Bowleven (BLVN)

Business description

Bowleven is an AIM-listed, Africa-focused E&P with assets in Cameroon. Its main asset is its 20% net interest in the Etinde development, which holds 290mmboe of 2C contingent resource.

Stock data

Market cap.£94.4m
Last close29.00p
High / Low (52 weeks)36.5p / 23.5p
Stock market listingLN
Forecast net cash (US$m)85.4
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(6.5)0.014.9
Relative *(4.7)0.54.0

* % Relative to local index

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Company news

Most of Bowleven board ousted as investors back call for change

Wed, 15 Mar 2017 09:17:39 GMT

BowLeven's chairman Billy Allan walks the plank

Thu, 30 Mar 2017 10:33:06 GMT

BowLeven issues tit-for-tat response to Crown Ocean

Fri, 17 Feb 2017 07:51:03 GMT

Barclays downgrades Bowleven after activist-led boardroom cull

Thu, 16 Mar 2017 08:31:10 GMT

Victoria Oil & Gas and BowLeven strike Cameroon gas deal

Mon, 06 Mar 2017 07:44:30 GMT

Y/E Jun Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 0.0 (9.5) (90.0) (0.3) N/A N/A
2016A 0.0 (7.1) (129.3) (0.4) N/A N/A
2017E 0.0 (10.8) (4.1) 0.0 N/A N/A
2018E 0.0 (1.9) (4.1) 0.0 N/A N/A

Last updated on 24/10/2017

Latest research

Investment summary

Bowleven's board has seen a period of change with its chairman, CEO and CFO all leaving after a General Meeting called by Crown Ocean Capital in March 2017. A subsequent strategic review process has been terminated and the company continues to focus on maximising value for shareholders, including rationalisation of its cost base and "the preservation and enhancement of its existing assets". Once an Etinde development concept has been agreed and costed, the company will make a determination on a possible cash return to shareholders. Meanwhile, BLVN expects monthly cash burn to fall from $0.6m to $0.35m.

Last updated on 02/11/2017

Industry outlook

BLVN's proposed farm-down of Bomono is progressing and the company is meeting with the SNH to discuss outstanding approvals to allow gas to flow through VOG pipelines. The Etinde joint venture partners continue to work on finding an agreeable development solution for all stakeholders.

Last updated on 02/11/2017

Key management

Eli Chahin, Chief Executive Officer

Company address

The Cube
45 Leith Street
Edinburgh
EH1 3AT
United Kingdom
0131 524 5678
View website