Edinburgh-based oil and gas explorer Bowleven has said it is more convinced than ever of the potential of its west African fields.
Announcing annual results, Bowleven said it had seen a year of intense activity exploring the Douala Basin offshore Cameroon.
It added it was now looking to carry out further exploration on the basin but also work on pre-front end engineering and design work on a “hub and spoke” developmentwhich would see processing facilities based onshore at Limbe.
The year to the end of June saw the explorer post pre-tax losses of £48million, compared with profits of £12million in the previous year.
Bowleven said its latest figures were hit by unsuccessful exploration costs on an onshore Gabon licence it had written off and foreign exchange losses.
An equity placing which raised £77million last month is subject to shareholder approval at a general meeting of the firm on Monday.