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29 Mar 2019 | 07:26

Bowleven slashes losses as management keeps lid on costs

Oil and gas exploration Group Bowleven slashed its first-half losses as the company kept a lid on its capital expenditure. For the six months ended 31 December 2018, pre-tax losses narrowed to £1.4m from 2.8m a year earlier. The group's current general and administration fell to $2.1m from $3.6m for the equivalent period last year, driven by management efforts to curtail the group's expenditure. During the remainder of 2019, the group said it expected to continue to work alongside the other Etinde JV partners, exploring both commercial opportunities and related development engineering designs and costs, with a view to having sufficiently detailed, costed development plan to reach an final investment decision by late 2019 or early 2020. 'The JV partners' plan to undertake an external resource assessment of the revised data with a view to releasing a Resource update later in 2019,' the company said. 'The 2018 appraisal drilling programme further strengthened our understanding of Etinde and has been vital in progressing our thinking on the development of this significant asset with proven and probable resource of 1 TCF of wet gas in place,' said Eli Chahin, Chief Executive Officer of Bowleven.

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