(Business in Cameroon) - An oil and gas company operating in Africa, Bowleven Plc, released its preliminary results for the year (closing on June 30, 2014) on November 12, 2014. They are marked by “key milestones” in the move to converting resources into reserves and the announcement of activities for the next 12 months. “We have made steady progress throughout the year by achieving some key milestones in our move to converting resources into reserves and the creation of new value by way of future exploration and evaluation,” stated Kevin Hart (photo sitting on the right), CEO of Bowleven.

Mr Hart celebrated his company obtaining the exploration permit for the 2,316 km2 area of Etinde, which is the go-ahead needed for gas mining on the MLHP-7 block for 20 years. Over the next 12 months, the London exchange-listed company, which has been very active in Cameroon, plans to participate in the drilling of four exploratory wells and assessments as well.

But first, it hopes to complete the farm-out of 50% of its stake in the Etinde permit to Lukoil and New Age, which will give it approximately 250 million dollars as well as short-term drilling plans on Bomono, two on-shore blocks spanning 2,328 km2 in the Douala basin.

With this transaction, the Edinburgh-based oil and gas company hopes to be solid enough to finance seismic activity on the 11B block in Kenya and new acquisitions in Zambia which have presented “preliminary exploration interest”, according to the oil and gas company.