Source - SMW
Africa-focused oil and gas explorer Bowleven's losses from continuing operations narrowed to $53.7m in the year to the end of June - down from $129.3m last time.

Revenue was nil- unchanged from 2016 - but impairment charges of $45.6m were down from $122.3m.

Chief executive Eli Chahin said: 'After a year of significant strategic change for Bowleven, I am confident that the company is well placed to support the advancement of its existing asset base in Cameroon and has the potential to deliver shareholder value into 2018 and beyond.  

'We enter the year with  a strong cash balance and a deferred consideration structure in place post completion of the Etinde farm-out transaction, no debt or outstanding work programme commitments. 

'Additionally, we have scaled back the overhead base of the organisation, but retained a fit for purpose operating model from which to progress the monetisation of our assets.

'On Etinde, we anticipate commencing a tightly managed appraisal drilling campaign, according to a comprehensive plan developed with our joint venture partners. 

'In Bomono, we have maintained the farm-in option with Victoria Oil and Gas, which allows us to leverage their infrastructure, but as a non-operator. 

'Key to our business model is partnering, whilst continuing to scrutinise work programme costs and exercise capital discipline wherever possible.

'As an experienced and focused management team, we move forward from a position of financial strength, confident that we can meet future demands and protect our interests in Cameroon, whilst at the same time maximising value for all shareholders.'




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