Edinburgh-based Bowleven oil and gas minnow has put itself on the market after a bloody boardroom battle last week ended with the immediate sacking of five directors, including the chief executive.
They were removed on a polled vote at a meeting of shareholders called by Monaco-based private equity firm Crown Ocean Capital.
Crown Ocean Capital wants Bowleven to focus on maximising value from its Etinde interest in Cameroon.
Billy Allan, Chairman of Bowleven – who survived last week’s sackings – said: “In light of the results of last week’s and in the interest of maximising value for all shareholders, Bowleven announces that it is launching a strategic review of all options available to the company
“The options to be considered during the Strategic Review may include, but are not limited to, a review of the strategy proposed by Crown Ocean Capital (“Crown”), a farm-out or sale of one or more of the Company’s existing assets, or a corporate transaction – such as a merger with, or sale of, Bowleven to a third party.”
Bowleven – reported a loss of £129.2 million last year – has a current market capitalisation value of around £120 million.
Industry observers are amazed by Allan’s continuing role, as he is on record as saying that Crown’s proposals have’ no merit and that they simply want to use Bowleven as a cash dispenser’.