New Ages Financial Position This was originally posted by Gark on the London South East board. A good find. [link] Fully expect news flow on Etinde over next few weeks. This move frees up cash for development of Etinde.
RNS Change of Advisor RNS Number : 5176B Bowleven plc 07 June 2019 7 June 2019 Bowleven PLC (“Bowleven” or “the Group” or the “the Company”) Change of Adviser Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces the appointment of Shore Capital and Corporate Limited as its Nominated Adviser and Shore Capital Stockbrokers Limited as sole Broker, with immediate effect. This follows the completion of the acquisition of Stockdale Securities Limited by Shore Capital Markets Limited.
RNS Interim Results RNS Number : 3911U Bowleven plc 29 March 2019 29 March 2019 Bowleven plc (‘Bowleven’ or ‘the Group’ or ‘the Company’) Interim Results Bowleven, the Africa focused oil and gas exploration Group traded on AIM, today announces its unaudited interim results for the six months ended 31 December 2018. HIGHLIGHTS · Loss for the 6 month period was $1.4 million compared to $2.8 million in the equivalent period last year · Special dividend of £0.15 per share declared on 7 January 2019, equivalent to £48.5 million, paid in full on 8 February 2019 · Ongoing data analysis following the completion of the 2018 two well appraisal drilling programme continues · Field development plans for an Isongo Marine (“IM”) focused development and update of the volumetric Resource held in the licence area expected to be formalized later in the year · Focus on Etinde development options and working with joint venture (“JV”) partners with aim of agreeing Final Investment Decision (“FID”) during late 2019 or early 2020 · G&A further reduced to $2.1 million (H1 2018: $3.6 million) Operational Etinde · 2018 appraisal drilling programme made new discoveries and further improved understanding of the reservoir. Analysing and interpreting the impact of the data collected is ongoing · The JV partners are proceeding with: o Technical analysis of the data collected from the 2018 appraisal drilling programme to validate the IM and Isongo E (“IE”) field development plans and the Etinde resource volumetric update o Engineering design studies to assess the engineering and commercial feasibility of all available development options. The JV partners expect to discuss and agree our preferred development solution(s) in the near future o Commercial analysis of all available development options focused around a liquids-based development alongside discussion of sales terms with potential gas off-takers · Etinde FID decision expected in late 2019 or early 2020 Bomono · The licence term ended on 12 December 2018. Discussions are ongoing with the Government of Cameroon and Société Nationale des Hydrocarbures (“SNH”) regarding the future of the licence. The Company will update as appropriate Corporate · Group cash balance at 31 December 2018 was circa $70.1 million (excluding $0.5 million held on deposit in respect of a guarantee) with a further $8.7 million held in financial investments, with no debt and material financial commitments. Following the payment of the special dividend, the cash balance has reduced to $6.9 million at the end of February 2019. Bowleven considers this sufficient to meet the Group’s financial requirements until FID on Etinde · The loss for the 6 month period was $1.4 million compared to $2.8 million in the equivalent period last year Eli Chahin, Chief Executive Officer of Bowleven plc, said: "The 2018 appraisal drilling programme further strengthened our understanding of Etinde and has been vital in progressing our thinking on the development of this significant asset with proven and probable resource of 1 TCF of wet gas in place. We continue to move towards selecting a development plan with our JV partners which we expect to culminate in a Final Investment Decision in the coming months, an important value accretive point for the Company. The Board was pleased to be able to return a significant amount of cash to shareholders in the financial year creating an important liquidity event for our investors, whilst ensuring the Company retained the financial flexibility to reach FID on the Etinde project."
Afren enters administration BLVN… XXXX last day of month wanted to by something this alerted @ 15p back in 14.5p
Where is the bottom on this then Hard to see any reason for a change in price unless the oil price rises significantly or there is some miraculous progress on the FID for the development of the field. Until then I suspect it will be a slow trickle down to the 13-16p range which is the equivalent of where it was before the announcement of the special dividend.
Where is the bottom on this then Another doomed oily. If it breaches 16p then next bottom could be as low as 12p, breaching that then drop quickly to single digits all without news of course.
Afren enters administration BLVN… XXXX The 15p special div paid to holders of 18th January yesterday 8th Feb . Price yesterday 17.5 p
RNS Dividend confirmation payment Have now received the dividend in both my ISA and Trading accounts with ii.
