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Not many posts here last 7 months.
None tradable in today.
( D ) shows down 34% this site 0% with 200% spread.
4.83208580680976 Open Offer Shares for every 1 Existing Ordinary Share held for 0.1p
Company is going right down the shi**er now. Dont waste any more money on it. Ive written mine off. 2 fatal errors, 1. putting all their eggs in one basket with Etinde and 2 useless JV partners. 2. Wasting 50 million on divis when they could have purchased other projects.
IMO as crazy as it seems it still worth a bit in .AS NEVER SAY NERVER 500 in could end up nothing or thousands.IM buying in but not paying .25
I THINK 300000 left
According to accounts held at investors chronicle , this stock has a very strong balance sheet
check out this link
https://markets.investorschronicle.co.uk/data/equities/tearsheet/financials?s=BLVN:LSE
Like many of you - i have held BLVN for over 15 years and watched the inexorable slide from promising exploration company to dormant holding company waiting for FID to happen. Todays RNS is not really a surprise - they have to raise cash somehow to keep the lights on while we wait. Like you KAT - I am torn as to whether to bother to take up the rights. For me it is a binary gamble - the company will either fold as FID will never happen or it will kick on (either because FID gets approved or someone decides that it is worth buying it out and developing the resource). So putting more money in is a 50/50 gamble and the RNS makes it no easier to decide which way it will go. On balance I think I will take up a portion of my rights on the hope that at some stage in the future that will be seen as a good decision -but it is not based on logic or insight but rather on the desperate desire to finally get something out of this pup after 15 years of pain!!!
This RNS proposal is a major development, but it has been received with utter indifference by the market.
No buying or selling, no comments from the gallery.
Opinions on whether this is a 'good' or 'bad' thing ?
It will cost me £240 to purchase my subscription amount, based on my 50k shares, giving me approx 300k shares after.
Not a lot of £ to chuck in the pot to play for another 12+ months optionality, but am I just throwing good money after bad, as we are just keeping the lights on. ?
Views ?
And the man who made the "Most stupid move ever" has looted the company and its shareholders ever since.
We are in here now!
https://www.lse.co.uk/rns/BLVN/proposed-special-dividend-djrh857f0ze00o5.html
So wish they hadn't given away the 50 million. Most stupid move ever!
Fairly large volumes still going through most days.
Large volumes going through today, about 3 million shares traded so far
Discount placing or convertible loan notes?
Or will they find a mystery White knight?
Wait it is then hope your trading is going well -ithaca energy gives a cracking divi off topic
They are running out of money and Ocean Capital may prop them up but as stated , it would be at a figure considerably below where the share price was prior to the rns, maybe best to wait and pick shares up at the potential discount price. Dealing in Cameroon has proved a complete disaster for BLVN, nothing ever agreed or signed off by the government dept, imoo I think the company is doomed , nothing has progressed in 12 odd years really since they found the hydrocarbons.
CAN BOW SURVIVE > IF SO tempted at these prices or is it chucking away money . KIND THANKS
The total current company valuation is £1.5 million, but on FIT $25 million is due to them and they still hold a third on the whole thing.
If I was one of the other two partners I’d rather buy the whole company than pay my $12.5 million fee… it just doesn’t make sense.
Something is going on which we aren’t being told.
The consequences of dealing in Africa unfortunately, time is not on the side of BLVN unfortunately.
I have actually sold some around 6p (this price sounds like dreamland now!!) when this was first announced.
It was supposed to be a positive, but then turned negative as the potential new partner wanted a new course of action and a huge time delay pressed this down to 0.5p.
Now they’ve left and rather than going back up to 6p it’s dropped towards 0.3p … only time will tell what’s going to happen, but the “fair price” of 40p suggested by the board looks a million miles away now.
That's probably the final nail in the coffin. Can't see how this is going to survive. It needs a cash injection and no prospect of commercialisation in the near term.
Been on the watchlist for some time
Disappointing
30% RISE. What's happening with this site's recording figures? Codswallop.
After the AGM, we got an RNS/email showing it appears that only about 10 million out of c 300 million shares voted in relation to the AGM resolutions. Out of interest, how many, if any, people here cast their votes? Those unable to attend the AGM can cast their votes electronically, by proxy.
Lukoil logistics
Bowleven think that Lukoil needs to be aligned on the development plan.
Costs
There are currently two directors, two finance staff and someone on the ground in Cameroon, at the Euroil subsidiary.
Overheads (excluding development spending) could be about 1.5 million a year next year, but not all would be a cash outlay. If the directors defer their emoluments, these amounts will be accrued.
The costs of being listed are about 300,000 to 400,000 a year.
Here are some other bits and bobs gleaned from the AGM:
Limited communication
The joint venture between Bowleven, Lukoil and New Age, is technically an “unincorporated JV”. This gives the parties commercial rights, such as pre-emption rights that were not exercised when Perenco bid for New Age’s stake, but does not guarantee communication. Therefore, the discussions between New Age and Perenco have been bilateral, and the directors admit they are confused, baffled and surprised by the delays.
Nonetheless, they are aware that Perenco and New Age agreed to an addendum to the long stop date. Bowleven has had sight of it but cannot share it as it is private.
Recoverable costs
Regarding the difference of opinion over USD 10 million of recoverable costs, there are a few angles. Bowleven’s share of this is only 25% or USD 2.5 million. The money can only be recovered from future cashflows from Etinde In the greater scheme of things, USD 10 million is not that much for a project that could generate over USD 1 billion of cashflows. There has been a 10 year audit trail on costs, which is naturally a big exercise. Bowleven anyway expect this dispute will be resolved.
Other Perenco licenses
One possible source of complication and delays, is that Perenco could be negotiating /renegotiating multiple licenses with some inter-related and overlapping issues. We already know they renewed the Rio del Rey license earlier this year.
Possible sale of Bowleven Etinde stake
If this ever happened, the SNH approval process should be less complicated, because Bowleven is a financial investor and not an operator.
Geopolitics and costs of capital
The Chad pipeline dispute, and change of regime in Gabon, could raise fears of contagion risk, increasing the country risk profile. Equatorial Guinea however looks relatively stable.
Geopolitics might increase costs of capital but the auditors agreed to a 15% figure in line with previous years.
Perenco in West Africa
Perenco is the largest player in Cameroon, and is also active in Ghana, as well as Gabon.
Capital raise
Bowleven would prefer to see the share price rebound to minimise dilution. The aim is to offer it to existing shareholders, but they could also be open to new shareholders. Some form of hybrid structure could be considered, though a pure loan would be unlikely. Any offer probably needs to be fully underwritten to take out the execution risk.
They cannot disclose details of the Crown Ocean proposal, such as the share price, because it is private, and is anyway an ongoing discussion.
Domestic Gas
This could be important as part of the ESG agenda, in terms of obligations to the host government.
Development Finance Institutions
If the project gets to development plan and FDI stage, it is possible that development banks and other multilateral agencies might provide some financing. Bowleven has had discussion with banks in African and France