Nice to see the connection with HEMO and Covid 19 but there are many other exciting possibilities with this company. Any significant buying is going to be curtailed by the market makers by going to negotiated trade only. If we see another 500K buy then I expect this to close north of 2p
Nice to see that the news is now being absorbed and the share price is reacting accordingly. A big takeaway here is the news on customer adoption of Maintels Cloud based offering. This will certainly be a big driver.
Actually not a bad statement all considering. Nice to see the Cloud service adoption being taken up. What is also interesting is that the CEO of Daisy added to his holding yesterday. Maybe something going on.
-- Group cash balance at 31 December 2019 was circa $10.9 million with a further $2.3 million held in financial investments with no debt and material financial commitments
-- A bank guarantee relating to the deposit of $0.5 million is due to end shortly and we expect this amount will be added to our free cash resources shortly
-- Bowleven considers the value of cash and investment of $13.7 million to be sufficient to meet the Group's financial requirements until FID on Etinde is reached
-- The loss for the six month period was $1.4 million compared to $1.4 million in the equivalent period last year
Eli Chahin, Chief Executive Officer of Bowleven plc, said:
"During the period, we were pleased with the progress made towards achieving FID at Etinde. We advanced a number of important project related work streams, including; appointing a lead FEED contractor, assessing commercial arrangements for the produced condensate and gas, and reviewing potential financing options for the project.
At a time of considerable market turbulence, we are fortunate to benefit from a robust financial position, with in excess of $10 million of cash on the balance sheet and no debt. Coupled with our low cost base, we are well funded to reach FID, after which we will receive $25 million from the JV partners.
Despite the solid progress Bowleven has been making, recent macro conditions have the potential to impact the timing of the Etinde project. As a business, we will continue to work towards achieving FID before year-end and we look forward to keeping all of our stakeholders appraised on progress over the coming months."