Bowleven plc Response to Share Price Movement (7221G)

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RNS Number : 7221G

Bowleven plc

21 July 2023

21 July 2023

Bowleven plc

('Bowleven' or 'the Group' or 'the Company')

Response to Share Price Movement

Bowleven (AIM: BLVN), the Africa focused oil and gas, exploration and production company with key interests in Cameroon, notes the recent movement in the price of its shares and confirms that it is not aware of any particular reason for the sudden increase.

In its interim results statement on 30 March 2023, the Company noted that it had been considering its fundraising options and expects to seek to raise additional equity capital in 2023 to help to finance the Group's ongoing corporate activities and to assist financing its share of the future expenditure as the Etinde project progresses towards FID. Planning for an equity fundraising has continued since then but is not yet at an advanced stage and there can be no certainty that a fundraising will be concluded, nor as to the structure or terms of any such fundraising. The Company continues to await the completion of the sale by New Age of the 37.5% stake in Etinde to Perenco and understands that this continues to be progressed by both parties.

 
 ENQUIRIES 
 
 For further information, please contact: 
 
 Bowleven plc 
 Eli Chahin, Chief Executive                  00 44 203 327 0150 
 
 
   Camarco (Financial PR) 
 Owen Roberts 
  Charlotte Hollinshead 
  Hugo Liddy                                  00 44 203 757 4980 
 Shore Capital (NOMAD and Broker) 
 Robert Finlay                                00 44 20 7408 4090 
 Daniel Bush 
  Angus Murphy 
 
 

A copy of this announcement is available on the Bowleven website www.bowleven.com

Notes to Editors:

Bowleven plc is an African focused oil and gas group, based in London and traded on AIM. It is dedicated to realising material shareholder value from its Etinde asset in Cameroon, whilst maintaining capital discipline and employing a rigorously selective approach to other value-enhancing opportunities. Bowleven holds a strategic equity interest in the offshore, shallow water Etinde permit (operated by New Age) in Cameroon.

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July 21, 2023 02:00 ET (06:00 GMT)