(Alliance News) - Bowleven PLC on Friday said it will continue the project development in Cameroon, although warned that the timing may be hurt by coronavirus outbreak.
The oil & gas company said its loss remained broadly flat in the six months to the end of 2019 at USD1.4 million. Bowleven did not generate any revenue in either year.
"During the period, we were pleased with the progress made towards achieving final investment decision at Etinde. We advanced a number of important project related work streams, including; appointing a lead front end engineering design contractor, assessing commercial arrangements for the produced condensate and gas, and reviewing potential financing options for the project," said Chief Executive Eli Chahin.
"Despite the solid progress Bowleven has been making, recent macro conditions have the potential to impact the timing of the Etinde project," noted Chahin.
During the remainder of 2020, the company said it expects to continue to work alongside the other Etinde joint venture partners, exploring both commercial opportunities and related development engineering designs and costs.
Etinde field - in which Bowleven holds 25% stake - is located offshore Cameroon.
AIM-listed Bowleven shares were trading 6.7% higher in London on Friday at 2.40 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Bowleven (BLVN)