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Pay package drop for Bowleven boss

THE chief executive of Cameroon-focused oil explorer Bowleven has seen his remuneration package fall in a year where the company narrowed its pre-tax losses to $13 million.

THE chief executive of Cameroon-focused oil explorer Bowleven has seen his remuneration package fall in a year where the company narrowed its pre-tax losses to $13 million.

The company's annual report shows Kevin Hart received a salary and bonus worth $901,000 (about £560,000) for the 12 months to June 30, down from $957,000.

Mr Hart also holds more than 2.5 million shares in the Edinburgh business.

Finance director John Brown saw his remuneration tick up slightly from $461,000 to $464,000.

General counsel Peter Wilson was the only other executive director who saw their rewards rise, with his going from $431,000 to $459,000.

Exploration director Ed Willett saw his decline from $541,000 to $520,000.

Chief Tabetando, chairman of the EurOil subsidiary, received $434,000 and was not paid a bonus, meaning he was down from the $914,000 recorded the previous year.

Former chief operating officer John Morrow received a $268,000 payment for his loss of office when he left the company for personal reasons last year.

Non-executive director Philip Tracy has been filling the COO post on an interim basis since Mr Morrow left.

Mr Tracy has been receiving a day rate, through Greyhair Advisory Services, of $2,384 plus VAT.

The annual report shows $198,000 has been paid to Greyhair so far, with Mr Tracy's total fees at $379,000.

In November, Bowleven signed a strategic alliance with Petrofac which could help exploit resources in Cameroon.

Aim-listed Bowleven will tap into the expertise offered by the services giant in a deal which may be worth more than £300m.

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