Bowleven plc Confirmation of Special Dividend Payment (4298P)

TIDMBLVN

RNS Number : 4298P

Bowleven plc

08 February 2019

8 February 2019

Bowleven plc

("Bowleven" or the "Company")

Confirmation of Special Dividend Payment

Bowleven, the Africa focussed oil and gas company traded on AIM, is pleased to confirm the payment today of the special dividend of approximately GBP50 million, or 15 pence per ordinary share.

As previously announced, the upcoming Etinde work programme and budget has now been agreed amongst the upstream joint venture partners for 2019. The detailed effort will contribute towards the interpretation of the data and the development options for the block with a view to its commercialisation.

The dividend has today been paid to those shareholders on the register on 18th January 2019.

Eli Chahin, Bowleven CEO, commented:

"I'm delighted the Company is in a position to return this money to shareholders whilst continuing to offer significant future upside for investors as we work to reach FID on Etinde.

The management team's priority has always been maximising value for shareholders. The payment of this Special Dividend represents a major return of capital to investors, but also a statement of our commitment to ensuring the interests of the Company's owners are always at the forefront of the Board's considerations."

 
 ENQUIRIES 
 For further information, please contact: 
 
 Bowleven plc 
 Eli Chahin, Chief Executive                 00 44 131 524 5678 
 
 Celicourt Communications Ltd 
 Mark Antelme                                00 44 207 520 9261 
 Henry Lerwill 
 
 Stockdale Securities Ltd (NOMAD and 
  Broker) 
 Robert Finlay                               00 44 207 601 6100 
 Antonio Bossi 
 

Notes to Editors:

Bowleven is an African focused oil and gas exploration group, based in London and traded on AIM. Bowleven's vision is to maximise value for shareholders by realising the greatest value of the Group's Etinde asset, a relentless focus on capital discipline and ensuring that cash is wisely preserved to cover G&A costs and Etinde project development work. Bowleven holds equity interest in the Etinde blocks in Cameroon located offshore in shallow water (operated by NewAge).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

STRCKODDOBKDNBK

(END) Dow Jones Newswires

February 08, 2019 02:00 ET (07:00 GMT)