Bowleven completes Etinde farm-out. Gets $165M

Bowleven, the Africa focused oil and gas exploration group, has announced the completion of the farm-out transaction of the Etinde permit, offshore Cameroon. 

The company has confirmed it has received the initial $165 million cash proceeds (excludes estimated $5 million working capital adjustment).

The farm-out transaction comprised the sale of 30% and 10% interests in the Etinde Permit to LUKOIL and NewAge, respectively, in return for a total consideration of approximately $250 million.

In addition to the $165 million initial cash proceeds Bowleven will receive the following:
· An estimated $5 million cash to follow for working capital;
· Up to $40 million (net) carry for two Etinde appraisal wells, including testing;
· $15 million cash to be received on completion of appraisal drilling; and
· $25 million cash contingent upon and to be received at Etinde development project FID.

The operatorship of Etinde has transferred to NewAge with Bowleven retaining a 20% non-operated interest.

The Group will provide an update on Wednesday 25th March 2015 on its activities and future plans as part of its Interim Results for the six months ended 31st December 2014.

Kevin Hart, Chief Executive of Bowleven plc, said: “We are delighted the farm-out transaction to LUKOIL and NewAge has completed. The resulting consideration of cash and carry, together with the expanded and strengthened joint venture, will enable the progression of appraisal and development activities on Etinde. Planning for the appraisal drilling on the Intra Isongo is already underway with locations for the two wells nearing finalisation. With a carry in place to cover our share of drilling and testing we are looking forward to appraising this exciting reservoir interval. Against a challenging market backdrop our strengthened balance sheet following the transaction puts us in a strong position.”


Share this article

Follow Offshore Energy Today


<< Jun 2017 >>
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

Erasmus Energy Forum 2017

Join Rotterdam School of Management, Erasmus University (RSM) on the paths to zero carbon energy

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! …

read more >

03rd OIL & GAS TANZANIA 2017

After a successful Oil & Gas Exhibition in 2016, Expogroup is all set for the 6th OIL & GAS AFRICA 2017…

read more >



For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.


QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.


Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.