WHILE the dramatic boardroom shake up continues at Bowleven some stakeholders at least are waiting to see much benefit.

Bowleven announced yesterday that chief operating officer David Clarkson had elected to retire from that role, which is being “closed” in line with cost saving measures initiated by the management team that took charge in March. Former chief executive Kevin Hart and four other directors were voted off the board that month following a campaign for change initiated by the Crown Ocean Capital investment firm.

Yet Bowleven shares were selling for 29p yesterday, compared with 33.25p on the day Mr Hart lost his place on the board. The firm has not paid any dividends since then.

Bowleven has moved its head office from Edinburgh to London and shed around 30 jobs. The company may have saved money that the previous management might have spent on an exploration programme that has been ended by the new team. The reform drive, however, has cost it $785,000 in compensation payments made to former directors and $742,000 in redundancy costs. Edinburgh has lost an operation that helped maintain a strong oil and gas base in the city and provided work for professional services firms.

Bowleven’s most valuable asset remains a minority stake in the Etinde permit, which contains finds past management teams did not bring into production. With other firms calling the shots on Etinde and the oil price set to stay relatively low for some time, the new directors may not be able to make faster progress on the licence than Mr Hart and colleagues did.