Bowleven Plc and Petrofac end strategic alliance

Bowleven Plc, a British oil and gas exploration company active in Africa and operator of five blocks in Cameroon, announced that it has reached a "mutually acceptable" agreement with the Anglo-Italian Petrofac, to put an end to their strategic alliance.

"This satisfied one of the conditions of the farm-out transaction" between Lukoil and New - Age on the announced Etinde permit June 24, said the publicly traded company in London, stating that the proposed termination is subject to the completion of the farm.

Bowleven, which holds 75% permit, shall pay, under the agreement, $ 9 million to Petrofac, upon completion of the transaction of the farm, as full and final settlement with, immediately, the end of the strategic alliance agreement.

In fact, the agreement required Bowleven to pay $ 15 million, in the event of a change of control or transfer of its interests in the Etinde permit to a third party.

On June 24, Bowleven had reported an agreement to purchase shares with Lukoil and New - Age, to sell them in total 50% of interest operators in the Etinde permit.

In Cameroon, Bowleven Plc is operator of the Bomono permit consisting of two blocks onshore and the Etinde permit which includes three blocks covering 2316km 2 in the offshore.