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January 2017

Malcolm Graham Wood supports Bowleven management

Well-known oil analyst Malcolm Graham Wood, who publishes Malcy’s Blog (www.malcysblog.com) has come out in support of Bowleven’s board. I don’t agree with Malcy, but in the interests of balance below are links to his recent pieces and an interview he gave with Vox Markets. http://www.malcysblog.com/2017/01/vox-markets-podcast-includes-malcy-amerisur-resources-pantheon-resources-bowleven-ascent-resources/ http://www.
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Bowleven – Timeline and notifications for the EGM

Now that Crown Ocean has called for an EGM at Bowleven there is a maximum of six weeks for the company’s future to be resolved. During this time there are a number milestones shareholders need to be aware of to make sure their votes count in deciding which direction Bowleven should take. The first milestones are determined by the Companies Act and require the board to fulfil specific legal duties. On receipt of a val
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Should Bowleven return $80million to shareholders?

Since completing the Etinde farm-out in March 2015 Bowleven has been a horrific value trap. Over the last two years the company has received $180million in cash, but the board has been unable to deploy these funds in a value generative manner. Instead Bowleven’s share price has drifted ever lower, as the directors wasted over $80million with nothing to show for it. Shareholders must act now if they are to save what v
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Bowleven – Sick of paying the “Hart Discount”

As editor of ShareProphets.com I coined the phrase the “Hart Discount”. This is the massive discount in Bowleven’s share price, which shareholders have suffered as a result of CEO Kevin Hart’s poor stewardship of the business. I expect to wax lyrical about Hart’s many leadership failings over the coming weeks, but there is one fact that cannot be denied. The market has zero faith in his ability to run this comp
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Bowleven – Abject Failure in Strategy Part 1

Apart from the company’s miserable share price performance under the leadership of the current board, one of the biggest gripes Bowleven’s shareholders have is the board’s failure to deploy any of its huge war chest in a value–accretive manner. The last few years has seen the worst bear market in oil & gas in well over 30 years. And what has Bowleven’s board done? Nothing other than pursue an expensive fai
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Crown Ocean – a white knight for Bowleven?

I first made contact with Crown Ocean in late August 2016. I met the principals of this private investment company in late September. I’ve since continued correspondence with them to learn more about their intentions towards Bowleven. Understandably, Crown Ocean has been cautious about sharing specific details of what it might have in mind for the company, meaning much of my analysis at this stage is educated guesswo
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