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
Isn't it quiet? Not a lot happening?
Is it me or have the postings dried up Stoater1 - I couldn’t agree more, this used to be my go-to bulletin board, now I don’t visit at all. Hundreds of posts/replies in the two months prior to “upgrade(lol)” and a grand total of three posts in the months since - this is truly a f00k up of epic proportions. I note the guy responsible is now leaving the company, hopefully someone else will sort out the sh!t-show he’s left behind.
Is it me or have the postings dried up I have given up with ii as it is now officially cr4p!! I am only visiting it today to firstly see if they have improved it and secondly to try and see why the big fall today!!! The answer is apparently No… to both points!!