BOWLEVEN, the Edinburgh-based oil and gas explorer, fell again yesterday despite positive comments from its brokers.
RBS reiterated its "buy" stance and slightly upgraded its asset valuations, saying the company's recent exploration success had demonstrated its potential.
But analyst Phil Corbett admitted that until the company's funding situation is clarif
ied – Bowleven needs to raise more cash to develop a field in Gabon – there is unlikely to be momentum in the shares.
Shares closed down 4.25p at 220.5p, less than half the 450p RBS says shares are worth.
Wolfson Microelectronics was boosted by a positive note from RBS on Thursday but lost ground yesterday, dropping 5p to 118.5p. Similarly, Havelock Europa, which has soared on the back of strong interim results last week, gave back 6p or 8.2 per cent to 67.5p.
Microemissive Displays, the micro screen maker which is seeking to raise cash or find a buyer, slipped from gains earlier in the week, down 0.625p to 1.5p.
Sovereign Oilfield Group, the Aim-listed oil services group which recently appointed a member of the Kuwaiti royal family to its board, lost some of the gains which followed the announcement, dropping 0.75p to 24.75p.
The full article contains 216 words and appears in The Scotsman newspaper.
