Bowleven plc Notice of Results and Corporate Update (2991B)
October 07 2020 - 2:00AM
UK Regulatory
TIDMBLVN
RNS Number : 2991B
Bowleven plc
07 October 2020
7 October 2020
Bowleven plc
('Bowleven' or 'the Group' or 'the Company')
Notice of Results and Corporate Update
Bowleven, the Africa focused oil and gas exploration Group
traded on AIM, will announce its Full Year Results for the year
ended 30 June 2020 on 5 November 2020. The Company intends to host
a conference call for investors on the day, the details of which
will be provided in a subsequent announcement.
Despite the challenges of COVID-19, the Company together with
its joint venture ('JV') partners, continue to make good progress
on the Etinde development, offshore Cameroon. As part of the
development planning, and following the appointment of TechnipFMC
as lead contractor, Front End Engineering Design ('FEED') work is
continuing alongside other workstreams including field optimisation
and commercial discussions with key stakeholders.
The Etinde financing plan will likely comprise various layers,
including senior project finance debt, vendor financing from
contractors, offtakers and likely equity. The latter will be a
function of the agreed field development concept and the associated
capex. The next stage of this work effort will be the preparation
of the Field Development Plan ('FDP') and Preliminary Information
Memorandum ('PIM') and associated suite of lender due diligence
reports, in preparation for financing discussions. Bowleven has
engaged a financial advisor to assist with this.
As part of the FEED process, the JV partners are currently
reviewing a number of commercial options regarding gas offtake and
condensate marketing. Also, as a result of the work restrictions
imposed by COVID-19, the timeline for the project's Final
Investment Decision ('FID') is now expected in mid-2021.
The JV continues to benefit from a collaborative working
relationship with a wide range of stakeholders to obtain the
support required to reach FID, which represents the key objective
in the short term. This includes the JV obtaining the licence
extension at Etinde. All parties are confident of achieving this
and will update the market further in the release of Full Year End
results.
ENQUIRIES
For further information, please contact:
Bowleven plc
Eli Chahin, Chief Executive 00 44 203 327 0150
Celicourt Communications Ltd
Mark Antelme 00 44 208434 2643
Jimmy Lea
Shore Capital (NOMAD and Broker)
Antonio Bossi 00 44 207 601 6100
Robert Finlay
A copy of this announcement is available on the Bowleven website
www.bowleven.com
Notes to Editors:
Bowleven is an African focused oil and gas exploration group,
based in London and traded on AIM. Bowleven's vision is to maximise
value for shareholders by (i) realising the greatest value of the
Group's Etinde asset, (ii) maintaining a relentless focus on both
Operational and Capital expenditure discipline and (iii) ensuring
that cash is wisely invested to cover G&A costs. Bowleven holds
an equity interest in the offshore shallow water Etinde PSC licence
(operated by NewAge).
Notes to Announcement:
The information in this release reflects the views and opinions
of Bowleven and has not been reviewed in advance by its joint
venture partners.
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END
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