Bowleven plc is listed on AIM, a market operated by the London Stock Exchange, and has its head office in Edinburgh, UK. The Group currently has interests in Cameroon.
The Group operates in Cameroon through EurOil Ltd, an indigenous Cameroon company. EurOil has been operating in onshore and offshore Cameroon since 1999 with a proven track record and an experienced local management team. EurOil currently holds a 20% equity interest in the Etinde Permit (formerly block MLHP-7), offshore Cameroon, and a 100% equity interest in the onshore Bomono Permit. EurOil is a wholly owned subsidiary of Bowleven Group.
East Africa Strategic Partnership
First Oil, a privately owned UK E&P company, acquired a 30% holding in Bowleven’s East African focused new ventures subsidiary, in return for funding exploration activities. On 19 February 2016 First Oil went into administration. See the news release
Bowleven (Kenya) Limited held a 50% equity interest in block 11B, an early stage exploration block operated by Adamantine Energy. Bowleven provided technical and other services to Adamantine under a technical services agreement. Adamantine operates a regional base in Nairobi. Bowleven (Kenya) Limited is a 70% subsidiary of Bowleven Group. First Oil holds 30% of Bowleven (Kenya) Limited.
On 19 February 2016 First Oil went into administration.
The Kenyan government granted an extension to the initial exploration licence for block 11B which expired on 26 May 2016. Having fulfilled the financial obligations for the initial phase of the PSC, the licence was allowed to lapse at the end of May 2016.
Bowleven (Kenya) Limited is now in the process of being wound up.