Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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http://www.upstreamonline.com/hardcopy/1269918/equatorial-guinea-signs-up-onelng
Worried about your short?
Return cash back to shareholders hey ?????? lets just hope these dont turn out to be bigger sharks than our old board....we will be lucky to see any cash returned to shareholders....and I doubt the company will be broken and sold it looks as though it will turn into a holding company and i doubt the SP will ever reach anywhere near the 50-60p some are hoping for.
""" Pushing the boundaries of technology and innovation, we have pioneered a game-changer that unlocks small and stranded gas fields once uneconomical to explore. PETRONAS Floating Liquefied Natural Gas (PFLNG) is a Liquefied Natural Gas (LNG) facility custom-built as a vessel to liquefy, produce, store and offload LNG. It will play a significant role in PETRONAS' efforts to unlock the gas reserves in Malaysia's remote and stranded fields deemed uneconomical to develop and evacuate. """ https://www.petronasofficial.com/floating-lng C'mon Biya ... you know you want one........... C'mon Chantal .... think how many hair dryers you could run ....... ps On National Geographic channel you can catch-up with it's building in a "Megastructures" documentary........ pps who needs a jetty ..... https://www.wartsila.com/media/news/27-03-2017-wartsila-partners-in-important-jettyless-lng-transfer-concept
another damp squib, had so much promise too :(
but I seriously thought about selling here and going into hurricane at 10p last year but then I said no surely news will come here first.....!!! ARRGGGGGGGGG
I need 60p to make good on a few years of bad trades inculding xcite!!!!! or xcshite
Hang in there, 34p very soon and 50p+ by the end of the year apparently
5-6 years with nothing to show for it and this had so much potential back then or even 3 years ago
I am starting to get old!!!
5/6 years here is starting to get old now :-(
Biya and SNH chief block Cameroon’s Etinde By Miriam Malek 30 May 2017 The president of Cameroon, Paul Biya, and the head of state-owned oil company SNH, Adolphe Moudiki, are blocking development of the Etinde gas field despite its approval by parliament more than two years ago, two sources involved with the matter have told Interfax Natural Gas Daily. Jersey-based explorer NewAge and Russia’s Lukoil each hold 30% stakes in the project, while Edinburgh-based Bowleven has 20% equity and SNH holds the remaining 20%. The government initially agreed to SNH taking a 20% paying interest stake in Etinde, which requires the government to also put forward funding for the permit. However, SNH would now like its share for free and is not willing to contribute financing. Cash-strapped SNH has rejected a funding proposal by NewAge. There has been disagreement about how gas from Etinde should be used. The government of Cameroon would like to use the gas to develop fertilisers. NewAge and its partners would like to send the gas to an FLNG project, which could export LNG to global markets. A campaign to convince the government to allow the project to proceed is under way and has the support of Philémon Yang, the prime minister of Cameroon, but Biya and Moudiki are refusing to meet with the companies, the sources said. NewAge and Lukoil have also approached the UK’s high commissioner as well as the UK and Russian embassies to support their case. The project stakeholders have arranged at least three meetings with Biya, but all have subsequently been cancelled. Drilling demands A legal source in Yaoundé told Interfax Natural Gas Daily that SNH is demanding NewAge drills at least two more wells to guarantee sufficient reserves will be available to run an FLNG project. The two extra wells would need to shore up enough reserves to feed both the FLNG vessel and a domestic fertiliser plant. There are plans by NewAge to drill an appraisal well on the Intra-Isongo field in the Etinde permit in Q4 2017 and another well in 2018, Jean-Baptiste Bouzard, senior West Africa analyst at Wood Mackenzie, told Interfax Natural Gas Daily. Around 14 development wells would need to be drilled after the appraisal wells, the project sources said. "The government would like gas from Etinde to supply a power and fertiliser plant near the town of Limbe," Bouzard said. "However, there is currently no experienced company to build and operate these plants. Given the absence of local offtaker, upstream partners continue to favour export options." The government has been prioritising the development of so-called legacy projects, the Etinde sources said. "They want projects that they can point to and say ‘we did that’, not ones that are offshore and out of sight," one source said. "The fact that the government can’t make money [on the fertiliser plant] seems to be irrelevant."
