BOWLEVEN, the Scottish oil and gas company which focuses on Africa, said yesterday it had numerous attractive investment oppor-tunities in its portfolio.
It told shareholders at its annual meeting, however, that exploration, appraisal and development activities would require additional capital and it was continuing to review all available funding options, including potential farm-in opportunities on its Etinde permit offshore Cameroon and EOV permit offshore Gabon.
Bowleven said a resolution seeking approval to issue equity that was passed at an EGM, also yesterday, provided it with additional financial flexibility. It said that, in exploration and portfolio development, 2008 had been an extremely productive year, but this was set against the backdrop of concerns of an impending global recession with rapidly falling oil prices and unprecedented capital market conditions.
Bowleven said it was not immune to the wider economic environment and had seen impacts on its share price and planned activities.
It added that it had maintained a firm financial base to underpin the business, having about £28.5million in cash, no debt and limited capital commitments.