BOWLEVEN, the oil and gas firm which moved its headquarters from Edinburgh to London following a boardroom cull last year, has put its search for a new chairman on hold.
The Cameroon-focused firm said: “The board has decided to delay a decision to appoint a new external Non-Executive Chairman until there is more clarity on the likely outcome of the results of the two well appraisal drilling campaign on the Etinde field, expected to commence in Q2 2018.”
Non executive director Matt McDonald has been appointed interim chairman, with immediate effect.
Bowleven’s former chief executive Kevin Hart and four other directors were voted off the board at a general meeting in March last year following a campaign for change led by the Crown Ocean Capital investment firm.
Lawyer Chris Ashworth became chairman after being voted on to the board at the meeting. Eli Chahin became chief executive.
Mr Ashworth stepped down in December.
In March Mr Chahin said the company had achieved a swift turnaround after changing its strategic and operating model. The new management team had focused on right sizing the company to reflect the needs of its portfolio. Bowleven shed around 30 jobs in the process.
In December the company said it planned to drill two appraisal wells on Etinde with Cameroon’s New Age and Lukoil of Russia.
Up to $40m of Bowleven’s share of the costs will be covered by the two firms under the $250m stake sale deal the company struck with them in 2014, while Mr Hart was in charge.
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