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I read it when it was published. Now please read this RNS - the additional transaction details section! http://www.investegate.co.uk/bowleven-plc--blvn-/rns/bomono-farm-out-agreed-between-blvn-and-vog/201703060700095451Y/
Chris - It is called having a business that is "profitable". Why should the company be interested is a business that we do not even know whether or not it going to be profitable or will take many many many years to even return the capital that will be required to set up the business? Mind you I am ignoring here the $100m already spent on Bomono. There is no CPR that has been published by the company that says that based on technical data we have on Bomono it is economically viable if xx amount is invested.
Sorry meant LNG plant Mel
Rot1 In case you hadn't clocked it 1. Gazprom promised to buy all CNG from Cameroon 2. Of course no CNG plant built yet but endless discussion. As and when and if it is built the assets ubder the ground will have huge value. COC wasnt patient enough to wait till value appeared but may have stopped those who expected value to appear from reaping rewards. (Institutions) .......however the old guard still retains control with the chairman's casting vote. All that said I am on the side of PI's regardless and each has his/her own decisions to make. The waters certainly got cloudier and for sure it isnt over. Good luck with a director who presumably has grass cutting knowledge. I hope and expect 3 chunks of really good news from VOG on its operations in 2017. Great I hold a lot of VOG. ( for me) . When the news is in and voggies expect it all to transfer to P/L and material uplift in cash flow - It will be constrained by monetisation options just like Bowleven It is obvious to me that everyone would be a winner if VOG/Bowl ( & Lukoil?)can help bring about a LNG plant so monetisation is easy quick and assured. ( Gazprom has promised to buy it all) Then watch the O&G activity in Bomono Etinde Matanda and Logbaba take off. Hart & co may have been too expensive to carry - BUT taking eye off ball on the big prize ahead ( LNG plant) would be really stupid. Mel
Kh must have sold 2.1m shares sold This will drop a bit then move up!!!
and exactly what are then going to do with it its stranded in the middle of no where with no where to go and maintainance costs in the meantime,be realistic VOG are their saviour
Mind you, these are extracts from the Bomono farm-out RNS. IMO, COC will just sit it out till 30th June and pull out of the deal if things do not look good.
"Should these conditions precedent not be satisfied by 30 June 2017, both Bowleven and VOG have the right to terminate the Agreement." Two of the conditions include - - The grant of a PEA over the Bomono PSC. The PEA application was submitted by Bowleven to the Cameroon authorities as requested following Ministerial approval for the award of a two-year extension to the Bomono PSC (to 12 December 2018); - The approval by the Cameroon Government of the assignment of the equity interest from EurOil to GDC Bomono. You can be sure these won't be competed in the next 3 months given the way things work in Cameroon!
Etinde barely gets a mention (everyone's talking about VOG, bomono etc) but on the basis of the farm out BLVN's remaining stake is worth $250m if not a lot more - COC are surely going to want to monetise this in some way. And even if COC decide to strip out a lot of the cash with a special divi, they will see that the lion's share of value is in Etinde. They're bound to want to milk this for everything it's worth.
deal hart & co has done with vog, it was done almost as a parting scorched earth policy, i hope blvn can do something to sort this. Obviously from vog rns they are desperate to keep it on the table. Big fat Malcy has been conspicuous by his absence today
Kh that bastard give assets away free to vog
I would say the selling today was the directors shares.. Hart owned 3 million.. glad to see the back of him.
It would not surprise me if they continue to buy...
As I thought no resignation letter and apology from Hart for his complete destruction of Bowleven, I just hope I don't have the displeasure of ever bumping into him.
I am hoping we have an audit into where has the money gone, there is no way Bomono has cost 100 million. Kevin told us that he was in the process of recovering costs from the drilling contractor... where is the rig we refurbished? Lots of questions to ask and thank god we have someone with skin in the game now.. 22 % is a lot so skin.
vog's main man is a lawyer ...water tight I reckon hence rns ...probably why a lot of blvn money is finding its way into vog today imho !
Controlling so slight drop encouraging more sellers at below market value Patience will be rewarded
bye then
best to convert to VOG, imo thats what ive done, might as well go with the value for the future, BLVN cant change the deal without the VOG agreement, GLA
That's very cheeky, only vog has right to cancel the agreement, Kevin kebab really screwed us over on this I hope coc can now put things right
i suspect COC are in touch with lukoil about the plans for etinde i guess they will now pressure newage oil into developing the field sooner rather than later
ETINDE PROJECT In June 2014, LUKOIL joined the deep-water offshore project in the Etinde block on the Cameroon shelf in West Africa (the deal was closed in March 2015). The block is located in the Gulf of Guinea, offshore Cameroon, in close proximity to the border with Equatorial Guinea. It is developed on the basis of a product-sharing agreement (PSA) signed in December 2008. In July 2014, a 20-year license was obtained for the development of the Etinde block. Previously, thirteen out of fifteen exploration and appraisal wells drilled at the block yielded positive results. In 2015, two more appraisal wells were drilled. Currently, the Company is conducting design and engineering activities at the site and drawing up a development program for the newly discovered gas fields. The final investment decision on the project is expected to be made in 2016.
then as said before VOG are the only ones that can pull the deal,nice for VOG holders I know where my moneys on
KH had the Tiger by the tail. Just had his head bitten off! Justice at last!!