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Bowleven engages Africa Fortesa Corp in Cameroon drill-to-earn arrangement

27th June 2014

Bowleven has announced another shift in its Cameroonian operations by entering into a conditional drill-to-earn arrangement with privately held Africa Fortesa Corp (AFC)

Bowleven engages Africa Fortesa Corp in Cameroon drill-to-earn arrangement

In return for drilling two exploration wells at cost on the Bomono Permit, AFC will earn a 20 per cent interest in the Bomono Permit. Based on the terms of the arrangement the budgeted cost of the two well programme (excluding testing) net to Bowleven is estimated to be approximately USD 13 – 15m.

Drilling is envisaged to commence prior to the end of 2014.

AFC, through its wholly owned subsidiary, Africa Onshore Drilling, has drilled numerous successful wells onshore West Africa and in Senegal, a number of which are currently producing for gas-to-power.

Further updates, including update upon satisfaction/waiver of all conditions precedent to the arrangement, will be made in due course. In addition to the above arrangement, Bowleven is continuing discussions in relation to a further farm-out of part of its interest in the Bomono Permit in advance of drilling.

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