Bowleven to raise $120m to fund Cameroon plans

WEST Africa-focused oil firm Bowleven is seeking to raise $120m (£75.8m) via a placing to help fund the continued exploration and appraisal of an oil field it has discovered off the coast of Cameroon.

The company said yesterday that without raising funds there would be a significant impact on its ability to carry out its plans for its asset in Cameroon as it will only have around $15m of cash at the end of October.

The placing is conditional on a resolution being passed at a general meeting scheduled for early November.

Bowleven also flagged a $42m write-off in relation to an exploration permit in Gabon and a $23m foreign exchange movement cost ahead of its annual results in November.

The company, which is worth $391.1m, said it will consider bringing partners into its permits in Cameroon which could help fund exploration costs.