Bowleven pares losses as it strikes oil in Cameroon

City A.M. Reporter
BOWLEVEN said yesterday that two of its exploration wells in the Douala Basin in Cameroon have found oil, as the West Africa-focused oil firm reported a narrower first-half loss.

Bowleven, which has been in the news lately after Turkmenistan-focused Dragon Oil revealed it was in the early stages of making a bid for the firm but last month walked away, said one of the wells tested high quality light oil.

The company added it was fully funded for its current exploration and appraisal programme on Etinde and Bomono – two exploration sites in Cameroon.

Meanwhile the firm reported a loss of $5.5m (£3.4m) for the six months to 31 December, compared with a loss of $15.7m a year earlier.

Bowleven’s Aim-listed shares bounced 19.6 per cent to 105.5p.