BOWLEVEN LIMITED

• ⚠

  Material uncertainty over going concern

  As at 31 December 2024, the group has cash resources of $995,000. Bowleven's share of the budgeted annual expenditure for the Etinde project, the groups major ongoing cash expenditure, for the year ending 2025 has been set at $480,000. At the financial year end, New Age owed the Bowleven group $667,000, due to over cash calling the Bowleven group in prior periods. New Age has agreed that Bowleven should cease making cash contributions to the Etinde JO partnership until the New Age receivable is reduced to a reasonable amount consistent with ongoing expenditure. Bowleven's group's current period internal operating cash flow is expected to be around $50,000 per month. On this basis, Bowleven group's current cash will be sufficient to fund current Bowleven group activities until at least 2026. The Board intends to bring forward proposal to raise additional equity in late 2025 or early 2026.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. BOWLEVEN LIMITED 2024-10-09 → present
2. BOWLEVEN PLC 2002-02-08 → 2024-10-09
3. WIDE PETROLEUM PLC 2001-11-13 → 2002-02-08

Accounting basis

UK-adopted IAS

Reporting scope

Consolidated group

Auditor

Streets Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“As at 31 December 2024, the group has cash resources of $995,000. Bowleven's share of the budgeted annual expenditure for the Etinde project, the groups major ongoing cash expenditure, for the year ending 2025 has been set at $480,000. At the financial year end, New Age owed the Bowleven group $667,000, due to over cash calling the Bowleven group in prior periods. New Age has agreed that Bowleven should cease making cash contributions to the Etinde JO partnership until the New Age receivable is reduced to a reasonable amount consistent with ongoing expenditure. Bowleven's group's current period internal operating cash flow is expected to be around $50,000 per month. On this basis, Bowleven group's current cash will be sufficient to fund current Bowleven group activities until at least 2026. The Board intends to bring forward proposal to raise additional equity in late 2025 or early 2026.”

Group structure

1. BOWLEVEN LIMITED · parent
   1. Bowleven Resources Limited 100% · Scotland · intermediate holding company for the operating subsidiary in Cameroon
   2. EurOil Limited 100% · Cameroon · procure and analyse scientific and technical data in order to assess exploration and development potential for oil and gas production in the Republic of Cameroon and manage day-to-day operations in Cameroon

Significant events

• “In January 2024, Perenco formally withdrew its proposal to acquire New Age's stake and assume operatorship of the Etinde licence.”
• “COC initiated a cost-reduction program, which included the proposal to delist Bowleven from AIM. This was approved by shareholders and the company was delisted at the end of August 2024.”
• “The £1.56 million fundraising in March 2024 provided additional liquidity and ensured the Company could continue to support Etinde.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

3

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.