Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Just the sort of statements I've been waiting for... All I need now is a 1000% re-rate to get above water and to hopefully stick around for some divi's. Most likely be swallowed up before then. Will try feeling positive in the short-term tho, been in this 10 years now. 🍻
Eli Chahin, Chief Executive Officer of Bowleven plc, said:
"We remain on the verge of what we believe to be a major turning point in the business with the expected upcoming change of the Etinde operatorship once Perenco secures regulatory approval.
This is expected to be a key milestone in progressing what is hoped to be a transformational energy project for Cameroon , accelerating what has to date been a challenging timetable towards hydrocarbon production at Etinde for the benefit of all the JV Partners. As demonstrated by the recent signing of a bilateral co-operation agreement on hydrocarbon monetization with neighboring Equatorial Guinea, we are on the cusp of a new energy horizon for Cameroon that will impact the lives of many. We look forward to keeping our shareholders abreast of the anticipated positive developments over the coming months."
Https://www.africa-energy.com/news-centre/article/cameroon-perenco-signs-rio-del-rey-production-deal-eyes-new-age
1st sentence : Paris-based independent Perenco has signed a production-sharing contract (PSC) for the offshore Rio del Rey Basin and says it expects progress on approval of its acquisition of New Age’s interest in the Etinde gas field project.
(I did not pay to read the rest of the article behind the paywall. Does anyone have a subscription to African Energy ?)
The FID payment would actually be USD 25 million, from either New Age and Lukoil, or Perenco and Lukoil if the Perenco deal goes through.
The annual report continues to indicate a valuation of around USD 150 million for Etinde, which can go up and down with inputs such as oil and gas prices and discoun rates. USD 150 million would work out at about 50p per share.
The staff have temporarily gone part time this year while waiting for the Perenco deal to go through and waiting to hear Perenco set out its plans for development.
Current market capitalisation is 3.5m if memory serves me right £50m is still due on FID, so that would mean the share price should move closer to 15p.
Management has previously mentioned that the see the value over 50p but that was years ago.
It’s difficult to price this now with years of dilution, hidden cost and staff bored from years of thumb twiddling.
It’s beyond my understanding what they do all day except getting paid.
Yes the FID (Final Investment Decision) on Etinde keeps getting delayed. The great hope now is that Perenco will be a "game changer" . If Perenco completes the New Age deal it would surely seem logical for Perenco to buy Bowleven as well? Why would that not make sense?
I remember even during the pandemic BLVN wasn't doing that bad but now every year it's hitting the new low. Interesting to see if this share going to exist next year.
Perenco seem quite active on the PR front recently https://worldoil.com/news/2023/6/29/perenco-completes-south-kole-marine-development-offshore-cameroon/
This release quotes the Head of Perenco Cameroon as mentioning "satellite projects" in the context of Rio de Rey. Presumably that includes Etinde, though no specific projects were mentioned.
https://www.brandiconimage.com/2023/06/cameroon-perenco-to-unlock.html
I extracted the quote:
Armel Simondin, CEO of Perenco Rio del Rey, said, “This new contract creates a solid foundation on which we will be able to build an ambitious program of modernizing our facilities, reducing emissions, exploring the area, seizing new opportunities, developing satellite projects and supporting the country in meeting its future energy challenges
Early in the morning, the spread sometimes appears to be 0.5 to 1.5, but I have not seen any trades go through at these levels. Has anyone else?
Perenco has extended its production sharing with SNH for Rio del Rey for 20 years
https://www.ogj.com/drilling-production/article/14295077/perenco-signs-new-20year-psc-for-rio-del-rey-basin-offshore-cameroon
This suggests that SNH is making some decisions, even if not on Etinde.
The article also mentions Perenco acquiring Etinde. What synergies might Etinde have with the rest of Rio del Rey?
Did you top up again Ripley? What price did you get this time- anywhere near the middle of the spread ie 1.05 ish?
30th May 2023.
Bowleven PLC - Africa-focused oil and gas exploration firm - Expects to raise additional equity capital this year to fund its operations. It warns, dependent on timings of certain transactions related to Etinde, it could use up all its existing cash resources by the end of the year without further capital.
"We remain on the verge of what we believe to be a major turning point in the business with the expected upcoming change of the Etinde operatorship once Perenco secures regulatory approval," said CEO Eli Chahin. Reports no revenue in half-year ended December 31, unchanged year-on-year. Pretax loss slims to USD1.0 million from USD1.2 million.
This was disclosed in Bowleven's results. However, in Africa it is not unusual for these "long stop dates" to get extended several times, judging by eg Afrentra in Angola. If this has dragged on for 11 months, it is not clear to me that they are suddenly going to speed up in the June.
Cameroon state oil co SNH has bought 10% of an oil transport pipeline from Savannah
https://www.investegate.co.uk/savannah-energy-plc--save-/rns/spa-with-soci-t--nationale-des-hydrocarbures/202304200700068312W/
Not sure there is any direct read through to Bowleven, but perhaps a positive sign that they have some money to spend?
I put a £1000 in this garbage a few months back and it's down 88%. I'm never breaking even on this one again in my lifetime. Surely your not expecting this to come back from the brink?
I saw it bid at 1p but not offered? Perhaps it might have been an uncrossing trade or something like that?
More nonsense with the 40% spread .
I see someone has posted they managed to but @ 1p few days back .
17-Apr-23 16:23:36 1.18 249,671 Sell* 1.00 1.40 2,946 O
Actually it was my buy,
Convinced that it can't be long before Perenco announce they are awarded operatorship.
I don’t really know what to think here.
Since the takeover and the change of management this is a pure investment play, whereby they are waiting until the thing is up and running and it will be sold.
What are they spending £200k a month on? An admin person on £25k a year can do that job. Answering calls and doing PowerPoint presentations. Get rid off all the staff and the office space and just sit there and wait until the £50 million fee comes in than sell the remaining stake to the highest bidder.
The spread is over 71.43 % share price down 24% on the interim results out this morning.
Would like to know Ripley's take on the interim results out this morning. Is the 30% fall in SP justified simply because of the fundraising issue?
Lucky this morning as mistakenly placed a sell instead of the intended buy order at 1.25p no price movement shown here just the 50% spread .
My broker as down -10%
Main broker had this up to 1.71p again this morning .
9% down this site with the normal 50% spread it a false price , not much integrity in London markets .
the clowns running this had kept the £50 million instead of paying it out as dividends!