Oil and gas firm that quit Edinburgh faces delay on key Cameroon project

Oil and gas company Bowleven, which moved its headquarters from Edinburgh to London following a boardroom coup, is facing fresh delays on a flagship project amid the Covid-19 coronavirus crisis.

Cameroon-focused Bowleven had hoped to a make final investment decision later this year in respect of its plan to develop finds on the Etinde permit.

However, the company told investors yesterday: “As a result of the work restrictions imposed by Covid-19, the timeline for the project's Final Investment Decision is now expected in mid-2021.”

 Aim market-listed Bowleven said that despite the challenges associated with Covid-19 it continued to make good progress on Etinde with its joint venture partners.

The company has been working on plans to develop Etinde for years.

Chief executive Eli Chahin has led Bowleven since shortly after the company’s former chief executive Kevin Hart was voted off the board in March 2017 with four other former directors following a campaign for change led by a rebel investor.

The new management team moved Bowleven’s head office to London from Edinburgh under a plan to cut costs.

Shares in the firm closed down 0.25p at 3.85p.

Source: The Herald

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