Scottish oil explorer Bowleven today hit out at claims made in an open letter by an activist investor.
Edinburgh-based Bowleven said it did not want to become embroiled in a series of claims and counterclaims.
But the London-listed firm said the letter from Crown Ocean Capital (COC) contained 10 “significant errors” which could not go unchallenged.
Bowleven is set for a showdown with COC at a general meeting next month.
Shareholders of the Cameroon-focused explorer will vote on proposals to remove six of the firm’s directors at a general meeting in Edinburgh on March 14.
COC, a Monaco-based offshore private investment vehicle which now holds 16.2% of Bowleven, put forward the resolution.
Bosses at Bowleven said an open letter COC published on Wednesday was inaccurate on a number of counts.
The board pointed out that they were awarded remuneration totalling $33million over 10 years, not $44million, as COC claimed.
They also challenged COC’s claims that Bowleven’s board had questionable independence and had used a share buy-back programme to “temporarily influence the share price”.
Bowleven is urging its shareholders to vote against COC’s resolutions at the meeting.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- With shale oil production like this, who needs Trump?
- OPEC’s plan for the future is to resurrect the past
- Opinion: Shell may hold clue to future in corner of Cobham
- Opinion: How can the government reboot the capacity market?
- Opinion: Service sector could do with a ‘long-term champion’ at government level