Bowleven secures funding for East African venture from First Oil

4th Jul 2013 13:00

Aim-listed Bowleven said privately-owned First Oil had snapped up a 30 per cent stake in its East African new ventures subsidiary and will help fund exploration activities in return. First Oil has agreed to an initial $9m of funding and a further $12.5m in an additional contingent work programme.The two companies have also agreed to co-operate in investigating other early exploration opportunities across the East African Rift System. First Oil may provide up to $3.6m towards Bowleven's share of funding in any resulting new investments. Shares in BowLeven were up 1.69% at 60p at 13:00PM on Thursday. TB