Under-fire Bowleven chairman quits

Bowleven’s under-fire chairman has resigned as a director of the troubled Scottish oil and gas explorer.

Billy Allan has been replaced as chairman by Christopher Ashworth with immediate effect.

Earlier this month, Bowleven shareholders voted in favour of investor Crown Ocean Capital’s (COC) proposals to remove five directors at the firm, including chief executive Kevin Hart.

Mr Allan survived but COC later asked for another poll in an effort to oust him.

A date for a second vote had not been set prior to Mr Allan’s resignation.

Mr Ashworth was appointed as a nonexecutive director last month, having been nominated by Monaco-based COC, a private investment vehicle.

London-listed Bowleven also confirmed the employment contracts of Mr Hart and former director Kerry Crawford had been terminated with effect from tomorrow.

COC started mounting its challenge against the board of Edinburgh-based Bowleven last year.

COC, which now owns about 22.5% of Bowleven, said a new board should prioritise the development of the Etinde licence offshore Cameroon, while halting spending on the onshore Bomono project in the same country.

It criticised Bowleven for reducing its stake in Etinde and ceding operatorship.

COC also said Bowleven’s expenses and cash outflows were alarming and warned any remaining value to shareholders was at risk of being destroyed.

Billy Allan has resigned as chairman of oil firm Bowleven.