Bowleven awaits Cameroon go-ahead as losses narrow

Oil and gas explorer Bowleven today said it expects to secure the green light for its project off the coast of Cameroon in the near future as it reported a sharp fall in first-half losses.

Kevin Hart, chief executive of the Edinburgh-based firm, said the Cameroon authorities had taken longer than expected to grant exploitation authorisation (EA) for its Etinde development, but the process appears to be almost complete.

He added: “The EA award gives development rights for an initial 20-year period and provides access to sources of capital to fund the company through to final investment decision.”

The update came as Aim-quoted Bowleven reported a pre-tax loss of $6.6 million (£4m) for the six months to 31 December, down from $9.4m a year earlier, helped by lower finance costs.