Bowleven looks to play to its strength
Chief executive Kevin Hart said the deal earlier this year, which saw saw LukOil and NewAge take stakes in the Etinde permit off the coast of Cameroon, had given the company “a strong financial foundation” for growth.
His comments came as the group reported a loss of $90m for the year to 30 June – up from $13.6m in 2014 – although the latest figure included a $76m impairment charge connected to Etinde. But with Bowleven now debt-free and with significant financial resources, analysts agreed the group was in a stronger position than many other smaller oil and gas firms.
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