(Business in Cameroon) - The natural gas and oil exploration group, Bowleven Plc has extended to October 31, 2014 its farm-out agreement, to Lukoil and NewAge, by 50% in the Etinde permit, a collective of three offshore blocks covering 2,316 km2 in Cameroon.
The farm-out agreement, concluded in June at 35.7% for Lukoil and 12.5% for NewAge, has been extended to meet the transaction’s residual conditions, as the London stock exchange oil group explained on August 26, 2014.
What now remains is the Cameroonian government’s approval for the transfer of the shares and the operator’s status following the farm-out transaction involving around 250 million dollars.
“We have made remarkable progress towards completing this farm-out agreement,” stated Kevin Hart (photo), Managing Director of Bowleven, hoping to have the the Cameroonian government’s approval to seal the deal which, he adds, “will facilitate our plans to promote Etinde.”
Bowleven Plc will go from 75% interest to 25% while NewAge will reach 37.5% which will make it an Etinde operator through its subsidiary Camop.