Beleaguered oil explorer Bowleven PLC (LON:BLVN) said it is considering all options – including those put forward by an activist shareholder - as part of its strategic review.
The update came in the form of a response to a series of assertions and requests made by Crown Ocean Capital P1 Ltd on Friday (COC).
Bowleven said Monday: “As previously stated, the strategic review will consider all options available to the company, including transforming Bowleven into a holding company, as proposed by COC, alongside other matters already being progressed and negotiated by the Board prior to the GM.
“The strategic review is being undertaken in the interest of maximising value for shareholders.”
Crown Ocean, which it holds a 23% stake in Bowleven, believes the company should cease work on Bomono gas permit in Cameroon to focus on Etinde, in the shallow waters off the coast of the country.
However Bowleven has inked a deal with Victoria Oil & Gas (LON:VOG) to develop Bomono.