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Pin to quick picksBowleven Share News (BLVN)

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Sector movers: Tax break hopes drive energy stocks higher ahead of UK Budget

Tue, 17th Mar 2015 14:42

Hopes about tax breaks in the North Sea energy industry were providing stocks in the oil producing and services industry with a much-needed boost on Tuesday, even as the price of crude continued to tumble.Danny Alexander, chief secretary to the Treasury, signalled that North Sea oil and gas producers are set to benefit from tax cuts in the UK Budget statement on Wednesday.Tax cuts offer incentives to encourage spending and investment in the sector, which against a backdrop of lower oil prices, is desperately needed.According to reports, the proposed tax relief for the North Sea is likely to be at the heart of a package from chancellor George Osborne that could also include a headline cut to the so-called 'supplementary' charge, an extra 30% levy on producers paid on top of a 30% corporation tax rate."It appears that plummeting oil and gas prices have led governments around the world to rethink their tax policy across the industry as what has been a stable and rich source tax revenue can no longer take the strain," said Tim Wach, global managing director from tax advisors Taxand. Brent crude prices were down 2.3% at $53.44 a barrel in afternoon trade, trading at a six-week low, while West Texas Intermediate oil was 1.8% lower at $43.10, extending losses after hitting a six-year low on Monday.Wach said the measures are hoped to prevent a "domino effect" of oilfields shutting down across the region amid forecasts that capital spending on new projects will fall by a third this year - good news for struggling energy services and equipment stocks, who were at the top of the pile in London on Tuesday.Hunting in particular was a strong riser, gaining 8%. The company, which makes products used for well construction, completion and intervention, had said earlier this month that its North Sea activity was near a record low in 2014 "as fiscal and political uncertainty hindered customer investment in the region".Services groups such as Petrofac and Wood Group were also putting in decent gains.Meanwhile, North Sea-exposed producers such as Tullow Oil and Premier Oil were rising 5% and 17% respectively, followed by smaller gains from the likes of BG Group and Shell.AIM-listed oil and gas explorer Bowleven was rising 8% after completing the farm-out of its Etinde permit in Cameroon for up to $250m in cash. It has already received an initial $165m in cash.Top performing sectors so far todayOil Equipment, Services & Distribution 17,523.32 +2.37%Mining 13,834.07 +2.15%Electricity 8,926.72 +2.03%Oil & Gas Producers 6,795.35 +1.90%Gas, Water & Multiutilities 5,729.38 +1.80%Bottom performing sectors so far todayFood & Drug Retailers 3,285.45 -2.19%Construction & Materials 4,507.39 -2.10%Forestry & Paper 14,379.76 -1.84%Technology Hardware & Equipment 1,386.39 -1.33%Real Estate Investment & Services 2,951.29 -0.86%
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27 Mar 2024 14:31

Bowleven seeks funding as loss widens on reduced project activity

(Alliance News) - Bowleven PLC on Wednesday said its half-year loss widened as it continues to develop the Entinde project.

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14 Mar 2024 20:56

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26 Jan 2024 06:56

IN BRIEF: Bowleven and partners regroup as Etinde stake sale halts

Bowleven PLC - Edinburgh-based oil and gas exploration company developing Etinde project offshore Cameroon - Partner's sale of stake in the Etinde project falls through. Bowleven is informed on Thursday by New Age (African Global Energy) Ltd, the operator of Etinde, that it received from Perenco SA a termination notice for the conditional sale of New Age's interests in the Etinde joint venture to Perenco. The deal for the 37.5% stake was first announced back in June 2022. Bowleven says it now will discuss with its joint venture partners an updated development plan and work programme for Etinde.

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29 Nov 2023 15:46

UK shareholder meetings calendar - next 7 days

Thursday 30 November 
Amur Minerals CorpAGM
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Cordel Group PLCAGM
CQS New City High Yield Fund LtdAGM
DXS International PLCAGM
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Gabelli Merger Plus+ Trust PLCAGM
Kingswood Holdings LtdAGM
MC Mining LtdAGM
MGC Pharmaceuticals LtdAGM
NCC Group PLCAGM
Ovoca Bio PLCAGM
Revolution Bars Group PLCAGM
Roebuck Food Group PLCEGM re fundraising
Ruffer Investment Co LtdAGM
Friday 1 December 
Croma Security Solutions Group PLCAGM
HeiQ PLCGM re annual report approval
James Halstead PLCAGM
More Acquisitions PLCGM re capital raise
Myanmar Investments International LtdGM re cancellation to trading on AIM
Plaza Centers NVAGM
ScS Group PLCAGM
Monday 4 DecemberGM re additional listing on the NYSE
Diversified Energy Co PLCGM re purchase of 15% of the company's own shares
Palace Capital PLCAGM
PRS REIT PLC 
Tuesday 5 DecemberAGM
450 PLC 
Wednesday 6 December 
Alternative Liquidity Fund LtdAGM
Bowleven PLCAGM
Gattaca PLCAGM
STM Group PLCcourt meeting and EGM re takeover by Pension SuperFund Capital
VinaCapital Vietnam Opportunity Fund LtdAGM
Virgin Wines UK PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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10 Nov 2023 11:58

Bowleven reports $2m loss as it looks to shore up funding

(Sharecast News) - Africa-focused oil and gas exploration group Bowleven reported a loss of $2m in its full-year results on Friday.

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10 Nov 2023 10:34

Bowleven needs to raise further equity as warns cash is running out

(Alliance News) - Bowleven PLC on Friday reported a narrowed annual loss, partly thanks to cost reductions, but warned its cash is "depleting" and it has a "pressing need" to raise equity.

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26 Sep 2023 12:14

IN BRIEF: Bowleven considering needed equity injection at big discount

Bowleven PLC - oil and gas, exploration and production in Cameroon - Considering fundraising proposal that would involve an unnamed shareholder providing equity capital at a "very substantial discount" to Bowleven's current market price. If this were to occur, all other current shareholders would be invited to participate at the same price, the company says. Bowleven has USD1.3 million in cash and, despite cutting costs, this is enough only to see it through to the end of the first quarter of 2024. Bowleven also may need additional funds to finance its share of future expenditure on the Etinde project.

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26 Sep 2023 10:39

AIM WINNERS & LOSERS: Bowleven shares drop on concern for cash runaway

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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21 Jul 2023 10:40

AIM WINNERS & LOSERS: Bowleven says fundraising efforts continue

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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21 Jul 2023 09:35

IN BRIEF: Bowleven unaware of reason for recent share price rise

Bowleven PLC - Africa-focused oil and gas, exploration and production company focused in Cameroon - Says it notes recent movement in its share price and is not aware of "any particular reason" for the sudden increase. Shares in Bowleven increased by 30% in the last month. The company says that it has been considering fundraising options, and expects to seek additional equity capital in the year to assist with its ongoing corporate activities; which it noted in its March 30 statement.

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30 Mar 2023 17:55

TRADING UPDATES: Time Out revenue rises; Arbuthnot gets rates boost

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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30 Mar 2023 09:11

LONDON MARKET OPEN: SSE rises on guidance; Drax falls on biomass snub

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24 Nov 2022 15:44

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Friday 25 November 
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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EARNINGS SUMMARY: Vulcan Industries and Wildcat Petroleum narrow loss

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