The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"Still a high disconnect between the BLVN market cap of £11m and their valuation of BLVN's share in Etinde as $150m."
True, and that $150m was a reduction from $212m post the D&M post drilling audit in 2019 and reading this from Hamz74's kind AGM report might well mean a re-rating back some way towards that $212m:
"The valuation model, which is validated by the auditors EY, could be updated in 2022 if the Equatorial Guinea option materialises. Broker research does not currently include the Equatorial Guinea option, which should have lower costs than the previous plan that involved building a processing plant to split up the outputs, and reinjecting methane. The broker research reports should be updated when and if Equatorial Guinea becomes the official choice"
Suggest a look at p12 of the Annual Report under the heading "Regulatory Approval" but if Bioko route hopefully comes to pass, everything will be stood on its head.
Hamz74, many thanks for that AGM report and it was also much appreciated on the ADVFN board where I posted it with an acknowledgement to you.
I wonder if you can recall any discussion at the AGM on development costs. Clearly from the AR, the ball park pre FEED figure given by Chahin, as I recall, on the 2019 AGM Conference Call of $600/700, has gone up substantially, so is that now being put at around $1bn? In comparison, therefore, was any guidance provided on the extent of the saving and what the capex might be should the Bioko alternative become reality?
Many thanks
What date is on that please as I can't find it on the current pages "Business in Cameroon" and the link in French is simply going to an "Error" message?
"so I'd guess $5-10m per well?" Be surprising if any well was that cheap, let alone one in difficult country in W Africa but perhaps that was what the old management at Bowleven thought before blowing $100m on Bomono to come up with gas flows of c 6mmcfd
"who is going to buy the gas from Matanda as we have more gas now than we can use and we don't have enough gas customers now , so where are they going to come from.?"
Leaving aside Matanda, how much is being produced from the existing well(s) and is there capacity to increase production there without further expensive work?
Any indication been given for likely cost of drilling Matanda?
Notwithstanding its name and Channel Islands registration, New Age is a Chinese company:
Https://www.newafricanglobalenergy.com/directors/
Just how much gas does VOG have in terms of both flow and P2 mboe?
"It’s a huge resource with an estimated 361bn cubic feet (bcf) of 2C contingent recoverable resources, and 690bcf of 2U prospective resources."
Etinde consists of IM and IE fields, with post the IM-5 drill, the IM field was estimated to have in place 155 mmbls of liquids and 1.05 tcf of gas with an external audit in 2019 ascribing 185 mmboe to the IM field and 60 mmboe to IE recoverable, with BLVN being a 20% partner alongside Lukoil and New Age with 30% each
Ok, happysparrow will await tomorrow's news with interest - if it arrives. Additionally, following what was for them an unusually positive trailer, BLVN are announcing their Results next Thursday, Bonfire Night, and seemingly having sufficient confidence in what they will be saying , holding a shareholder conference call on that day, so the issue could be raised then.
As a BLVN holder, it does seem remarkable to me that with FEED well advanced, c P50 50-60mboe, c$9/10m in cash and a realistic glidepath to FID when $25m becomes to them from their partners, BLVN market cap remains stubbornly at just £12m. Too many past disappointments, I guess, a situation many here will no doubt be familiar with
"Emails were sent to me in answer to my questions at about 9.30am."
Care to share the response to your question:
a) to clarify who is paying for the pipeline;
b) and if it's GDC, to ask what progress they have made on arranging debt funding.