserve's Chris, also our 20% is now funded and not with debt. Sounds typical of an exploration company Chris, find oil sell oil!
RE: Gap in the 50s
Have you taken in to account the loss to the Company of 80% of a potential asset? No I didn't think you had........but the market has.......hence the lukewarm response.
We should hopefully be getting news of this soon, end of Feb is tomorrow. "The first well, Zingana, is now due to be spudded in February 2015 following some minor logistical issues which have now been resolved"
RE: Gap in the 50s
SI, thanks for the insight. Forgive me for being naive, but can you please explain what happened to the SP circa 2011 to cause its collapse from a high of approx. 390? Have the fundamentals changed since then?
Gap in the 50s
IMO with a market cap today of £ 107 mio the share price will rocket when BLVN receives in the bank $ 170 mio or GBP 110 mio (and retains amongst other assets a 20% interest in Etinde which on the basis of the above deal would be worth another USD 125 mio ie approx. GBP 80 mio). I'm convinced that there are many investors both institutional and retail who are not prepared to take any risk (unlike me) until the money is in the bank; as soon as this happens the company's finances will be transformed and so will the share price. As soon as these fundamentals change, so will the technicals. I have seen this many times, and it is likely that we will first fill the gap created on November 12-13 2013 in the high 50s. After that with a bit of time and positive drill news the stock price could revisit the high 90s / £ 1 (ie 2013 high) which incidentally is also the target price of a couple of brokers.
News anytime now guys, next bit of newsflow and another shot in the arm - this is simply taking a breather to pause, much more to come in terms of the SP
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