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Bowleven extends date of Etinde farm-out process with Lukoil offshore Cameroon

26th August 2014

Bowleven has announced that all parties to the Lukoil/NewAge Etinde farm-out agreement announced on 24 June 2014 have agreed to an extension to the longstop date

Bowleven extends date of Etinde farm-out process with Lukoil offshore Cameroon
The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship

With the majority of conditions to transaction completion now satisfied, the longstop date has been extended by two months, to 31 October 2014, to enable satisfaction of the few remaining conditions.

“We have made significant progress towards completion of the Etinde farm-out transaction,” said Kevin Hart, chief executive of Bowleven. “We look forward to the support of the Cameroon authorities in concluding the transaction approval process and in so doing facilitating the progression of Etinde development plans and enhancing the monetisation of the Etinde acreage”

The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship. The approval process by the Cameroon authorities has commenced and the longstop extension provides additional time to enable logistical arrangements to be made for this requisite step in the process.

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