Wednesday 23 January 2019 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
I told you that Metro Bank was dodgy...and that you shouldn't underestimate Burberry's Chinese chavs!
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.
It has taken a bit longer than I had hoped, but this morning we had the first sign that AIM-listed Bowleven (BLVN) might be set to come good. I tipped this stock at around 31p a year ago in the ShareProphets Christmas tip-fest, hoping that it would be all over by now, and top-sliced at above 37p. Since then the shares have drifted slowly back to the mid 20s but this morning the company announced plans to cough up 15p a share as a special dividend next month and the shares have responded higher to 32p. I hope a few managed to follow my upgrade to BUY during November, at just 25p.
AIM-listed Bowleven (BLVN) was one of two ideas from me in the ShareProphets share tip-fest last Christmas. The hope had been to see some corporate action before the end of the year as the Etinde project saw appraisal drilling and the JV partners wanted to move things on. Well we had the drilling, the shares went up and I top-sliced. So far so good.
AIM-listed Bowleven (BLVN) has announced a drilling update from Etinde this morning and oh dear, the second drill, IE-4, of the two-well programme seems not to have had a nice tasty big strike. But there is some good news in there and although one could have a slightly cynical read of the text (ala UK Oil & Gas, UKOG) I don’t perceive any need for Bowleven to ramp its shares: it has piles of cash, don’t forget.
AIM-listed Bowleven (BLVN) had been making me look like a genius since I tipped in at Christmas at around 31p. The shares rattled all the way up to 40p as the first of two drills off Cameroon at the Etinde prospect commenced, only to collapse down as low as 27.5p when the drill failed. Yesterday the partners announced that the second drill had commenced. All of a sudden the shares are back up at 33.8p – not quite 40p, but a lot better that 27.5!
One of my two share tips for 2018, AIM-listed Bowleven (BLVN), has updated the market on the first of two appraisal wells: it is bad news. As Waseem Shakoor puts it: disappointing, but that’s drilling. I had hoped for better, but as AIM-listed UK Oil and Gas (UKOG) and fellow pie-in-the-sky oiler, AIM-listed Frontera Resources (FRR) want to ignore, no matter how loudly you shout about the potential, in the end it is only the drill-bit which matters.
I recommended AIM-listed Bowleven (BLVN) as a buy at around 31p in the 2017 ShareProphets Christmas tipfest. I suggested taking a little cash off the table at 37p and did so myself (getting 37.56p) with a strong hold stance on the rest. Yesterday the shares had a good go at breaking the 40p mark.
News out this morning from AIM-listed Bowleven (BLVN) is that the IM-6 appraisal well at Etinde, Cameroon, has been spudded - seemingly ahead of schedule (we were told the end of May). Operations are expected to take around 100 days, with Schlumberger providing most of the drilling services.
AIM-listed Bowleven (BLVN) has announced the arrival of the Topaz driller rig in Cameroon waters. The rig is contracted for 150 days to perform the two-well appraisal drilling campaign on the Etinde asset, with first spud due by the end of this month.
Having seen off the previous incumbent, AIM-listed Bowleven (BLVN) had indicated it was looking for a new Chairman. Yesterday morning it announced the internal promotion of NED Matt McDonald as an interim non-exec chairman. This all adds to my theory that Bowleven is not long for this world.
I offered up AIM-listed Bowleven (BLVN) as one of my two ideas for 2018 at 31-31p and I see that the shares have headed north again. What to do?
AIM-listed Bowleven (BLVN) has this morning released its interims to December 2017. Of note is the huge reduction in administrative expenses and the binning of the deal with AIM-listed Victoria Oil and Gas (VOG) with regard to the Bomono asset in Cameroon.
Shares in my Christmas tip-fest suggestion of AIM-listed Bowleven (BLVN) have had a strong run over the last few days, having notched up a high of 37.6p today, against a tip price of 30-31p. It doesn’t sound much, but you can’t sniff at a gain of 21.3% in three months (even if Wildes won’t get out of bed for that).
My second tip of the year, AIM-listed Bowleven (BLVN), announced on Tuesday that major shareholder Crown Ocean has once again been upping its stake – it now holds 29.03% of the equity. I took the cue and did the same (though not 29%!). Crown Ocean is, of course, the shareholder which rocked the boat last year and forced out the old board by calling two EGMs and supported the new fellas as they proposed to turn the company into a holding company with rather lower costs.
