Awaiting resolution on development solution
Bowleven’s year-end results brought few surprises. The company remains in a very strong cash position, with $99m on the books in October (and a $40m net drilling carry still outstanding). Reductions in G&A mean it should be able to retain this advantaged position for some time until a resolution is reached on the way in which its key Etinde asset will be developed. In the nearer term, Bomono should provide cash flows once bureaucratic delays are resolved. Discussions between the government and the operator (NewAge) are continuing on the best way to exploit the large gas/liquids resources and we believe this continued uncertainty is a key reason for the shares trading below our new core NAV of 50p/share (from 46p/share).Bowleven is an oil and gas company focused on Africa, where it holds a combination of development and exploration interests in Cameroon. Co.'s assets are aggregated into a single reporting segment: Africa operations, which focus on exploration and appraisal activities in Cameroon. All assets that are aggregated in this segment are in the exploration phase.
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