Oil explorer Bowleven prepares for investor clash

Africa-focused Bowleven faces a showdown with rebel investor Crown Ocean Capital. Picture: Contributed
Africa-focused Bowleven faces a showdown with rebel investor Crown Ocean Capital. Picture: Contributed
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Bowleven, the Edinburgh-based oil and gas explorer, faces a showdown this week as it hosts a critical shareholder meeting to determine its future.

The firm has been battling Monaco-based rebel investor Crown Ocean Capital, which has built up a stake in the Africa-focused explorer, and its shareholder resolutions look to replace most of the board members and convert the business into a holding company.

READ MORE: Bowleven hails ‘milestone’ Cameroon project stake sale

Reports at the weekend suggested that the Bowleven board, led by chief executive Kevin Hart and chairman Billy Allan, is unlikely to be able to fight off the challenge.

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The bitter feud comes despite Bowleven striking a key deal earlier this month to sell an 80 per cent stake in an onshore project in central Africa.

The Edinburgh group hailed the farm-out agreement with Victoria Oil & Gas as a “milestone” and said it would generate “attractive returns” for the business.

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