Bowleven plc Change of Partner and Operator at Etinde Licence (7475R)
08 Julho 2022 - 3:00AM
UK Regulatory
TIDMBLVN
RNS Number : 7475R
Bowleven plc
08 July 2022
8 July 2022
Bowleven plc
('Bowleven' or 'the Group' or 'the Company')
Update on the Change of Partner and Operator at the Etinde
Licence
Bowleven, the Africa focused oil and gas Exploration and
Production Company with key interests in Cameroon, today announces
the expiry of the 30 day right of pre-emption period pertaining to
New Age (African Global Energy) Limited's ('New Age's') definitive
conditional agreement with a subsidiary of Perenco S.A.
('Perenco'), to transfer all of New Age's participating interests
in the Etinde permit and operatorship of the Etinde JV to
Perenco.
Neither LUKOIL nor Bowleven exercised their right of pre-emption
over New Age's interest.
A number of conditions to Perenco's acquisition of New Age's
interest in the Etinde permit remain outstanding, including
customary regulatory approvals by the Cameroon government,
competition approval and, exclusive exploitation authorisation
(EEA) Titulaire confirmation (by way of a letter issued by the
Minister). Bowleven will provide a further update in due
course.
Eli Chahin, Chief Executive Officer of Bowleven plc, said:
"The change of JV partner at Etinde is a key development in
accelerating the path to FID with the Etinde JV to be spearheaded
by a high calibre international operator with strong and
longstanding roots within the Cameroon ecosystem. We believe that
the project will benefit from best-in-class technical capability
and a partner that brings additional optionality in ensuring a
positive outcome for all stakeholders."
ENQUIRIES
For further information, please contact:
Bowleven plc
Eli Chahin, Chief Executive 00 44 203 327 0150
Camarco (Financial PR)
Owen Roberts
Charlotte Hollinshead
Hugo Liddy 00 44 203 757 4980
Shore Capital (NOMAD and Broker)
Robert Finlay 00 44 207 601 6100
Daniel Bush
A copy of this announcement is available on the Bowleven website
www.bowleven.com
Notes to Editors:
Bowleven plc is an African focused oil and gas group, based in
London and traded on AIM. It is dedicated to realising material
shareholder value from its Etinde asset in Cameroon, whilst
maintaining capital discipline and employing a rigorously selective
approach to other value-enhancing opportunities. Bowleven holds a
strategic equity interest in the offshore, shallow water Etinde
permit (currently operated by New Age) in Cameroon.
Notes to Announcement:
The information in this release reflects the views and opinions
of Bowleven and has not been reviewed in advance by its joint
venture partners.
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END
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