Oil explorer Bowleven swings into profit

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Pic of oil rig drilling off Cameroon
Image caption,
Bowleven has interests in Cameroon and Gabon

Edinburgh-based oil and gas explorer Bowleven has reported a profit of £12m on the back of a gain on the foreign exchanges.

The company, which is focused on West Africa, said it was "well-positioned" to fund its current work programme.

Bowleven, which operates mainly in Cameroon, has a cash balance of £49m and expects a further gain from the sale of its EOV field in Gabon.

Shares in Bowleven have gained nearly 50% since July.

That followed the news that it had found hydrocarbons at its IE-3 well in Cameroon.

In March, Bowleven had said it would dispose of its entire stake in its EOV field for about £22m.

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