Bowleven notes end of review, says not in active talks about a merger or sale

Bowleven's shares are down almost 3% after it confirmed its strategic review had concluded and that it was not in active discussions with any third party in relation to a corporate deal, such as a merger or sale of the company.

"The Panel on Takeovers and Mergers has confirmed that the company is therefore no longer in an offer period for the purposes of the Takeover Code," it said in a statement.

Bowleven said its board remained focused on maximising value for its shareholders and was committed to the rationalisation of its cost base, and the preservation and enhancement of its existing assets.

"In addition, the board does not expect to pursue any new exploration activity at the current time," the company added.

At 10:51 GMT, shares in AIM-listed Bowleven were down 2.84% to 34.25p each.