Cameroon-focused Scottish oil and gas explorer Bowleven said yesterday production could start at its west African discoveries in 2015.
It added that it was fully funded for its exploration and appraisal programme on the Etinde and Bomono sites. The firm, a recent takeover target, said it would need further funding for development but was already in talks with banks for potential debt financing.
Chief executive Kevin Hart said Bowleven would also consider taking on a development partner if necessary.
He added he was not aware of any companies mulling an offer.
Bowleven also published accounts for the 12 months to June 30, which revealed operating losses of £34.5million, compared with a £7.8million deficit in the previous year. Pre-tax losses were £48.2million, against profits of £12.2million in the previous 12 months.
Oil firm Ithaca Energy said yesterday it had agreed to take over operatorship and increase its working interest in the Carna discovery in the UK North Sea. The deal with Centrica North Sea Gas increases Ithaca’s stake to 32%, from 16% previously.