Bowleven parts company with exploration director

Edinburgh-based oil and gas group Bowleven today said that its exploration director is leaving the company 'by mutual agreement'.

Bowleven focuses its efforts on the African oil and gas arena. Picture: Contributed

The Africa-focused explorer said that Ed Willett, who joined in 2007 and was appointed to its board the following year, will leave on Saturday “to pursue other opportunities”.

Aim-quoted Bowleven said Willett’s departure follows a recent restructuring of the business, which last month insisted that it was “well positioned” to ride out the current industry malaise.

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Bowleven flexes financial muscle as losses widen

Announcing its full-year results in November, the group revealed a loss of $129.3 million (£105.6m) for the year to the end of June, including a $122.3m impairment charge and $11.8m in unsuccessful exploration costs. That compared with a $90m loss and impairments of $76m a year earlier.

Bowleven said earlier this month that it would have to halt its share buyback programme after rebel investor Crown Ocean Capital voted against a resolution at its annual shareholder meeting.

Chairman Billy Allan claimed that Crown Ocean Capital’s move was designed to “frustrate the strategy of the management team and to try cheaply to obtain control of the future direction of the company for its own interests”.