Bowleven awaits Cameroon go-ahead as losses narrow
Kevin Hart, chief executive of the Edinburgh-based firm, said the Cameroon authorities had taken longer than expected to grant exploitation authorisation (EA) for its Etinde development, but the process appears to be almost complete.
He added: “The EA award gives development rights for an initial 20-year period and provides access to sources of capital to fund the company through to final investment decision.”
The update came as Aim-quoted Bowleven reported a pre-tax loss of $6.6 million (£4m) for the six months to 31 December, down from $9.4m a year earlier, helped by lower finance costs.