EXCLUSIVE: £900,000-a year ex-Cairn Energy chief and four other directors sacked in bloody boardroom battle at Bowleven oil and gas

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.

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed