Ahead of the Bowleven shareholder meeting, which starts in half an hour, BowlevenHolders.net submitted the following questions on behalf of shareholders who supplied them to this site. The questions can be read below:
- How much does the board forecast it will cost Bowleven to fund its share of development at Etinde to see the project through to commercialisation?
- Why does the board think the market has attributed a zero valuation to Etinde at a time when oil and gas companies have seen their share prices recover from the lows set in January 2016?
- At Bomono how long is it likely to take and how much is it likely to cost to acquire the PEA itself, including for all ‘indirect’ costs?
- With regard to the Bomono farm out discussions, how many potential parties are involved?
- At Bomono what are the flow rates and volumes and NPV of the Project and why have you not disclosed them?
- A question for Kevin Hart – what would you consider has been your greatest success at Bowleven?
- Bowleven has no spending commitments or debt. Why wouldn’t it be better for the company to become a holding company as Crown Ocean has suggested?
- What are relations like with the Etinde partners, New Age and Lukoil? How often do you speak? How often do you meet? Is Bowleven actively involved in decision-making?
- In the Annual Report Bowleven claimed to have vetted 50 opportunities. On average how much management time was spent vetting each opportunity and how many directors or managers were involved on each project? (50 sounds like a large number to have vetted)
- Having vetted 50 opportunities why was the Company unable to secure a new producing asset?
- On what did the board spend more than $9million for “general and administrative” costs in the last financial year, beyond director pay? Please could the company provide a breakdown?
- If certain Bowleven directors are voted against at the EGM, but others are supported, will those that are supported remain at the company for the sake of continuity?
- Why has the board resisted attempts by Crown Ocean, the company’s largest shareholder, to seek boardroom representation?
Bowleven’s PR representative acknowledged receipt of the questions and confirmed the company will publish a recording of today’s meeting on its website. BowlevenHolders.net suggested that some of the answers to questions above might require the release of price sensitive information. In the interests of transparency BowlevenHolders.net invited the company to release an RNS to answer those questions, which it cannot answer in the meeting.