EXCLUSIVE by Scottish Energy News
A corporate bloodbath at the annual meeting of Edinburgh-based oil and gas explorer Bowleven has ended with five directors sacked in a bitter board-level battle over its commercial strategy.
The five directors, including chief executive Kevin Hart – former finance director of fellow-Edinburgh-based oil minnow Cairn Energy – were sacked on a polled vote at a meeting of shareholders called by Monaco-based private equity firm Crown Ocean Capital.
Two nominees put forward by Crown Ocean Capital – Christopher Ashworth and Eli Chahin – were instead voted in as replacement directors with immediate effect.
The other Bowleven directors sacked – with immediate effect – in the boardroom coup were Kerry Crawford, John Martin, Tim Sullivan and Philip Tracy.
However ex-BP veteran David Clarkson and Billy Allan will continue as Directors, with the former continuing to be employed as Chief Operating Officer and the latter remaining as non-exec Chairman of AIM-listed Bowleven.
Crown Ocean Capital had called for a change in direction by the company and had demanded that Bowleven focus on maximising value from its Etinde interest in Cameroon and not devote any resources to new projects or acquisitions.
Last year – with bonuses – Bowleven paid Hart more than £900,000 after the company reported a loss of £129.2 million.