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The Guardian - UK

Nick Fletcher

Bowleven jumps nearly 70% after Dragon Oil says it is considering a bid

That was quick. There is a bid for Bowleven but it's not from Tullow Oil.

Dragon Oil, whose main project is in the Caspian Sea offshore Turkmenistan, has just said it is in the early stages of exploring a possible offer for Bowleven. It said there was no certainty an offer would be made, but in any case it has to make its mind up by 16 March.

Bowleven is now up 51p at 125p - whispers of a 200p offer have been doing the rounds - while Dragon is down 11.5p at 532.5p.

At its current price in the market Bowleven is valued at nearly £370m.

Earlier Bowleven had moved higher on talk of a possible bid from Tullow.

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