I’ve been banging on occasionally about how AIM-listed Bowleven seems to offer value. I suspect that we will be off to the races shortly, for some detail of an appraisal drilling campaign in its 20%-owned Etinde field has been announced – and the company is carried through this campaign.
I thought I’d do a brief update on the first of my share ideas for 2018 – AIM-listed Bowleven (BLVN). Brief, because not much corporate news has come out, but there were a couple of interesting TR-1s. Tipped at around 30-31p, the shares were 32.7-32.9p at Friday’s close – it’s higher (good) but I don’t think I’ll be selling yet to cash in the odd penny!
AIM-listed Bowleven (BLVN) has announced that the one remaining member of the old board is to depart the scene at the company’s forthcoming AGM on 13 December. The company thanks Mr David Clarkson for his three years of “considerable” service and the valuable role in providing continuity following the boardroom clear-out earlier this year.
I note that yesterday AIM-listed Bowleven (BLVN) released a TR-1 RNS from Crown Ocean – the rebel shareholder which threw out the old board earlier this year. It has increased its holding (again).
Following boardroom change, BowLeven (BLVN) “is pleased to announce an update on progress with the company's strategic efficiency programme and on the current status of its existing assets. The company also announces the adoption of a Transformation Incentive Plan designed to align employees' interests with the company's longer term strategic objectives”. Hmmm…
AIM-listed Bowleven (BLVN) has announced the termination of the strategic review initiated by the previously hung board in the wake of the sack-the-board EGM requisitioned by Crown Ocean, before former Chairman Billy Allan departed the scene. The ShareProphets RNS Translation Service has been taking a look (original in bold).
This morning AIM-listed oiler Bowleven (BLVN) announced the departure of Chairman Billy Allan and two former board members from the company. Not before time. With a second EGM in the offing the writing was on the wall for them all anyway. The ShareProphets RNS Translation Service has been taking a look at what the company had to say (original in bold).
I have just noted that my old pal "thirsty" David Bick is doing the PR for hedge fund Crown Ocean in its battle to oust the shamed, discredited and unwanted board and management at Bowleven (BLVN). If you are in a scrap with utter scumbags having Bick on your side is no bad thing as he is the king of this form of trench warfare, gutter warfare. Team Crown issued a statement on Friday which is damning. You will remember that the management of Bowleven is still in place despite shareholders voting most of the bastards off the board and now they are trying to flog the company. Crown - quite correctly - smells a monstrous rat. It states:
This is not the fault of Crown Ocean but of the bastards who have been grossly overpaid for destroying value at Bowleven (BLVN) - the team let by piggy in chief Kevin Hart. As I reported yesterday, disgraced CEO Hart may have been booted off the board by shareholders but he remains as CEO and is still running the company on full ( unjustifiable) pay. This is because Crown has 2 directors but the old regime still has two men on the board and the casting vote with chairman Mr Allan. Thus there is no change of personnel at Bowleven or of strategy. This really is a disgraceful way for directors to treat the folks who own the company - shareholders.
You and I had thought that Kevin Hart the grossly overpaid and underperforming CEO of Bowleven (BLVN) had cleaned his desk and gone after Tuesday's GM vote to sack the useless pig. Think again. He is still CEO and still on full pay and still running the company. This is like debating the Brexit referendum with that silly cow Gina Miller. A company is owned by its shareholders. The shareholders have voted to get rid, like we voted to quit the EU...but the bastard hangs on and Gina tries to subvert democracy.
The GM of Bowleven (BLVN) took place at 11 AM yesterday. It could not have taken long to count the votes yet the board sat on the result until this morning. Treating shareholders with contempt, for the second time in 48 hours and the zillionth time since taking office,Kevin Hart et al served up a sour and graceless statement as they acknowledged defeat. But it was not a complete victory for the rebels.
It is not just Hart, the CEO for a few hours more at Bowleven (BLVN), but also the overpaid, inbred, upper class fuckwits at PR spinners Brunswick who view ordinary investors with unmitigated contempt. Someone leaked it to the Times this morning that Hart was to resign as boss of Bowleven after years of being paid a fortune while destroying shareholder value. If that is correct he is jumping before he is pushed at the GM, called by Crown Ocean.
