8th Jul 2022 15:18
Bowleven PLC - Africa-focused oil and gas exploration firm focussed on Cameroon - Notes expiry of the 30-day pre-emption period related to New Age Ltd's definitive conditional agreement for the transfer of New Age's interests in the Etinde permit and operationship of the joint venture to Perenco.
On Thursday, New Age agreed to transfer its interests and operatorship over the Etinde licence, offshore Cameroon, to Perenco SA. Bowleven currently has a 25% equity interest in the Etinde licence.
Other conditions for Perenco's acquisition remain outstanding, including approval from the Cameroon government and competition approval.
"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," says Chief Executive Officer Eli Chahin.
Current stock price: 3.70 pence, down 5.1% on Friday
12-month change: down 22%
By Dayo Laniyan; [email protected]
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