this is silly... we are waiting for the control unit to be repaired? Should the BOD request for an immediate replacement?
I got this back yesterday.... Thank you for your email. With regards Bomono, as mentioned at interims, drilling has been delayed due to various mechanical issues concerning the rig, including the repair of the control unit on the top drive (went back to US). We are continuing to work alongside the drilling contractor to address these operational matters that require resolution prior to being in a position to commence drilling on Bomono. We will advise the market once drilling commences.
Goodness... still no update with the drill... are they building the drill from scratch? Where is Wickedwend40 and his "Bonomo Rig parts have arrived in the country but not tested yet, should be drill ready by early next week....same source."
RE: O Trades/Patience
High Chris3 - i've had a brutal day over at FRR today. Great RNS but the trading has been frantic and we have finished level. In AIM these days I think that counts as a good result - a bad one can see the share detroyed in seconds! Quick scan of the link - I'll have a fuller read tonight. I don't think you can blindly buy and hold at the moment (especially in AIM) even good quality companies - you have to constantly assess your appetitite for risk in your portfolio and adjust accordingly. Last 2 years I had under estimated geo-political risk in my own portfolio and didn't realise how exposed I was to Russia and that is something I've learnt! However, I do tend to believe that value will come out in the end so tend towards the hold and build once I have gained a bit of confidence in a company and the way the share behaves. I like to see cash on the balance sheet. I would usually add to that the quality of the management - on that one here the jury is out for me. I have not met KH face to face to get a feel for him in person. Here I think the board either have to deliver or they will be obliged to deliver (that could be merger or take over or the royal boot). This looks like a farly solid base now. We may be stuck here for a while and trade sideways - hard one to judge timing wise. So as I'm slightly up I'll hold and see how this plays out.
Merger on the cards
Latest investors presentation from neighbour VOG states they are considering joint venture and consolidation with other participants in Cameroon to secure additional reserves. Who else could that be but Bowleven? VOG have no other potential competitor other than Bowleven. We will be drilling (eventually) just 15 kms north of Douala where VOG have their gas processing plant with distribution pipelines to industry and power stations.
Hey Moley, not in as deep as you in BLVN and have a slightly higher average 44p. I won't be breaking even or taking a 10% profit for 3 years patience or even a small loss either. BLVN are a solid company. I have followed KH's (being Scottish myself) career for some time especially when he was in Cairn although I didn't invest. Like you say something is rotten in the state of Denmark, but it will all come good. Patience is required even if you throw 10,15, or 20k at it. Why would your own DD change after you have invested your own good money into it? And like Christ2 has on repeat. It is our money and if you can't afford to lose it, then don't invest. http://www.cabot.net/content/education/stock-investing-lessons/8-holding-practicing-patience
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