3rd Jun 2014 07:31
LONDON (Alliance News) - Bowleven PLC Tuesday said a formal resolution confirming the Cameroon government's support for its Etinde Exploitation Authorisation application has been signed.
The Africa focused oil and gas exploration company said the resolution was signed following a meeting on May 21 held between the Cameroon government and parties involved in the development of the Etinde shallow water permit off the coast of Cameroon.
Bowleven said that following the agreement, a formal decree is expected to be released before the company moves towards its full Exploitation Authorisation at the site, which will give development and exploitation rights over the block for an initial period of 20 years.
The Etinde Exploitation Authorisation application was originally submitted for approval in early January and defines the means of monetising the Etinde hydrocarbons by supplying treated gas to a government-sponsored fertiliser plant and also through a liquefied natural gas scheme.
"We thank the state for signalling its support of the application and look forward to the support of the head of state, President Paul Biya, via the official award," Chief Executive Kevin Hart said in a statement. "This will enable the progression of the exciting development opportunities on Etinde as we support Cameroon in its ambition to further develop its considerable hydrocarbon resources."
Bowleven shares were up 13% at 38.15 pence early Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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