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Company’s cash burn rate may reduce as costs are slashed

West African focused oil and gas company Bowleven (BLVN:AIM) is sitting on cash of $86m according to its latest accounts. That compares with a market cap in dollars at current exchange rates of around $133m.

The money in the bank is what is left from a $165m payment associated with the farm-out of its Etinde field offshore Cameroon in 2015.

In March, arguing that this windfall was being squandered, Monaco-based investor Crown Ocean Capital ousted the majority of the board and new chief executive Eli Chahin has drastically scaled back costs.

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