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Bowleven PLC - Africa-focused oil and gas exploration firm focussed on Cameroon - Says New Age Ltd, the operator of the Etinde licence joint venture, has transferred its interests and operatorship to a subsidiary of Perenco SA. The transaction is subject to approval by the Cameroon government and the approval of the Etinde partners. Bowleven has a 25% equity interest in Etinde, which is offshore Cameroon. It will continue to be entitled to a final investment decision payment of $25 million from its partners. This would include Perenco after the completion of the transfer.
Bowleven Chief Executive Elie Chahin said: ‘The prospect of Perenco becoming our partner and operator at the Etinde permit is very positive news. We believe that Perenco's proven Cameroon oil and gas developments and substantial experience provide an opportunity to accelerate our efforts to secure FID and the associated $25 million payment to Bowleven.’
Perenco produces 270,000 barrels of oil equivalent per day with onshore and offshore operations in 14 countries, especially in West Africa. In Cameroon it has operating areas in the Rio del Rey and Douala basins, with oil and gas production of about 100,000 boepd.
Bowleven current stock price: 5.10 pence, doubled on the day Tuesday
12-month-change: up 19%
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