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Cameroon: Bowleven pushes back farm-out deal to the end of 2014

Cameroon: Bowleven pushes back farm-out deal to the end of 2014
  • Comments   -   Thursday, 30 October 2014 20:05

(Business in Cameroon) - The farm-out deal landed by Bowleven Plc, the Edinburg-based oil and gas group, for the Etinde permit, a total of three offshore blocks covering 2,316 km2 in Cameroon has been postponed to the end of 2014.

This extension follows an agreement signed by the various parties for an extension to December 31, 2014. This was announced on October 28 by the London Stock Exchange-listed oil and gas company.

Bowleven undertook to farm-out 50% of the interest in the Etinde licence to Lukoil and NewAge or 37.5% for Lukoil and 12.5% for NewAge for a total of 250 million dollars. It will fall from 75% to 25% while NewAge will be set at 37.5% to become the Etinde permit operator via its subsidiary Camop.

In Cameroon, Bowleven Plc is working on five blocks, three offshore and in deep water and two onshore.

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