Bowleven’s (BLVN) management and board have changed significantly recently, with only the COO (David Clarkson) surviving from the shakeup since the general meeting in March 2017. The new management has slimmed down the company, reducing the headcount from 18 to five (resulting in monthly G&A costs falling from $0.6m to $0.35m), albeit at an immediate cost of $3-4m. The management continues to engage with the JV and the Cameroon government to seek a development concept at Etinde acceptable to all parties. Following the efficiency programme, we have reviewed our modelling and valuation, with core NAV now at 52p/share.

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