Wednesday, 29 February 2012

Dragon Oil no longer acquiring Bowleven

Edinburgh, UK based Bowleven , a West Africa focused oil and gas group has confirmed that they are  no longer in talks with Turkmenistan-focused, Dubai based Dragon Oil.
Kenvin Hart-CEO Bowleven

Dragon oil released a statement last week confirming that they are no longer talking leaving the way open for others interested in Bowleven's exploration assets offshore Cameroon.

"The board of Dragon Oil announces that it is no longer exploring an offer for all of the issued and to be issued share capital of Bowleven," Dragon said in a short statement on Tuesday according to a Reuters report.

Bowleven also issued a similar statement on Tuesday stating that it “notes the announcement made by Dragon Oil today and confirms that no detailed discussions were held with Dragon Oil and that no due diligence information was provided by Bowleven to Dragon Oil”

 Bowleven has traded on AIM since December 2004. It holds equity interests in offshore and onshore exploration acreage in Cameroon and Gabon according to information obtained on the company’s website.

Bowleven holds a 75 percent equity interest in the Etinde Permit, being three shallow-water blocks offshore Cameroon, West Africa: namely blocks MLHP-5, MLHP-6 and MLHP-7.

 The Etinde Permit covers approximately 2,316 km² of exploration acreage located across the Rio del Rey and Douala Basins. As well as contingent resources on blocks MLHP-7 and MLHP-5, the acreage has very attractive exploration potential.

Bowleven also holds a 100 percent equity interest in the Bomono Permit, onshore Cameroon, comprising approximately 2,328 km2 in the Douala Basin. Both Permits are operated by Bowleven through its wholly owned subsidiary EurOil Limited.

Also through its subsidiary FirstAfrica Oil Limited, Bowleven holds a 100 percent equity interest in the EOV Permit, offshore Gabon. Bowleven has reached an agreement in principle with a third party for the sale of the group company which holds the EOV Permit.

 Cash-rich, Dubai-headquartered Dragon, which is 52 percent-owned by Dubai's Emirates National Oil Company is dual-listed in Dublin. 

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