A brief line in an announcement by Crown Ocean has caught my eye in the latest twist in the battle to remove the useless board of AIM-listed Bowleven (BLVN). The board’s supposedly flagship farm-out transaction, with which CEO Kevin Hart expressed pleasure, seems to me have placed a maximum valuation of around $25 million on the company’s $100 million spent on Bomono. But I wonder whether major institution Artemis has sold out of the 14 million shares the market was told it held on Monday. If so, where is the TR-1, and did Artemis vote the shares against the board ahead of selling them to Crown Ocean?
Kick-the-board-out requisition-pressured BowLeven (BLVN) CEO Kevin Hart is “delighted to be working together with Victoria Oil & Gas to unlock the potential of Bomono… gaining access to Victoria Oil & Gas’s extensive infrastructure and gas marketing experience”. Hmmm, the market doesn’t seem to share ‘delight’ in the deal from your side though Kevin – shares in BowLeven currently more than 7% lower, whilst those in Victoria Oil & Gas (VOG) more than 12% higher…
In reality corporate governance bodies such as PIRC and ISS are, these days, part of the establishment so when it comes to crony capitalist companies on AIM they are part of the problem not the solution. This is demonstrated in spades today by events at Bowleven (BLVN)
The great Northern bear Waseem Shakoor owns just over 1% of Bowleven (BLVN) and has been a long term critic of its useless board led by the grossly overpaid Kevin Hart. He has written an open letter to his fellow shareholders urging them to back Crown Ocean Capital and oust the board. I agree - as I usually do - with Waseem. Over to the great bear and professional Northerner:
And so finally, this morning, AIM-listed Bowleven (BLVN) has named the day for the requisitioned sack-the-board EGM. The company first announced receipt of the EGM requisition from Crown Ocean on 24 Jan and three weeks on it has finally got around to calling it – for 14 March. Hurried this is not. The ShareProphets RNS Translation Service explains all…..(original in bold)
AIM-listed Bowleven (BLVN), in the sights of activist investor Crown Ocean which has already requisitioned a sack-the-board EGM, has released a “provisional response” to the proposals. It looks pretty desperate from a board too used to sitting on its hands and overpaying itself and which looks slam-dunk for the tickety-tack when it finally gets around to calling the requisitioned EGM.
This morning came a TR-1 announcement from AIM-listed Bowleven (BLVN): Crown Ocean, which has requisitioned a sack-the-board EGM upped its stake by about 5 million shares to 47.6 million shares, or 14.87% of the company, last Wednesday...
Facing a shareholder revolt which will - as explained HERE - see a grossly overpaid and under-achieving board kicked into the long grass and new directors put in charge to realise shareholder value, the old directors of Bowleven (BLVN)have issued a statement which is covered in jam tomorrow. Plus ca change.
Yesterday morning Crown Ocean launched its requisition for an EGM at Bowleven (BLVN). I explained why the coup is a “no-brainer” here. Bowleven’s management is surely toast. Having taken tens of millions in remuneration over the years, and spent hundreds of millions on failed projects, this company has been a classic value trap. But could that all be about to change?
Hedge fund Crown Ocean Capital P1 Ltd has called an EGM to oust six utterly useless and grossly overpaid board members (the dirty half dozen) at Bowleven (BLVN) and replace them with Christopher Ashworth and Eli Chahin. We can reveal that the coup is a nil brainer - management is toast. Here is why...
Oil and gas company Bowleven (BLVN) is the latest in the sights of shareholder activist ‘flip flop’ Ben Turney – who, is organising small shareholders. But Flip Flop is the Monkey, the Organ grinder - we believe - is an activist hedge fund and this will unlock value. With the shares at a current 24.5p offer price, there is cash, asset (and currently wider industry sentiment) support, whilst we reckon success for the hedge fund in ousting a hated management would see the shares rise smartly in short order.
He is at it again, flip flop Ben Turney has another company in his sights and this time it is rather larger than before. It is Bowleven (BLVN). And in his attenpts to push for management change, we can reveal that Turney has the support of bear raider Waseem Shakoor who is not part of Turney's group but has a material stake.
