Member Info for happysparrow

Investor Call:
http://www.bowleven.com/system/files/press/recording-20201109-2677383nov09.mp3

Note also VOG well LA-108 RNS this morning.
Could this help tip the Cameroonian Government and Aksa towards finalising the go ahead for Aksa power station? And thus help tip Etinde project to focus on domestic supply rather than export?

'The Settlement Amount will be paid monthly over many years unless it is satisfied earlier by other means, including the realisation of cash from certain trade receivables, which have been fully provided in the Company's accounts, active and planned claims (insurance and legal) and the sale of one of the Group's non-core assets (the "Alternative Assets")'

I expect one of these to happen soon.

'The settlement results in a valuable net revenue increase to GDC on a monthly basis from December 2020.'
Can anyone explain?

Have only just got up this morning, so first impressions:
yes, wow! Unexpected.
Outgoings of $100, 000 a month from 2021 for 10 years. Once again, very bold and decisive action by our new management and wipes the slate clean. I can only imagine this was settled in this manner as our CEO must be very confident that the cash is going to come in soon to meet this new bill. I'm thus expecting news on ENEO now before year end.
Let's see what the market makes of this.

Agreed, OnlyYou. I hope to catch it properly this time.

I missed the first ten minutes, but caught the rest. I picked this up:
a) equity raise is a real possibility after FID;
b) Limbe - Bekoko pipeline (thanks whoever asked the question - Lea?) working interests under discussion (in other words, very likely BLVN will be contributing something towards funding it, imo).
c) Very good discussion on how they intend to develop Etinde - are they going to focus mainly on an export market or a domestic market? Best export route Equitorial Guinea? - (but has problems?). [Was this a bluff for the ears of the Cameroonian Govt - to say BLVN have other options?] Or domestic, via feeding the power stations (Limbe? Aksa?). My impression was that the whole Etinde project is waiting for a finalisation of discussions between Blvn/New Age with Vog, Aksa, and SNH and the Cameroonian Government; and the wider discussions between the Government and Aksa and Eneo (or with Limbe financiers? - if they exist?). I think these discussions might be close to being finalised - next 3 months - just my impression.
Once done, then all steam ahead; FEED and FID 6 months on from there.

https://www.businessincameroon.com/energy/0611-10995-cameroon-intends-to-increase-installed-energy-production-capacity-to-5000mw-by-2030

Sonara:
https://www.investiraucameroun.com/gestion-publique/0611-15523-la-sonara-et-camair-co-cumulent-un-endettement-de-826-milliards-de-fcfa-au-30-septembre-2020

gremlins !

Posted earlier - doesn't seem to have appeared yet?

Worth looking at Warbaby's posts on Advfn-Blvn. Some shareholders think the last two RNS's suggest something is brewing, perhaps a bid coming in from Crown Ocean Capital. The share price has risen a little recently. Results (and Conf. call) this Thursday.
DYOR
Any advancement of the Etinde project should be good news for VOG too.

Worth looking at Warbaby's posts on Advfn-Blvn. Some shareholders think the last two RNS's suggest something is brewing, perhaps a bid coming in from Crown Ocean Capital. The share price has risen a little recently. Results (and Conf. call) this Thursday.
DYOR
Any advancement of the Etinde project should be good news for VOG too.

Thanks, DD77.
Worth having a look at Warbaby's post on Advfn too, regards something brewing.

https://www.dailymaverick.co.za/opinionista/2020-11-01-africa-is-bleeding-the-anglophone-crisis-in-cameroon/

https://www.theguardian.com/world/2018/oct/22/paul-biya-cameroon-85-year-old-president-wins-re-election-landslide
https://www.theguardian.com/world/2020/nov/02/for-the-sake-of-cameroon-life-president-paul-biya-must-be-forced-out

'...Jack has an intimate understanding of the sector and key relationships with relevant institutions that will bode well for supporting Bowleven as it seeks both project financing and Final Investment Decision on Etinde.'

Does this suggest a large part of funding to be raised by equity?

Most likely I am out on Thursday, as with most Thursdays now. Too, it is Lea's original question and Lea's investment (see his posts on LSE VOG), so he has the pleasure. But my post should give anyone the time to research this matter first, if they want to put the question. Good luck.

Danno - not correct. Update 27th July; update today; next update end of January.

LA108 remediation.
Post period, the workover crew returned to Cameroon and recommenced the La-108 well remediation in early October. At the time of writing, we have retrieved the fish from the well, and we are cleaning out the wellbore.

Again, this is top news. Too, I was concerned that this work would be delayed due to cash shortages as a result of non-payment by Eneo (as perhaps implied by the 30th Sept RNS). Obviously not.
Too, it seems the problem has largely been resolved and the remediation will be successful.
Perhaps worth reminding ourselves of what we have to look forward to with this well:
'... Flow testing of the Lower Logbaba sands has now commenced, with flowrates from these sands up to 15 mmscf/d being achieved on a 40/64ths inch choke with a flowing wellhead pressure of 2006 psi. This is ahead of expectations and substantially better than the 4mmscf/d which was obtained from the Lower Logbaba sands in La-107. This is very encouraging and further evaluation will be carried out on these sands in 2018 before the well is put into full production. This work will also recover a spent perforating gun which currently remains stuck in the well.
When full production potential of the Lower Logbaba sands in La-108 has been evaluated, a decision will be taken on the timing of adding more perforations into the highly prospective Upper Logbaba sands.
As previously announced, analysis of the La-108 logs indicated 84.5m of net gas sand in the Logbaba Formation and current production results have been obtained from perforating 18.7m of sands in the Lower Logbaba only....'
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns/story/x4qkydr

'Mr Kelly is far from "in hiding". He is actually travelling to Cameroon this weekend for talks with ENEO.'
RF68. Thank you. That is top news. Clearly Roy is not the sort to go out there for a jolly. I think it will have to do with the refinancing of ENEO in October. Eneo and the country need our gas, and need VOG/GDC to be successful. My guess is settlement will involve dropping the court case and penalty payments; money advanced against the unsettled bills; and the recommencement of supply to Eneo, with guarantees of regular future payments. A positive move for all parties. Fingers crossed for a good outcome.

Regards strategic review, I assumed it would be communicated to shareholders. My assumption is wrong, presumably:
RNS 17th April 2020
NEW CEO & BOARD MEMBER
We are pleased to announce that Roy Kelly commenced as the new CEO of the Company on 23 March 2020.
We also welcomed Rob Collins to the Board this past quarter as a Non-Executive Director and Head of the Audit Committee.
A complete strategic and operational review was commenced, including the decision to provide our shareholders and the market with regular operational updates on at least a quarterly basis.