UAE’s Dragon Oil No Longer Interested in Bowleven

Dubai based Dragon Oil, an independent oil and gas exploration, development and production company with producing assets offshore Turkmenistan, today announced it was no longer interested in Bowleven takeover.

Two weeks ago, Dragon Oil released a statement which said that the company was exploring options to purchase all Bowleven’s shares, in order to expand its assets portfolio to Western Africa. The announcement spurred Bowleven’s shares to a five months high.

However, Dragon’s Board of Directors today said that the company “is no longer exploring an offer for all of the issued and to be issued share capital of Bowleven plc.”

As a response to Dragon Oil’s decision, UK-headquartered Bowleven issued a statement in which it confirms “that no detailed discussions were held with Dragon Oil and that no due diligence information was provided by Bowleven to Dragon Oil.”

Edinburgh based Bowleven is a West Africa focused oil and gas group which holds equity interests in offshore and onshore exploration acreage in Cameroon and Gabon.

[mappress]
Offshore Energy Today Staff, February 29, 2012