One of Scotland’s richest men has bought a stake in Edinburgh-based oil driller Bowleven as part of a share placing that today raised £13.3 million.
Ian Suttie, chairman of First Oil, the largest British privately-owned firm operating in the North Sea, will be able to appoint a director to Bowleven’s board after taking a 5 per cent stake.
Suttie is one of a number of investors who took part in a direct subscription for 25.6 million shares at 45p each, with a further 3.9 million also sold at 45p through a placing run by Barclays and Merrill Lynch.
The cash from the share placing will be used to fund Bowleven’s development work in Cameroon.
Earlier this year, First Oil took a 30 per cent stake in Bowleven’s Kenyan subsidiary.