BowLeven PLC (AIM:BLVN) has said there is no reason of which it is aware for yesterday’s spike in its share price after it jumped to 1.75p from 1.05p.
The Cameroon-focused oil business has already said it is looking at raising more money to finance its share of the future expenditure as the Etinde project progresses towards a final investment decision.
“Planning for an equity fundraising has continued since then but is not yet at an advanced stage and there can be no certainty that a fundraising will be concluded, nor as to the structure or terms of any such fundraising,” Bowleven said in a statement.
“The company continues to await the completion of the sale by New Age of the 37.5% stake in Etinde to Perenco and understands that this continues to be progressed by both parties,” it added.