Posts: 45
Joined: November 4th, 2016, 7:10 pm


Postby nigelpm » November 15th, 2016, 10:13 am

Getting interesting.

Market cap almost entirely covered by cash position and that hasn't been missed by OCC:

Who announced they now have 13.09% of the business : ... 02341496P/

Fun and games might be about to take place : ... 31552050P/

Clearly they are going to have a different view to management on this.

Posts: 19
Joined: November 7th, 2016, 8:54 am


Postby JonnyT » November 15th, 2016, 6:28 pm

I'd love to see the BoD get there smug arses kicked. Bring it on!

Posts: 4
Joined: November 18th, 2016, 11:23 am


Postby TIPIT » November 18th, 2016, 11:42 am

Yes, I bet the comatose like board meeting conversations have been spiced up recently!

Not saying I think the Non-exec proposals by Ocean Capital are particularly brilliant, but you do feel that the non-execs are keeping that cosy cartel of post retirement perks going for a lot of older O&G execs.

Of course there is experience there, but where is the pep and the zing, and the challenging ideas!

I did wonder as to whether the Monoco connections of two at least of the nominations was influenced by a significant Russian connections in that part of the world, and the possible Russian coonections of Ocean Capital themselves. Could it all be a proxy for Lukoil to get some influence over BLVN, should an offer be made to buy up its Cameroon assets? Pure speculation of course

Posts: 2
Joined: November 15th, 2016, 2:29 pm


Postby gray1107 » December 14th, 2016, 4:04 pm

Fun & games are indeed occurring:

The Company wishes shareholders to note that excluding the votes of Crown Ocean Capital ("COC"), a Monaco-based offshore private investment vehicle, all resolutions tabled would have been passed with a vast majority of votes cast in favour of each resolution (see Table 2 in the Appendix). All major institutional shareholders who voted, voted in favour of all the resolutions.

As a result of COC's actions, we have been required to cease our share buyback programme which was implemented under authority granted by an overwhelming majority of shareholders at the 2015 AGM. As part of my remit since joining the Company in October 2015, I have overseen a comprehensive review of the composition, skill-set and governance framework provided by the Board and we remain absolutely focused on ensuring that the Board delivers on its strategy for the benefit of all shareholders."

Posts: 19
Joined: November 7th, 2016, 8:54 am


Postby JonnyT » January 18th, 2017, 4:08 pm

I've had enough of this BoD living the high life at shareholders expense so I've exited.

HUR looks like a far far nicer home, with great near term upside potential.

Posts: 1
Joined: November 5th, 2016, 10:32 pm


Postby MrX001 » January 19th, 2017, 1:20 pm

I did that a while back JonnyT, until they get rid of the existing management this is uninvestable for me.

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