Having successfully tipped AIM-listed Bowleven (BLVN) some years ago and then snatched defeat from the jaws of victory, I was still holding the stock as a reminder of my own folly. This morning the company announced it is to delist (subject to shareholder approval – a given) and has offered the princely sum of 0.225p per share as an “exit opportunity”.
Having been a fan of AIM-listed Bowleven (BLVN) and having tipped it, it may come as a surprise to those who haven’t followed what is going on to see that I reckon the bailout open offer at just 0.1p is to be ignored. But I fear, on balance, that is the sensible view to take.
There was bad news yesterday from AIM-listed Bowleven (BLVN) to add to the misery of its shareholders. The lead joint venture partner in the Etinde gas project in Cameroon, New Age, announced that its long-stalled transaction with Pernenco to transfer its interest had been terminated.
AIM-listed gas an oil play Bowleven (BLVN) announced its full year results to June 30 on Friday and it was not a pleasant read for shareholders, from this former tip of mine. Although I still hold my shares, it is simply because it wasn’t worth selling in the wake of a humbly apologetic sell in September so I will constantly be reminded of my folly going forward.
AIM-listed Bowleven (BLVN) updated the market this morning on its Etinde asset in Cameroon – and its finances. Neither news was good, so what to do now with my old share tip?
AIM-listed Bowleven (BLVN), with a part-holding in the Etinde gas project in Cameroon, has released its interim results to December 2022. This was, of course, a tip from me and initially did very well and I took some profits to leave my remaining holding essentially for free. What I should have done was to sell the whole lot and this morning’s numbers show clearly that the company now needs to raise additional funds to keep the lights on as it awaits a final investment decision (FID) on Etinde – a decision which has taken an age to materialise.
AIM-listed Bowleven (BLVN) released its full year results to June 2022 this morning and the news was not great. TW note, be honest it was piss poor. The cash is running low – noted in a material uncertainty warning regarding Going Concern and progress on the Etinde gas project off Cameroon – its one part-owned asset – has ground to a halt. Things are set to change, but there are plenty of problems.
There may be signs that at last things might start to move at AIM-listed Bowleven’s jointly-owned Etinde prospect off Cameroon. It was announced this morning that chief partner and operator, New Age, has agreed to hand over the reins to Perenco as operator.
AIM-listed Cameroon gas-play Bowleven (BLVN) released its interims to December 2020 this morning. The HIGHLIGHTS section talked of plenty of progress at the Etinde prospect as we wait for a Final Investment Decision (FID) from the JV partners, but there was a fly in the ointment….
Since my last update on an old tip of mine, AIM-listed Bowleven (BLVN), it has been all quiet. I had hoped the large price rise at the end of January might be met with a statement, but sadly not. The shares have remained strong and sit at 7.5p in the middle – albeit with a spread wide enough for a fleet of disused Airbus A380s to roll though.
I commented on good news from AIM-listed Bowleven (BLVN) on Monday, following news that the joint venture of which it is part had been given permission to apply for a new exploitation agreement regarding the Etinde gas prospect off the coast of Cameroon. The shares were then around 5p (nicely up from 2.17p at the bottom of the Covid-crash last year) but I wondered if they might be a stonking buy (with a few caveats!) Well, blow me down…..
I haven’t commented on AIM-listed Cameroonian gas play Bowleven (BLVN) for some time – the last being back on 27 March last year when I asked are you brave enough to buy in the face of a big sell-off in oil and gas prices as the severity of the Covid crisis started to become apparent. The share price then was 2.17p in the middle and today’s news sees the shares up at 5.3p. I wasn’t brave enough to buy more….but my then existing holding is still there.
AIM-listed oil and gas play Bowleven (BLVN) delivered its interim numbers to the end of calendar 2019 this morning. Having updated briefly earlier this month and concluded that it had more cash than its market capitalisation, let’s see how the real numbers compare. And what of the Etinde gas asset off the coast of Cameroon in this crunched oil price environment?
I am still sitting on my shares in AIM-listed Bowleven (BLVN) which I picked up during the corporate handbags as the old management was given the boot. For a short while I looked very clever indeed as the shares headed north, allowing me to top-slice and last year a special dividend of 15p per share added to my returns. But things haven’t quite worked out as I had hoped….
AIM-listed Bowleven (BLVN) issued its annual results to June 2019 on Friday morning and the headlines are not that great. In short, the Etinde asset off the coast of Cameroon has been written down by around a quarter and the path to possible commercialisation has been extended. In other words shareholders are being told they will have to wait longer and will get less than originally hoped for.
AIM-listed Bowleven (BLVN), my buy tip for 2018, has announced its interim results to December 2018. The bad news of that it hasn’t been bought and nor has the Etinde asset off Cameroon - we have a more waiting to do. On the other hand, with a 15p per share special dividend already in the bag, the waiting hasn’t been too painful, even if the shares are down a bit.
If you have not been following AIM-listed Bowleven (BLVN) you might have missed that it proposed to cough up a special dividend of 15p per share ten days ago. This morning the shares went ex-dividend, which is why the shares are down. But the good news is that they are only down by 12p – so in effect they are up by 3p, or about 10%, on yesterday’s close.
