Victoria Oil & Gas plc (LON:VOG) says it is still looking forward to developing the Bomono project with Bowleven Plc (LON:BLVN).
It was confirmed earlier today that most of Bowleven’s management team had been ousted by shareholder vote, with activist shareholder (with 22%) Crown Ocean Capital winning control of the Africa focussed energy group.
A deal between VOG and Bowleven - which sees the former taking 80% and developing the Bomono project in Cameroon - was struck just eight days before the boardroom cull and whilst Crown Ocean is on record with criticism of the Bomono arrangement, VOG is of the opinion that the deal will stick.
In a stock market statement, VOG said: “as set out in the detail of the conditions precedent to closing of the proposed farm-out, it should be noted that only VOG has the option to terminate the agreement as a result of Bowleven's general meeting yesterday and resultant changes to its board.
“VOG continues to look forward to developing the Bomono project with Bowleven and will shortly be in contact with the board of Bowleven in this respect.“