Bowleven, the Africa focused oil and gas exploration, has announced that all parties to the LUKOIL/NewAge Etinde farm-out agreement announced on 24 June 2014 have agreed to an extension to the longstop date.
With the majority of conditions to transaction completion now satisfied, the longstop date, by definition the last date by which something must be done, has been extended by two months, to 31 October 2014, to enable satisfaction of the few remaining conditions.
The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship. The approval process by the Cameroon authorities has started and the longstop extension provides additional time to enable logistical arrangements to be made for this requisite step in the process.
Kevin Hart, Chief Executive of Bowleven plc, said:
“We have made significant progress towards completion of the Etinde farm-out transaction. We look forward to the support of the Cameroon authorities in concluding the transaction approval process and in so doing facilitating the progression of Etinde development plans and enhancing the monetisation of the Etinde acreage.”