Last checked at 21 Jul 2023 07:00
21 July 2023
Bowleven plc
('Bowleven' or 'the Group' or 'the Company')
Response to Share Price Movement
Bowleven (AIM: BLVN), the Africa focused oil and gas, exploration and production company with key interests in Cameroon, notes the recent movement in the price of its shares and confirms that it is not aware of any particular reason for the sudden increase.
In its interim results statement on 30 March 2023, the Company noted that it had been considering its fundraising options and expects to seek to raise additional equity capital in 2023 to help to finance the Group's ongoing corporate activities and to assist financing its share of the future expenditure as the Etinde project progresses towards FID. Planning for an equity fundraising has continued since then but is not yet at an advanced stage and there can be no certainty that a fundraising will be concluded, nor as to the structure or terms of any such fundraising. The Company continues to await the completion of the sale by New Age of the 37.5% stake in Etinde to Perenco and understands that this continues to be progressed by both parties.
ENQUIRIES | ||
For further information, please contact:
| ||
Bowleven plc | ||
Eli Chahin, Chief Executive | 00 44 203 327 0150 | |
Camarco (Financial PR) | ||
Owen Roberts Charlotte Hollinshead Hugo Liddy
| 00 44 203 757 4980
| |
Shore Capital (NOMAD and Broker) | ||
Robert Finlay | 00 44 20 7408 4090 | |
Daniel Bush Angus Murphy | ||
A copy of this announcement is available on the Bowleven website www.bowleven.com
Notes to Editors:
Bowleven plc is an African focused oil and gas group, based in London and traded on AIM. It is dedicated to realising material shareholder value from its Etinde asset in Cameroon, whilst maintaining capital discipline and employing a rigorously selective approach to other value-enhancing opportunities. Bowleven holds a strategic equity interest in the offshore, shallow water Etinde permit (operated by New Age) in Cameroon.