Explorer Bowleven turns around $10m loss

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Bowleven, which operates in Cameroon and Gabon, expects to have a cash balance of $115 million (£71.4 million) after selling off its EOV field in Gabon.

In March, Bowleven had said it would dispose of its entire stake in EOV for about $35 million (£21.7 million).

For the year to June 30, pre-tax profit was $19.5 million (£12.1 million), compared with a loss of $10.2 million (£6.3 million) a year ago. The results were boosted by a forex gain of $31 million (£19.2 million).

Bowleven has a cash balance, before the EOV sale, of $79.2 million (£49 million) and no debt.