Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Read the annual report: http://www.bowleven.com/sites/default/files/bowleven-ar-191219-f.pdf
It is actually quite positive with tonnes of information on Etinde
This share is very much a play on FID and production. Given New Age sold Congo to finance Etinde and indeed sold to Lukoil this field is going to be developed. Loads of change at New Age infers that a new management team is being put in place so as to develop Etinde. Given New age ownership I would expect increased Chinese influence over the development and potential for Bowleven and Lukoil to be bought out as soon as FID is reached. Cash is not the determinant of value now, future development is.
Not sure that is going to be the case. New Age are currently throwing out the old management and replacing with new people. Heavily backed by the Chinese, in my opinion, they want to get on with Etinde and are putting the right people in place. There will be little news here until the new management are in place there and then I would expect a pick up end of this year beginning of next with FID announced and a sale of Bowleven to follow after. Increased cash and value of Etinde once FID decided upon will lead to a sale price of c. 30p. I am long and wrong but willing to sit on these and if it drops below 10 will add.
https://www.oilandgas360.com/africa-oil-announces-london-office-opening-and-management-and-board-member-change/
https://www.africanews.com/2019/08/22/cameroon-encouraging-the-business-climate/
MSN am also a holder and concerned at these levels but given intrinsic value of Etinde and the sale of Congo, New Age need to develop the project. They will have new leadership next month and will get the proceeds from Congo in due course. At that point I expect geological results to be released and FID after that. BLVN then get $25mn, a resource upgrade and part ownership of a field that will be developed. I would imagine a sale occurs after that. If that all happens, which I expect it will then we will get 30p or more. Matter of biding time although I admit this is deeply frustrating and I expected to be out before the summer!
New age press release:http://www.newafricanglobalenergy.com/sale-of-new-age-interest-in-marine-xii-licence/The proceeds from the sale of Marine XII further strengthen New Age’s financial position and also position the Company to pursue further growth opportunities in Africa. These include Marine III, as well as the Etinde development in Cameroon and exploration and appraisal projects in South Africa and Ethiopia.”
http://www.oilreviewafrica.com/downstream/downstream/lukoil-acquires-hydrocarbon-project-in-congo
Fully expect news flow on Etinde over next few weeks. This move frees up cash for development of Etinde.
Agree, seems there will be a more accurate picture oolumetrics the way it is reading, good article:
https://www.worldoil.com/news/2018/8/15/bowleven-provides-operational-update-on-cameroons-etinde-block
https://www.cameroon-tribune.cm/articles/12816/en/ Looks like Etinde not too far off then.
http://interfaxenergy.com/gasdaily/article/27698/ghana-signs-lng-supply-deal-amid-fsru-confusion Interesting news from the region. Gazprom supplying Ghana with LNG. Cameroon next door, potential dealings with Lukoil?