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.
Bowleven says the sale by New Age (African Global Energy) Ltd of its 37.5% stake and operatorship of the Etinde project to Perenco SA still hasn't completed. The long-stop date for an agreement passed on June 30, but the two sides continue to talk. Bowleven notes it is not a party to the discussions, and there is no guarantee the sale will complete.
Current stock price: 1.00 pence, down 44% in London on Tuesday
12-month change: down 75%
By Tom Waite, Alliance News editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Bowleven (BLVN)