Board to respond 'in due course'
Bowleven board to set date on Allan’s future
Bowleven, the Africa focused oil and gas exploration group headquartered in Edinburgh, said it will respond “in due course” to a request from a rebel shareholder for a meeting to force chairman Billy Allan (pictured) off the board.
In its half-year results statement, the company noted the announcement on 21 March of a strategic review of all options available to the company, which includes putting itself up for sale.
At a general meeting on 14 March Kerry Crawford, Kevin Hart, John Martin, Tim Sullivan and Philip Tracy were removed as directors following a motion proposed by Monaco-based Crown Ocean Capital.
Mr Allan and David Clarkson survived the cull and have been joined by Christopher Ashworth and Eli Chahin.
Crown Ocean Capital subsequently requested a second general meeting to force Mr Allan to step down and the appointment to the board of a further two individuals; Julien Balkany and Didier Lechartier.
The company said today: “Further information on this meeting will follow in due course”.
· Farm-out transaction agreed between Bowleven and Victoria Oil and Gas plc (“VOG”) for the Bomono Permit. This deal will result in Bowleven retaining a 20% interest in the Bomono Permit, and the Company remaining operator of the licence.
· Completion is subject to a number of conditions as detailed in the deal announcement of 6 March 2017.
· Exploitation Authorisation approved by the Cameroon authorities and application for a Provisional Exploration Authorisation (“PEA”) submitted and under review.
· A technical workshop convened by the operator and held in February 2017 discussed a number of potential development options for Etinde, including FLNG.
· Two appraisal well locations agreed with our partners targeting combined additional in-place volumes of approximately 1 to 2 tcf of gas and associated liquids.
· Group cash balance at 24 March 2017 circa $90 million, no debt. No outstanding work programme commitments.