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07 Jan 2019 | 10:12

Bowleven approves £50m special dividend

Oil and gas company Bowleven approved Monday a special dividend of about £50m.

The company said it had decided to distribute a significant portion of its surplus cash resources to shareholders following the completion of the two well drilling campaign in October 2018.

As at 30 November 2018, Bowleven held $80m in cash and financial instruments and expected to receive a further $25m at Final Investment Decision on Etinde. 'With the 2019 budget agreed, the Board is comfortable that the Company's resulting cash position will allow it to reach FID, with our JV partners, creating a further significant value accretive event for shareholders and immediately allowing for the payment of $25 million under the terms of the Etinde farm-out agreement,' said Eli Chahin, Bowleven CEO. At 10:12am: (LON:BLVN) BowLeven PLC share price was +5.23p at 32p

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