Bowleven (BLVN) like so many other AIM oil companies has been a big disappointment to anyone who has invested longer term – including myself in the past! But if you’re looking to buy into any smaller oil companies at a time when the oil price is down around the $30 area that we are currently seeing, then it would be high on my list, and probably right at the top.
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares in Bowleven (BLVN), Edenville Energy (EDL) and Reneuron (RENE), setting share price targets for all three stocks.
This morning Bowleven (BLVN) announced its full year results. The company has made excellent operational progress and its balance sheet remains strong. On 30 June Bowleven was debt free, had a cash balance of $145.3million (£96million) and the expectation of the equivalent of up to a further $80million investment under the terms of the Etinde farm out ($40million free carry in two appraisal wells and $40million in cash payments, subject to certain milestones). Although the cash balance will have been eaten into over the last 4 months, during which two exploration wells were drilled at Bomono, Bowleven is in rude financial health. So why does the market continue to punish its share price?
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares of Bowleven (BLVN), Daniel Stewart (DAN), Halosource (HALO) and offer some share price targets.
This morning, Bowleven (BLVN) delivered its latest in a string of positive RNSs and yet again the company’s share price has barely moved. Today’s encouraging news came from the oil encountered in the targeted reservoirs at the Zingana exploration well, in the Bomono exploration permit. Although Bowleven still needs to complete its evaluation of the wireline logs, the fact that it has suspended Zingana “pending further re-entry” is suggestive it is happy with what it has seen so far. Of course, this being Bowleven a degree of circumspection is definitely required, but how much more does the company have to do to prove its worth? Oh, how the market must hate this stock.
Has the oil market genuinely bottomed? This is the crucial question facing investors in the oil & gas sector, this summer. The Saudi-led price war on the United States’ “Fracking Boom” has been most disruptive. The collapse in the price of oil has played havoc across the industry. Globally, billions of dollars worth of projects and planned capital expenditure have been shelved or pulled entirely. Sentiment has been badly affected and worries persist about the long-term structural challenges still facing oil & gas companies. This is especially true for those listed on AIM, but if I had to pick one from the bunch my choice would be Bowleven (BLVN).
From the FCA's spreadsheet of short positions required to be disclosed to it, the following details the shorted AIM shares (by net short position %) and if this position has increased (red), reduced (green) or remained unchanged (black) since a previous analysis HERE…
This morning, Bowleven (BLVN) announced completion of its Etinde farm-out. The company has received the initial $165million cash payment and expects to receive a further $5million for working capital. It is free carried for up to $40million of the costs of two appraisal wells at Etinde, on completion of which it is set to receive $15million cash. Beyond this there is the prospect of another $25million cash, contingent upon the Etinde Final Investment Decision. This all sounds great, so why isn’t the market rejoicing at this news?
Bowleven (BLVN) hasn’t exactly got a reputation for delivering news on schedule, but this really could be your last chance to get in before the next news.
I have history with Bowleven (BLVN). I invested heavily in the company back in 2009, during the depths of the market crisis when its shares could be bought for less than the cash on their balance sheet. 2009 was a very good year for crisis investors, although it didn't feel very good at the time.
Bowleven (BLVN) has been a great share to trade in recent months but now it is time to decide if you’re in or out. The share price has tended to settle into fairly defined ranges and myself, and others, have done very well trading these swings for 10% or so each time – far more profitable than just holding long term and too good an opportunity to miss as I know this share well.
Resource companies are notoriously bad at meeting deadlines. When a delay is announced it is often a signal to ditch the stock. Judging by the response to Bowleven’s (BLVN) announcement this morning it seems the market is behaving true to form. Bowleven is down 1.25p to 33.75p, last seen. However, having spoken with the company’s PR representative, this drop could be a buying opportunity. But then again, I’ve been saying that since 38.25p!
When a stock persistently refuses to respond positively to good news this can suggest something is wrong behind the scenes. It is true that as the resource market on AIM continues its slow recovery there have been examples of delayed reactions. In some instances, a wary investing public has taken its time to accept and digest upbeat reports, before eventually pushing deserving share prices higher. However, in the case of Bowleven (BLVN), it’s been nearly six weeks since the company announced its Etinde farm-out with LUKOIL and NewAge and the stock continues to trade below the notional value of the deal. The Etinde farm-out is still to complete, but since it was first announced Bowleven has taken steps to resolve the outstanding issues, including today’s announcement that the long awaited Exploitation Authorisation has been formally awarded. So is the market telling CEO Kevin Hart that his end should be nigh?
