Bowleven collects $15M on account of Etinde farm-out deal

Bowleven, the Africa focused oil and gas exploration group, has received the $15 million cash proceeds payable under the Etinde farm-out transaction with Lukoil and NewAge.

The Etinde Permit lies in a shallow water offshore Cameroon, adjacent to the coast.

Bowleven said on Monday that, as at September 30, 2016, the company had circa $100 million cash and no debt.

Under the terms of the Etinde farm-out transaction, Bowleven also has access to a $40 million (net)
drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with
a further $25 million cash receivable on FID.

To remind, Bowleven completed the Etinde farm-out transaction with Lukoil and NewAge and got the initial $165 million cash proceeds in March 2015. The farm-out transaction was originally announced on June 24, 2014, and comprised the acquisition of a 30% and an additional 10% interest in Etinde by Lukoil and NewAge, respectively, in return for an aggregate consideration of approximately $250 million.

Following completion of the farm-out, Bowleven retained a 20% interest in Etinde and operatorship was transferred to NewAge.

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 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

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply