Bowleven raises cash for more drilling

26th Nov 2010 07:15

Africa-focused oil explorer BowLeven is to raise about £70m through a placing of up to 22m new shares, some 11% of the amount currently outstanding, to fund further drilling on its prospects in Cameroon.BowLeven shares closed yesterday at a record high of 338p, valuing the group in total at just over £650m, after it revealed the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon had struck more oil. The firm says it wants the money to be raised from the placing to fund more drilling on its section of the Douala Basin in Cameroon, which it says has been relatively unexplored in comparison to neighbouring West African countries.