Bowleven awaits Cameroon go-ahead as losses narrow

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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.