Member Info for legache

All i can say, with hindsight, is come back Kevin Hart. I don't see any interest in BLVN at all anymore. No projects, no hope... The current management are part of the problem. They always have been.

I don't think you blame him for Sapele either, its oil exploration - you win some you lose some. He wasn't hiding information.

The reason he's not working is probably that his options were so generous he doesn't need to!

these shares aren't bad value at current levels. I wouldn't invest in Premier. I wonder what is a good oiler to buy ATM? I follow quite a few but they all seem to have red flags!

I think the natural conclusion is that they need to diversify their asset base outside of the existing geographical areas

JIM - you're falling for the classic trap of believing that asset value is of any interest. As shareholders we only ever see that if the company is sold off and there looks to be zero chance of that!

Of course, I'm fully aware that write-downs in the sector are common.

I've been investing 20 years shakey and have a PhD in a related discipline but thanks for the advice!

Could be worse, you could be a BP shareholder!

I'm not an accountant, but large write-downs caused by imprudent capital expenditure are, in most cases, as a sign of the prior imprudent use of cash. Yes, the exploration record is generally good - mostly driven by the previous management as they were the ones who saw the potential on these licenses.

Long time holder here.

My view is we've turned a corner. Yes, write-downs are disappointing and show poor use of cash, but I can only see better times ahead and for me, this is an excellent little company.

I didn't know this. Is this in a code somewhere or is it law?

"I love it when Jim writes about "substantial rises" and "sitting on large profits currently". It's hilarious. GBP has been in the 1-2p range for years, quite literally. And recent volumes have still been tiny. Most days the volume barely breaches a few £k, if that, which means that no one has bought "in size"."

This. Literally THIS!

There is a strong link between the performance of this company and the share price. In fact, it could be a lot worse!

Sorry, thats just rubbish. They've had years to do something - farms it out or raise cash to drill... Years.

The whole basin development offshore Namibia has been moving at a glacial pace ...

yes, this may not all be down to the Peters, but christ, I'm almost tempted to offer them my help in doing a deal!

I've had this share in my folio for an eternity. The only money to be made is trading the swings up and down. Jam tomorrow, Jam tomorrow and more Jam tomorrow. Now, I get it, this is an Aim O&G explorer, but others in the peer group have been making material progress. Why is it that the Peters, who are supposedly the dons when it comes to deal-making are just sitting their drawing their salaries whilst the cash drains away. I wonder?

If I would frustrated, its because I am.

I was a BLVN shareholder for years. I sold at the peak and made a lot of money. The reason theirshare price went up is that they had an active drilling program which had some success. SDX likewise, great little company with an active programme [least said about the current px the better though]. Why are we not doing something!

"Can have mine at 20p"

ROFL

Given that 1% of the company equals sweet FA at the moment, 1.8 million shares is hardly big money.

I have lost count at the number of false dawns we've had in this company over the years. Meanwhile, the directors draw their salaries...

Right. So wheres the bottom...

I need to buy some. I am 80% down on what i thought was a superb price!

Shakey - Massive gap to fill at 29p. This will happen first. No way a zillion years this is going down technically IMO

I have to say, that i've made a number of inauspicious 60p plus purchases. I'm pretty confident that we'll see those levels again, sooner rather than later.

So... These are still showing a 61% loss in my folio. Will I make this back and then some in the next 12 months? Looks like I will.

I will be buying some more on these numbers. Very encouraging.

diasagrree, a bunch of cowboys running this show. Only made better by the fact the previous lot had shareholders trousers down.

Agree totally, great post. I've been here over two years now. I have several inauspicious top ups - unfortunately the last at 60p. Now I will just wait it out. But currently sitting on loss overall. Hardly reward considering what has occurred in the last 2 years. I now just want BP to come in and save me from saying the same in another 2 years.

Sorry, you misunderstand, the point was made that he bought BLVN for the special divi.

All I'm saying is that the remainder is may be a long wait. Pointless...