Shares fell 24 percent, the most since April 2009, to trade at 102 pence as of the 4:30 p.m. close in London. Dragon Oil rose 3.1 percent to 599 pence. Dragon said today it won’t consider a bid after announcing interest in BowLeven on Feb. 17.
BowLeven discovered oil in October in the Douala Basin at the Etinde permit in Cameroon. It raised $124 million in a share sale on Oct. 19 with a 36 percent increase in ordinary stock capital to fund a drilling program this year.
In a separate statement, BowLeven said that no detailed discussions were held with Dragon and no due diligence information was provided.
A spokesman for Dragon Oil declined to comment further.
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