WHILE the new management team at Bowleven thinks the oil and gas firm has been transformed since it took charge in March after a boardroom cull some stakeholders are waiting to see much benefit. Bowleven has closed its head office in Edinburgh and shed around 30 jobs under plans to slash costs.

Directors are confident the ten or so staff in its new London base will be able to create lots of value for shareholders with a focus on maximising the value of Bowleven’s Cameroon assets.

These were bought before the Crown Ocean Capital investment firm launched a campaign for change which led to former chief executive Kevin Hart and four other directors being voted off the board. New boss Eli Chahin yesterday noted the complexity Bowleven faces in Cameroon.

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It can only proceed on the prized Etinde permit offshore with the agreement of other firms and the country’s government, all of which may have other priorities.

Shares in Bowleven traded at 32p yesterday, against 33.25p on the day Mr Hart was voted off the board.

They fetched 24.5p when Crown Ocean began pushing for change last November since when it has upped its holding from 13 per cent of the total to 26 per cent. The shares sold for 232p in December 2006, a month after Mr Hart took charge.