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BowLeven Drops After Dragon Oil Says No Longer Exploring Offer

Feb. 28 (Bloomberg) -- BowLeven Plc, the U.K. oil explorer focused on Cameroon, plunged after Dragon Oil Plc said it’s no longer exploring an offer for all of the company.

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.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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