On March 27, 2009, Bowleven received a revised possible offer for the Company. These discussions have now terminated and Bowleven is no longer in discussions with any party regarding a potential offer for the Company. As such, following consultation with the Panel on Takeovers and Mergers, the company is no longer in an offer period.
As was noted on March 23, 2009 in the Company's interim results statement, the board of directors of Bowleven continues to believe that, despite the challenging market conditions, the outlook for the business remains extremely positive. In the last six months, the group has made significant progress in enhancing the value of its portfolio, particularly through the signing of the new Etinde PSC with full exploitation fiscal terms and the completion of high quality in-house technical evaluation and interpretation of Block MLHP-7 in the Etinde Permit.
In addition, from the perspective of maximizing shareholder value and delivering business progression, the board believes that the immediate priority for the business is the drilling of an appraisal well on the IF oil discovery. A successful appraisal well would underpin a phased development of all the major MLHP-7 fields, with the possibility of an initial fast track development of IF and the obvious potential for synergy through integration of IE, ID and IM field developments in later phases.
Bowleven continues to review all available funding options to progress the business and increase shareholder value. These include the potential farm-out of part of the group's existing positions in Cameroon and Gabon and the raising of equity and debt finance. The group remains fully funded for its committed work program during 2009.
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