Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
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?
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