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LONDON (Alliance News) - Bowleven PLC on Monday said the board has approved a special dividend of GBP50 million, or 15 pence per share.
Bowleven shares were trading 19% higher on Monday morning at 31.75p each.
As at the end of November, the AIM-listed oil & gas company said it held in cash and financial instruments equivalent to USD80 million. Bowleven expects to receive a further USD25 million at final investment decision on Etinde appraisal well, offshore Cameroon.
This decision follows the completion of the two well drilling campaign in October last year, and therefore Bowleven has decided to distribute a significant portion of its surplus cash resources to shareholders.
Looking forward, the company said the upcoming Etinde work programme and budget has now been agreed amongst the upstream joint venture partners for 2019. Bowleven plans to evaluate the existing data and develop options for the block with a view to its commercialisation.
"The company is pleased to be able to propose this special dividend, creating a significant liquidity event for our shareholders," said Chief Executive Eli Chahin.