BowLeven narrows losses

Edinburgh-based oil and gas company Bowleven cut back on losses in its last financial year despite not having generated any revenue throughout the period.

Losses from continuing operations narrowed from $129.3m to $53.7m over the twelve months as impairment charges dropped to $45.6m from the $122.3m they had come in at a year earlier.

Chief executive Eli Chahin said, "After a year of significant strategic change for Bowleven, I am confident that the company is well placed to support the advancement of its existing asset base in Cameroon and has the potential to deliver shareholder value into 2018 and beyond."

Bowleven carried out multiple appraisals on well locations throughout the year and had targets of as much as 2tn cubic feet of gas and associated liquid resources in place, with drilling to progress as soon as terms had been agreed upon by its partner Etinde JV.

The group had a cash balance of $86m on 30 June and was completely debt free.

"As an experienced and focused management team, we move forward from a position of financial strength, confident that we can meet future demands and protect our interests in Cameroon, whilst at the same time maximising value for all shareholders," Chahin added.

As of 1300 BST, shares had grown 0.63% to 32.20p.