(Business in Cameroon) - It’s finally happened! The British oil and gas company, Bowleven, announced on March 17, 2015 that it has received the first tranche of 165 million dollars (102 billion FCFA) paid over to the Russian and British companies, respectively Lukoil and New Age, for the acquisition of 30% and 10% of Bowleven’s stake in the Etindé permit, located in Cameroon’s waters offshore.

For the financial closure of the farm-out arrangement worth a total of 250 million dollars (around 154.5 billion FCFA), it still needs to pay-out 52.5 billion FCFA to Bowleven.

Bowleven will hold on to only 20% of Etindé, compared to the 30% belonging to NewAge, which is now an operator in Cameroon via its subsidiary, Camop (Cameroon Overseas Petroleum), 30% for Lukoil and 20% for Société nationale des hydrocarbures(SNH), Cameroon’s State-run oil company. The Etindé permit covers three offshore blocks totalling 2316 km2.