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Edinburgh-based oil and gas exploration group Bowleven announced today it could raise £76million on the stock market to help it carry on exploring and assessing its Sapale oil field offshore Cameroon.
The firm said yesterday that, excluding cash set aside for currently budgeted drilling and testing on its Sapale-3 well in the Douala Basin, it would have just £9.5million in cash.
It said it is due to raise £22.2million through the sale of its EOV permit offshore Gabon and it was considering farming out part of its Bomono permit offshore Cameroon.
A decision over the stock market placing is to be made at the firm’s early November general meeting.
Bowleven also said in a trading update yesterday it was giving up an onshore Gabon licence it had spent about £26.7million exploring. Foreign exchange movements would also cost it about £4.6million.