As recently as December 2008, this oil and gas minnow was being described as "dead in the water" by analysts. This was a result of the Edinburgh group's lack of producing assets and scepticism over its IF oil find off Cameroon's coast.
However, last week Bowleven made a Lazarus-like recovery. It is poised to raise some £68m from investors in an accelerated book-binding and share placing, which will more than double the number of shares in issue.
The fundraising should permit Bowleven to fully appraise its IF find and commence preparations to bring the asset to production. Independent research said the IF discovery could be worth $1 billion (£605m).
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The fundraising has been dubbed a vote of confidence in the company's prospects.
Talks about a takeover of Bowleven by Thailand's PTT collapsed in March after the Asian group suitor sought to cut its offer price from 150p a share to 100p.
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Most significant institutional shareholders are expected to take up their rights in proportion to existing holdings.
The shares are to be placed at 67p each, a small discount on their closing price on Monday. The share issue must be approved by 75% of shareholders at a June 26 vote. The shares closed on Friday at 65.25p, giving Bowleven a market value of £57m.