Oil explorer Bowleven prepares for investor clash

Bowleven, the Edinburgh-based oil and gas explorer, faces a showdown this week as it hosts a critical shareholder meeting to determine its future.
By The Newsroom
Published 13th Mar 2017, 08:06 BST
Updated 24th Mar 2017, 11:22 BST

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Africa-focused Bowleven faces a showdown with rebel investor Crown Ocean Capital. Picture: ContributedAfrica-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

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.

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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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Related topics:EdinburghAfricaMonaco