RNS Dividend confirmation payment RNS Number : 4298P Bowleven plc 08 February 2019 8 February 2019 Bowleven plc (“Bowleven” or the “Company”) Confirmation of Special Dividend Payment Bowleven, the Africa focussed oil and gas company traded on AIM, is pleased to confirm the payment today of the special dividend of approximately £50 million, or 15 pence per ordinary share. As previously announced, the upcoming Etinde work programme and budget has now been agreed amongst the upstream joint venture partners for 2019. The detailed effort will contribute towards the interpretation of the data and the development options for the block with a view to its commercialisation. The dividend has today been paid to those shareholders on the register on 18th January 2019. Eli Chahin, Bowleven CEO, commented: "I’m delighted the Company is in a position to return this money to shareholders whilst continuing to offer significant future upside for investors as we work to reach FID on Etinde. The management team’s priority has always been maximising value for shareholders. The payment of this Special Dividend represents a major return of capital to investors, but also a statement of our commitment to ensuring the interests of the Company’s owners are always at the forefront of the Board’s considerations."
Afren enters administration BLVN… XXXX Must of gone ex sp div today ( confusion spread on lse that its tomorrow ?? ) Down 43 % 18p …but not to ex -div equivalent i read of 15p . Someone posted value @ 11/12
RNS re Dividend The way I see it - most of us don’t know how much value to place on Etinde so the current share price is largely driven by the value of the cash the company has on it’s books and in guaranteed payouts. Declaring that 15p of that cash will go back to shareholders doesn’t help resolve the value of Etinde so essentially I think that most of the 15p will disappear from the share price after ExDiv. It was trading around 27p before the announcement so I suspect it will drift down to around 12p after ExDiv. Anything more than that is a bonus but is based on sentiment rather than news. Until the development of Etinde becomes more concrete and the value it will bring becomes clearer I don’t see much catalyst for a price increase.
RNS re Dividend Looks like they are selling up and cashing-in. Hopefully they will get a good price for Etinde and distribute through a dividend, along with any other cash. Just a bit suspicious why the share price has not gone up similar to the proposed dividend and how it will react closer to EX divi.
RNS re Dividend There has been so little news and discussion on BLVN recently that I figured everyone had given up (probably as a result of the poor upgrade on ii). Having been a long-term investor in BLVN since back in 2008 I have lived through the agonies of the share price ups and downs and through the transformation from genuine exploration company to it’s current incarnation as a holding company waiting for it’s one asset to either get developed, sold or bought out. I admit to taking selling out of some of my holding today as I am not convinced todays announcement will result in a long term increase in share price. Like most people I suspect I have held on to my shares in the hope that the value of Etinde will prove to be substantially more than the current share price. However, the drilling programme over the summer was not particularly positive and todays announcement implies that the development is still a long way off. I don’t see the catalyst for a share price hike - even if it is nice that some of the cash is going back to shareholders after all this time. What are the other views out there?
RNS re Dividend RNS Number : 3431M Bowleven plc 07 January 2019 7th January 2019 Bowleven PLC (“Bowleven” or the “Company”) Proposed Special Dividend Bowleven, the Africa focussed oil and gas company traded on AIM, is pleased to announce that its board of directors has approved a special dividend of approximately £50 million, or 15 pence per ordinary share. As at 30 November 2018, the Company held in cash and financial instruments equivalent to $80m and expects to receive a further $25 million at Final Investment Decision on Etinde. This decision follows the completion of the two well drilling campaign in October 2018, and therefore the Directors of Bowleven have resolved to distribute a significant portion of its surplus cash resources to shareholders. The level of the Special Dividend takes into account: The Group’s Etinde expenditure programme for 2019 The Boards commitment to return surplus funds to shareholders The Company’s strong balance sheet allowing for the return of cash to shareholders The Board’s expectation of reaching FID on Etinde in the short to medium term, triggering a payment of $25 million from JV partners The upcoming Etinde work programme and budget has now been agreed amongst the upstream joint venture partners for 2019. The detailed effort will contribute towards the interpretation of the data and the development options for the block with a view to its commercialisation. The Company intends to pay the dividend on 8th February 2019 to those shareholders on the register on 18th January 2019. Eli Chahin, Bowleven CEO, commented: “The Company is pleased to be able to propose this special dividend, creating a significant liquidity event for our shareholders. With the 2019 budget agreed, the Board is comfortable that the Company’s resulting cash position will allow it to reach FID, with our JV partners, creating a further significant value accretive event for shareholders and immediately allowing for the payment of $25 million under the terms of the Etinde farm-out agreement.”
Afren enters administration Nigel Sommervile posted this was a buy on 12th November 2018