An activist investor has forced Scottish oil explorer Bowleven to cease its share buyback programme.
Scottish oil explorer Bowleven is defending its three non-executive directors against a challenge from one of its stakeholders.
Bowleven's boss said the Scottish oil explorer was making progress on developing its Cameroonian assets despite its losses widening by $40million in 2015/16.
Bowleven has been awarded a one-year extension to the existing Bomono exploration licence, onshore Cameroon.
Scottish oil company Bowleven said it remains in a strong position despite recording a $132million loss in the second half of 2015.
Bowleven said it has now wrapped up an extended flow testing programme at Moambe and Zingana. The Africa focused oil and gas explorer said the results continue to support plans for around five to six mmscfd of gas for power generation under a development scheme with Actis and Eneo in Cameroon.
Scottish oil explorer Bowleven, which is focused on African opportunities, has submitted the Bomono Exploitation Authorisation Application (BEAA) to the Cameroon authorities as planned.
Solo Oil has farmed out its interest in the Ruvuma petroleum sharing agreement to help it accelerate two appraisal wells in Tanzania.
Bowleven said its Moambe well has started the flow of hydrocarbons onshore Cameroon. The Africa focused oil and exploration company said the step forward was taken after the installation of testing equipment. An extended well testing programme is planned at Moambe to determine the productivity and connectivity of the shallower reservoir units.
Scottish oil explorer Bowleven said yesterday it was in good financial shape to “ride out the storm” of the industry downturn and press on with its plans for Africa.
Bowleven, the Scottish oil and gas exploration group focusing on Africa, has appointed former Asco chief executive Billy Allan as a non-executive director and chairman designate.
Scots oil exploration company Bowleven has begun drilling operations on the Moambe exploration well on the Bomono Permit in Cameroon.
Bowleven, the Africa-focused oil and gas exploration group, has confirmed the first of a two-well exploration programme in Cameroon, has been drilled to its planned total depth and logged.