Up 5%!! Presume a second or third or 4 th partner for coc Otherwise would expect more rns and them being over 30% They are getting it well under value and can't see anyone stopping them 43p 15% above high for the year
No ramping,, just facts... all the people that sold are going to be kicking themselves... we are only 9 % away from were COC bought 15 Million shares... 1 million shares would push us back up there now.. clever guys.. see you at 56p
fair point.
can be returned to shareholders. Clearly, there will be surplus cash to return to shareholders given that the company had net funds of $90m at the end of March 2017, a sum worth 21.6p a share, and has access to a $40m net drilling and testing carry (worth 9.6p a share) which is expected to cover its share of two appraisal wells on Etinde. In addition, Bowleven is in line to receive a further $25m (worth 6p a share) on achieving the final investment decision (FID) at the Etinde project. This means that exploration assets with a book value of $217m at the end of 2016, a sum worth 52p a share, are in the price for free. Ultimately, anyone buying Bowleven's shares has to ascertain a likely break-up value of the company in the event of a sale of the Bomono and Etinde assets. My view remains that 50p a share is not an unreasonable estimate including the current cash pile as it effectively places a value on the company's two main assets at half their carrying value in the accounts. Please note that I have ignored the 9.6p a share of value in the drilling and testing carry at Etinde, and the potential cash windfall of 6p a share on the FID, in my calculations. So, ahead of the next update on the likely level of cash return to shareholders, I continue to feel that Bowleven's shares are very undervalued, and worth buying at 30.75p.
Mark, shouldn't really post paywall-ed content here. I am a subscriber to IC too but don't paste whole articles like that, it's just not cricket.
Over the years a recurring theme of my annual Bargain Shares Portfolios is the potential for corporate activity. It makes sense given that my balance sheet based investment approach highlights companies in deep value territory, so there is always scope for predators and other value investors to run their slide rules over these businesses too. A case in point is the ousting of the board of small cap Africa-focused oil and gas exploration group Bowleven (BLVN:30.75p) by activist shareholder Crown Ocean Capital, a Monaco-based private investment vehicle. The liklihood of a hefty capital return to shareholders is one of the reasons why the shares are up by more than 60 per cent since I first advised buying at just under 19p in my 2016 Bargain Shares Portfolio. In fact, I was so convinced of the likelihood of the large share price discount to book value to narrow further that I included the shares in this year's portfolio too at just shy of 29p. Interestingly, since I last advised buying ('Bargain shares on a tear', 3 Apr 2017), Crown Ocean Capital raised its stake from 22 per cent to 25 per cent. The new board has also issued an important corporate update, and one well worth flagging. The key points to note are that in line with the new strategy of turning Bowleven into a holding company that does not expect to pursue any new exploration activity, UK headcount is being slashed from 18 to five employees, contractors will be used for any additional support needed to ensure a proper stewardship over the company's Etinde and Bomono assets in Cameroon, and headcount and costs in those operations will be streamlined. However, Bowleven will still retain the requisite technical capacity required to enable it to meet contractual obligations under the terms of the Etinde joint venture and to pursue the most efficient route to maximise value in relation to both Etinde and Bomono. The net result of which is that monthly overheads will be slashed to around $350,000 in the second half of this year, albeit at a one-off cost in the region of $3m-$4m. I also understand that discussions are ongoing between the Etinde joint venture and the Cameroon authorities to agree plans for the development of the Etinde resources, and the joint venture has submitted a request to convene an Operating Committee Meeting to agree the forward plan. Bowleven remains in discussions with the Cameroon authorities in relation to the outstanding approval of the Bomono Farm-In which will allow Bomono hydrocarbons to be produced into the Victoria Oil and Gas (VOG), Gas du Cameroon, pipeline and to connect Bomono into the domestic gas market through the existing pipeline infrastructure. Importantly, once all the development options for the gas monetisation of both the Etinde and Bomono assets have been determined and costed, Bowleven's board anticipates being in a position to determine the cash requirements of the business and whether there are surplus assets that can be returned to
Just been tipped in the IC by Simon Thompson. He reckons they are "very undervalued". http://www.investorschronicle.co.uk/2017/05/31/comment/simon-thompson/corporate-activity-boosts-bargain-shares-0fGrQZlsn2K6t6tCxuYXXO/article.html
Ramp away 1msn, last week we were going to hit 34p very soon and this week it's FID
Just tipped as strong buy by Simon Thompson in today's column. He forecasts a break-up value of 50p a share and provides some very robust analysis. Recommended.
Another site has picked up on the news. Very strong news title though clearly blaming the government for the delay. I can't see this going on for long and there will be a compromise. The fact the share price has not dropped clearly shows that the market is also in a wait and see game.. http://journalducameroun.com/en/snh-indicted-blocking-etinde-gas-field-development/
Next step will be FID for LNG and 25 million coming our way.. or sold before…. Still state 56p and sold this year.
Can't see lukoil being held to ransom for to long if putin a share holder I think they will say pay up or lose your stake Or the consortium take the first 100m of revenue and allowed to go down the gas offload approach The Cameroon gov can't have any spare money so surprised they are not giving new age a clear path to help them generate some
As Warbaby43 posted on another site, it would seem destination is agreed.. just the Money side.. its pretty staggering thou they can change the financial goalposts when ever they feel like..