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90 million cash in bank 65million coming in 24 months.. assets valued at nothing... trading below cash
As at 24 March 2017, the Group had circa $90 million cash and no debt. Under the terms of the Etinde farm-out transaction that completed in March 2015 the Group also has access to a $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde including testing (or cash alternative in 2020). This deferred consideration is recognised as a current asset on the Group balance sheet at 31 December 2016. In addition, a further $25 million is receivable on achieving Etinde FID and is held as a contingent asset pending further clarity around Etinde project sanction/FID.
No new news.. same gameplay 56p to the finish line
Mostly on trying to save the skins of the BOD. I'm ready to see the back of them at the earliest opp now.
So BLVN have spent 5.1MM$ between 31st Dec 2016 and 24th March 2017? with no operations? WTF? when are the appraisal drills? WTFF?
Are we still arbitration with the rig contractor?
For you guys. Hope you get 60 pence plus now
Looks like COC buying again
I think you are right.. a lot of upside in a short amount of time. when it goes .. it will be to late..
Showing his true colours as a graceless money grubber. I'll bet he is trying to get out with as much and by whatever means All that tosh leaked to the papers about how he was going to resign on the day of the original meeting. He needs another gravy train to pay all those training fees for his horses in the meantime while he is setting it up (and I have no doubt he will) he needs a pay off
Vote date will be the latest date possible. Bye bye Allan.
No date mentioned for the vote yet, do they have to wait until Billy Liars stratregic revue has been completed?
I think you will be ok 65/70p I think ba needs warning that wasting money is a sackable offence with no pay off- also fsa should ban him from future director positions if he abuses his position clearly against shareholders now it has become clear he is wasting money just for his own ends When's the vote!
I have lost ten years of my life waiting for the holy grail on Bowleven only to be cannon fodder for Hart and his cronies to milk it dry on over paid wages and Bonus plans As soon as this sorry tale of woe ends the better the chance of me getting back my average of 0.61 looks on the optimistic side at the present GLA
i would take 50p/60p put an to this sorry tale of gread from the board.
Well no worries of that happening here cos the board have SFA shares.
company if i remember correctly was eo. the price rose dramatically on oil discovery from the 20p range up to £1.40 the company sold out for 72p there was alot of disgruntled investors as this was done overnight the board had enough shares to put it through
BE IN NO DOUBT, COC WILL WIN THE DAY & RIGHTLY SO - WHAT MORE EVIDENCE IS NEEDED FOR THE REMOANERS ON THIS BOARD TO ACCEPT THAT THE CURRENT BOARD ARE ROTTEN TO THE CORE & OUR WAY FORWARD IS TO GET RID OF THEM - EMBRACE COC FOR US ALL TO PUT AN END TO THIS SORRY TALE. & REALISE A TRUE VALUE FOR OUR INVESTMENT. GOOD LUCK ALL COCITERS.
I think we should go as a group and throw them out.. who are the working for.. not us..
Hired teams of advisors.. sack the lot of them before they waste it all http://www.military-technologies.net/2017/03/24/crown-ocean-comment-on-strategic-review/
Just another one KH & WA cock- ups I will be very interested to see what they uncover from the accounts.
We also inform fellow shareholders that, on appropriate professional advice, we have submitted to the Board a letter detailing what we believe are a number of breaches of fiduciary duty by existing and previous directors to the Company in the context of but not limited to (i) the dissemination of information related to the Etinde project (ii) the timing of the farm-out announcement of the Bomono project and (iii) the voting with respect to the General Meeting on 14 March 2017. We expect the Board to fully investigate the issues raised. In this context, we also note today's announcement by the Executive General Manager Mr. Adolphe Moudiki of the National Hydrocarbons Corporation ("SNH") in the Cameroon Tribune that the Republic of Cameroon has neither been informed of the Bomono agreement in the usual forms provided for in the Petroleum Contracts, nor authorised such an agreement, as required and reserves its right. We believe, by doing so, the previous Board has endangered the vital relationship with the SNH and thereby the future of its two assets in the Republic of Cameroon. As the largest shareholder of Bowleven, we are fully aligned with fellow shareholders and are fully committed to new leadership and direction of Bowleven.
Copied from a poster "indaknow" on iii COC has recently released this statement. Seems quite clear to me that they agree with LTHs that a fire sale isn't the sensible move to unlock value. Comments on Bowleven's Initiation of Strategic Review and Commencement of Offer Period Crown Ocean Capital P1 Ltd ("Crown Ocean"), a private investment company and the beneficial owner of 23.2% of the outstanding ordinary share capital of Bowleven PLC (LON: BLVN) ("Bowleven" or "the Company"), today commented on Bowleven's recently announced initiation of a strategic review and commencement of an offer period: Crown Ocean believes that first of all Bowleven needs to fully acknowledge and implement the verdict of shareholders for new leadership and direction for the Company. An absolute priority should be the transformation of Bowleven into a holding company involving a right-sizing of the operations and an elimination of further unnecessary cash drain. We strongly believe that right now is absolutely not an opportune time for Bowleven to engage with any parties about either a potential sale of its assets or the Company as a whole. We note that the latest company announcements are in stark contrast to any of the Board's previous statements. In our assessment, the Company is currently perceived as "troubled" and the Etinde Asset is at an unfavourable stage of the value cycle ("pre-appraisal drills") - which would at best solicit highly opportunistic bids. We do not see the urgency for a sale and how it would generate maximum value for shareholders. We actually question the motives of the strategic review announcement, which had entered the press just two days after a new shareholder meeting had been requisitioned. We wonder if part of the motivation of certain directors for putting out the "for sale" sign in a hurry is to trip change of control vesting events in compensation packages and/or using a transaction to avoid investigations into the appropriateness of past business dealings. In any case, we understand the Company has hired multiple teams of advisors - which is a waste of Company resources. To be clear, we have informed the Board that at this time, we will not support any "fire-sale" transaction and doubt our fellow shareholders will approve of a rushed approach. The Board should now meet its obligation to call the newly requisitioned general meeting to ask shareholders to vote on the removal of William MacDonald Allan as director of the Company and the appointment industry veterans, Julien Balkany and Didier Lechartier, as independent directors as soon as possible. Crown Ocean believes that upon the successful election of the new independent directors, the revised Board, comprised principally of independent directors can consider the best path to unlock value for all shareholders from a position of strength. We also inform fellow shareh
Aquisition I think
We have 100 mill in bank so I doubt 50p I expect a merger with vog