Petroleum Africa
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Sunday, May 14, 2017
In an effort to reduce costs, Bowleven said it will be reducing its staff. The company will go from 18 full-time employees to five. Bowleven said it will use contractors to for any additional support needed.
Streamlining of the company’s Cameroon staff and costs has also commenced. Bowleven said it will continue to maintain an appropriate presence in Cameroon to preserve and enhance value from its Etinde and Bomono assets. The board intends to retain technical capacity and institutional knowledge as required so as to enable Bowleven to meet its contractual obligations under the terms of the JV and to pursue the most efficient route to value maximization in relation to both Etinde and Bomono, in due course.
“We are confident that these changes will allow the company to move forward on a more appropriate cost base, whilst retaining the necessary skills, relationships and capacity to progress a route to shareholder value at both Etinde and Bomono,” Eli Chahin, Bowleven chief executive, said.
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