BOWLEVEN, the oil and gas firm which moved its headquarters from Edinburgh to London last year following a boardroom cull, has started drilling off Cameroon.
The company is drilling the first of two appraisal wells planned for the Etinde permit this year.
Up to $40 million of the company’s costs will be carried by New Age of Cameroon and Russia’s Lukoil under the $250m stake sale negotiated by former chief executive Kevin Hart in 2014.
Mr Hart was voted off the board along with four other directors in March last year after a campaign for change led by the Crown Ocean Capital Investment firm.
New chief executive Eli Chahin said yesterday: “The appraisal program … aims to further improve the already robust economics for future development of this world class asset.”
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