(Business in Cameroon) - Bowleven Plc, the British oil and gas exploration company active in Africa announced on July 15, 2014 that it has reached a “mutually acceptable” agreement with UK/Italy-based Petrofac to end their strategic alliance.
“This satisfies one of the conditions of the amodiation transaction,” between Lukoil of Russia and New-Age for the Etinde permit in Cameroon which was announced on June 24. The London stock exchange company specified that planned termination is subject to amodiation completion.
Bowleven, which holds 75% of the permit, will pay 9 million dollars (approximately 4 billion FCFA) to Petrofac, upon the completion of the amodiation arrangement, as an integral and final act in the conclusion of the strategic alliance.
Indeed, the agreement forced Bowleven to pay 15 million dollars in the event of a change of control or transfer of its interests in the Etinde permit to a third party.
On June 24, Bowleven had engaged purchase agreement actions with Lukoil and New-Age to sell them 50% in total of its interests in the Etinde permit.
In Cameroon, Bowleven Plc is the operator with the Bomono permit made up of two blocks onshore and the Etinde permit which includes three blocks covering 2,316 km2 in offshore.