Bowleven promotes director to chairman role

Africa-focused oil and gas exploration group Bowleven has named a new non-executive chairman with immediate effect.

Bowleven said on Monday that it promoted its non-executive director Jack Arnoff to the position of non-executive chairman role.

Eli Chahin, CEO of Bowleven, said: “Jack has brought a considerable wealth of experience to the Bowleven Board and we have all benefited from his extensive investment and emerging markets knowledge.

“Having him take over as Chairman will doubtless prove invaluable, ahead of what is an exciting year for the Company. I look forward to keeping all of our stakeholders up to speed as we target achieving a final investment decision at Etinde in 2021“.

Arnoff is also a director in Elbrus Capital Partners LLP and Elbrus Capital Ltd. He was previously a director at ECP Emerging Europe Value Fund.

Regarding the appointment, Arnoff said: “Having joined the board in November 2020, I have been impressed by what I have seen and am looking forward to working more closely with the team at Bowleven going forward.

“This has the potential to be a milestone year for the Company and we will work towards capturing the significant investment opportunity in front of us“.

As for the aforementioned Etinde permit, it lies in shallow water in the Rio del Rey Basin offshore Cameroon.

It is operated by New Age with Bowleven and Lukoil as partners and comprises four proven reservoir intervals within the Pliocene and Miocene formations. According to New Age, the final investment decision is expected by early 2021, with the first production envisaged in 2023.