BowLeven Plc Etinde Farm-out Update (8283B)
January 09 2015 - 11:23AM
UK Regulatory
TIDMBLVN
RNS Number : 8283B
BowLeven Plc
09 January 2015
9 January 2015
Bowleven plc ('Bowleven' or 'the Company')
Etinde Farm-out Update
Bowleven, the Africa focused oil and gas exploration group
traded on AIM, announces it has been advised by SNH today that the
formal decree approving the assignment of the Etinde equity
interests to LUKOIL/NewAge and the associated transfer of
operatorship to NewAge has been signed by the President of
Cameroon. We await formal written notification and the subsequent
gazetting of the decree, the final condition of the Etinde farm-out
transaction.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Simon Maine
Macquarie Capital (Europe) Limited (Nomad)
Jon Fitzpatrick 00 44 203 037 2000
Ken Fleming
Nick Stamp
Notes to Editors:
Bowleven is an African focused oil and gas exploration group,
based in Edinburgh and traded on AIM. Bowleven's strategy is
focused on creating and realising material value through
exploration led organic growth. Bowleven holds equity interests in
three blocks in Cameroon, with one block located offshore in
shallow water and two onshore. An application for a new PSC over
two offshore blocks has been submitted. All of these blocks are
operated by Bowleven.
On 24 June 2014, Bowleven announced that the Group had entered
into a conditional farm-out agreement to sell an aggregate 40%
(post government back-in) operated interest in the Etinde Permit,
Cameroon to LUKOIL and NewAge (or their nominated affiliates). On
completion of the farm-out transaction operatorship of the offshore
Etinde Permit in Cameroon will transfer to NewAge.
Bowleven also holds an equity interest in an onshore block in
Kenya, operated by Adamantine Energy, and has been awarded three
blocks in Zambia, with applications on two blocks pending.
Notes to Announcement:
(1) The information in this release reflects the views and
opinions of Bowleven as operator and has not been reviewed in
advance by its joint venture partners.
Glossary of Terms:
The following are the main terms and abbreviations used in this
announcement:
AIM the market of that name operated by the London
Stock Exchange
Bowleven Bowleven plc (LSE:BLVN) and/or its subsidiaries
as appropriate
Etinde Permit the Etinde Exploitation Authorisation (EA)
Area. The Etinde EA, granted on 29 July 2014,
covers an area of approximately 461km(2) (formerly
block MLHP-7) and is valid for an initial period
of 20 years
LUKOIL LUKOIL Overseas West Project Ltd, a subsidiary
undertaking of OAO LUKOIL
NewAge New Age (African Global Energy) Limited
SNH Société Nationale des Hydrocarbures,
the national oil and gas company of Cameroon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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