Bowleven receives 102bn CFA for Lukoil farm, NewAge Etinde permit

The British petro-gas operator, Bowleven has announced that it has received the first instalment of $165 million (102 billion Cfa francs) paid by the Russian and British operators Lukoil and New Age, respectively for the taking of 30% and 10% of the assets of Bowleven in Etinde permit of the Cameroonian offshore on March 17, 2015.

To finalize the financial transaction, a total of 250 million dollars (about 154.5 billion Cfa francs), will have to be made thus the arrears of 52.5 billion francs to be transferred to Bowleven, will be distributed as follows: $ 5 million (approximately 3 billion Cfa francs) to the Working Capital Fund, $40 million (about 24 billion Cfa francs) for the realization of two appraisal wells $15 million (approximately 9 billion Cfa francs) at the end of the drilling of assessment, and $ 25 million (15 billion Cfa francs) after the end of the development project of the Etinde permit, for which the State of Cameroon issued an exclusive licensing to New Age 6 February 2015.

Eventually, Bowleven will retain more than 20% interest in Etinde permit, against 30% for New-Age which will benefit now from the status of operator through its subsidiary Camop (Cameroon Overseas Petroleum), 30% for Lukoil and 20% for the national society of hydrocarbons (SNH), the Cameroonian public oil operator. The Etinde permit covers three off-shore blocks with a total area of 2,316 km2.