This could prove to be an interesting period for investors in BowLeven (LSE: BLVN), with the West Africa focused oil and gas company set to commence drilling onshore Cameroon for the first time later this month.
2014 has been a very challenging year for oil and gas exploration company BowLeven (LSE: BLVN). Indeed, the falling price of oil and another year of losses have contributed to a weak share price that is down 9% today and 23% lower since the start of 2014.
Africa-focused oil & gas explorer BowLeven (LSE: BLVN) made a game-changing announcement last week. The company revealed that it had sold down its stake in a project off the coast of Cameroon, the offshore Etinde block.
Proportion of Bowleven plc shares bought/sold on the most recent trading day: Shares sold: 47.16%. Shares bought: 52.84%. The "buy" or "sell" status is an assumption based on the trade price and spread at the time of trade.
Investor confidence in oil explorer BowLeven (LSE: BLVN) received a shot in the arm today when the firm announced its plan to farm out of a 50% stake of its gigantic Etinde project in Cameroon to LUKOIL and NewAge is now in the final stages.
oil rig BowLeven (LSE: BLVN) announced this morning that the Cameroon government had granted approval for the firm to assign 50% of its interest in the Etinde Permit to partners Lukoil and NewAge, in a deal worth $250m to the AIM-listed firm.
What: Shares of BowLeven (LSE: BLVN), the Africa focused oil and gas explorer, soared by just under 12% during early trade this morning after announcing the Cameroon government has backed the its Etinde Exploitation Authorisation Application (EEAA).
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