BowLeven Plc, a U.K. oil explorer in Cameroon, said it’s getting closer to selling a 50 percent stake in its Bomono permit.
The company has been in talks with a national oil company for about nine months, Chief Executive Officer Kevin Hart said today in a telephone interview. BowLeven, which currently owns 100 percent of the license, opened up discussions with other parties when negotiations stalled, though they’re now back on track, he said.
“It’s been a protracted experience,” Hart said. “It’s taken longer than we’d hoped, but I think we’ll get there in the end.”
BowLeven said it had cash of $65 million at the end of February and is fully funded through to a final investment decision on the fertilizer plant that the Scottish explorer plans to provide gas for from 2016. That decision should come by the end of the year, Hart said.
“We’re slowly putting together the jigsaw to get to project sanction,” Hart said. “We’re in a good position to move forward with the development.”
BowLeven rose 5 percent to 100 pence, the highest in almost a year. The shares reversed earlier losses of as much as 7.1 percent.