Paid for researcher Edison has initiated its coverage of Bowleven (i.e. accepted a cheque to write a detailed 12 page report) with a claim that the shares, now 39p, are worth 108p.
So my dastardly plan worked! About a month ago, when Bowleven (BLVN) announced its proposed Etinde farm-out, I penned a piece suggesting the stock had run into headwinds at 45p and it looked a good spot to take profits. Knowing how much influence I hold over markets, I instructed my cabal of skulking shorters to sell Bowleven’s stock aggressively, as this was a guaranteed opportunity to make a quick killing. Our goal always was to make a heap of money, as we beat up poor old Bowleven’s stock to such an extent that our corrupt little group of pals would gain a much better entry price to go long. We are so amazing at what we do, we profit all the way up and all the way down. Now, I’m back to ramp this stock to high heaven with one article, which is bound to send the share price to 100p. While I continue to pull the strings of Bowleven’s share price at will, I only have one question running through the back of my mind – do some of you really have no idea how ridiculous your comments sound?!
If you’ve ever played poker you will know the worst thing that can happen to a bad player, who doesn’t understand the mechanics or maths of the game, is to win a reasonably large amount early in his or her playing days. Invariably such people convince themselves they have unlocked the secrets of the game and are invincible, rather than recognise the luck of the draw. Our lucky winner invariably ends up giving back his or her winnings to the table and a whole load more to boot. Bust and demoralised, such people often have trouble understanding what’s gone wrong, having made such a profitable start. They remain obstinately unaware of the importance of playing the long term odds, certain in the knowledge they must be right, even though they’ve lost all their money. Exactly the same principle applies to gamblers on AIM stocks, especially those in the resource sector.
In case you were wondering what that strange feeling was, there is a powerful magic in the air today. So strong is this mystical force that we have witnessed this morning one of the rarest events ever to occur on God’s green earth. The board of Bowleven (BLVN) has actually managed to release an RNS without further destroying the company’s share price.
Three months ago, on November 13th, Bowleven (BLVN) hit its shareholders with this very damaging placement at 45p. The price of this fundraising was hard enough to stomach, but the real harm to sentiment was caused the day before. If the abrupt and “mysterious” drop in Bowleven’s share price on November 12th isn’t obvious evidence of insider trading then I don’t know what is. So far nothing has been done about this and I believe it is time for AIM Investigations Team and FCA to act.
While it might be a little unfair to suggest that as far as shares of Bowleven (BLVN) are concerned we are looking at the last chance saloon with regard to near term support, the reality of the situation is not a very happy one of the moment.
Bowleven (BLVN) had a very successful year in 2013 in terms of its operations but it didn’t stop the share price going into a spiral of decline. That is going to reverse in 2014.
Bowleven (BLVN) shocked the market recently with its cack-handed equity issue at 45p. The conference call that followed was, by all accounts, a disaster. But....
Bowleven (BLVN) may be a much loved and much followed oil and gas play, but this has not prevented the shares giving Bulls the runaround for many months.
In an exciting 2012, punters saw Bowleven (BLVN) shares reach a dizzy 102p. At a fundamental level the oil mid cap seems to have made strong progress yet the shares trade back at just 59.75p, valuing the company at £173 million. That seems largely a result of sectoral unpopularity and I reckon the shares are cheap.
Bowleven (BLVN) has been and remains a favourite of mine on the fundamental front. However, with the shares of the oil & gas group languishing around the 63p level and back to the levels seen at the turn of the year, the question that has to be asked is whether we are looking at a breakdown or a buying opportunity?
Bowleven shares have been and continue to be a personal favourite in terms of the oil and gas explorers, if only because at the start of the year they bounced just under 65p as was predicted, and then behaved themselves all the way up to a 100p plus target.
Having called Bowleven up from 65p to 100p plus at the beginning of the year, no one could accuse me of not being a fan of the stock.
I have to admit that I am rather biased in favour of Bowleven (BLVN) shares, largely because in the recent past they have obeyed technical analysis rules, or at least my own interpretation of them to the letter.
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