New Age wins exclusive license to gas production in CMR

A decree signed on February 6, 2015 by the head of the Cameroonian State granted "exclusive operating permit of gaseous hydrocarbons" on a block of 460.5 Km2 in the Etinde permit, located in the Cameroonian offshore, to the British company New Age, through its local subsidiary Camop (Cameroon Offshore Petroleum LLC).

The British operator is to partner on this project with the Russian company Lukoil, with which it holds assets of 30% each, while Euroil and the national company of hydrocarbons (SNH), two Cameroonian entities, each hold 20% of the assets on the project.

This exclusive licensing is "valid for a period of 20 years renewable once more, for a period of validity of ten years, at the request of the interested company.

Exclusivity is especially subject to the obligation to contribute to the achievement of the projects underway such as, "the construction of a fertilizer chemical plant with supply of gas for at least 20 years, liquefaction of natural gas with a plateau of production of 600 million feet cubic per day".

The Presidential Decree mentioned paves the way for the final closing of the transaction to farm on the Etinde permit, few months between British companies Bowleven, which operated on three blocks 2,316 km2 on the permit; its British counterpart New Age and the Russian petro-gas operator Lukoil. A farm through which Bowleven gives 50%, 75% he held so far on the Etinde permit.

Announced February 28, 2015, the closing of this transaction for a total of 125 billion Cfa francs ($250 million), will allow Bowleven to replenish its coffers, to develop its petro-gas projects in Kenya and make new acquisitions in Zambia, announced the company in its activity report June 30, 2014, released on 12 November of the same year.