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Agree RLL. Last update the company made it clear they planned to close the gap between the current market cap of £5 and the Asset on the balance sheet valued at £150m. In share price terms thats 2p to 50p. So take your pick somewhere in the middle
Interim statement referred to in todays RNS
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."
I think if you start to DYOR on what the board were saying last year is beginning to stack up why the price is starting to move north. The board value our stake in Etinde at $150m but they recognise the gap between current market cap of £5m and the £150m needs to be closed. I think this could well be the start of that gap closing event. Here is their statement - “On the basis of the detailed examination undertaken, the Board felt justified in maintaining the investment case for the Etinde valuation in excess of $150 million and hence concluded that no impairment was deemed necessary at the current time. The Board feels that with the evolving macro and geopolitical environment, the revenue and cost assumptions of our recent financial modelling, and the high calibre JO partner, the Etinde valuation now has a stronger underlying hypothesis. We acknowledge that the current capitalisation falls well short of these levels and that the Board's challenge into 2023 is to close this gap.
Bowleven [LON:BLVN] was up 67% at the close, having seen some very heavy buying in the latter part of the session. The one-way traffic drove the spread out to 20% and whilst there’s no firm news, the underlying has pushed to fresh highs for the year. There are a number of potential high profile events which could lead to a significant rerating for the stock – is something looming?
Https://twitter.com/richard_corsie/status/1681381518554411008?s=20
Meyer says in todays interview he is aware of talks for both LC and Redmoor and sometimes its just as easy for the other party just to acquire the whole entity. Now thats an interesting comment coming from our NOMAD today
It would be nice if the Daily mail expanded further on the BP deal in the weekend press
Current market cap is £20m Vs £103m valuation according to the Daily Mail. This suggests share price should be around one pound. Have I missed something ?
In todays Daily Mail - shares in investment firm I(x) Net Zero rocketed after Wastefuel, its largest holding, got £8million from BP to develop factories around the world to turn waste into biomethanol, which may help decarbonise the shipping sector.
As a result, the value of its stake in Wastefuel almost tripled, to £104million.
Its portfolio is now worth £117million - up from £50million at the end of December last year.
Shares, which floated at 76p last year, surged 91.4 per cent, or 12.8p, to 26.8p.
I consider that the developments around Redmoor and the potential commencement of a second income stream will see a significant improvement in the market's perception of the value of the Company and I look forward to working with my fellow Directors and the staff of the Company to ensure that the 2023 financial year delivers.