REG - Bowleven plc - Termination of Transaction

BowlevenAnnouncement

25/01/2024 11:00

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RNS Number : 9316A  Bowleven plc  25 January 2024

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 

25 January 2024

 

Bowleven plc ('Bowleven' or 'the Company')

Termination of Transaction between Perenco and NewAge (African Global Energy)
Limited

 

Bowleven, the Africa focused oil and gas group with a key interests in
Cameroon, announces that it has today been informed by New Age (African Global
Energy) Limited ('New Age'), the operator of the Etinde JV, that New Age has
received a Notification of Termination from a subsidiary of Perenco S.A.
('Perenco') which terminates the conditional sale of New Age's participating
interests in the Etinde permit, and operatorship of the Etinde JV, to Perenco,
which was announced by Bowleven on 7 June 2022 (the 'Transaction').

 

The Company has commenced discussions with its Etinde Joint Venture partners
with the aim of agreeing an updated development plan and work programme for
Etinde.

 

Eli Chahin, Chief Executive Officer of Bowleven plc, said:

 

"The termination of the Transaction between New Age and Perenco, is
unfortunate as we believed it could have represented an opportunity to
accelerate development progress at Etinde. We will now need to re-address the
proposed development plan with our Joint Venture partners, as well as with the
regulatory authorities, to assess the efforts now required to secure FID. We
will update shareholders in relation to Etinde developments in due course."

 

 

 ENQUIRIES

 For further information, please contact:

 Bowleven plc
 Eli Chahin, Chief Executive                00 44 20 3327 0150

 Camarco (Financial PR)
 Owen Roberts                               00 44 20 3757 4980

 Hugo Liddy

 Shore Capital Ltd (NOMAD and Broker)
 Robert Finlay                              00 44 20 7408 4090
 Daniel Bush

 Angus Murphy

 

This announcement may include statements that are, or may be deemed to be
"forward-looking statements".  These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "anticipates", "projects", "expects", "intends",
"may", "will", "seeks" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions.  These forward-looking
statements include all matters that are not historical facts.  They include
statements regarding the Company's intentions, beliefs or current expectations
concerning, amongst other things, the results of operations, financial
conditions, liquidity, prospects, growth and strategies of the Company and its
direct and indirect subsidiaries (the "Group") and the industry in which the
Group operates.  By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on circumstances
that may or may not occur in the future.  Forward-looking statements are not
guarantees of future performance.  The Group's actual results of operations,
financial conditions and liquidity, and the development of the industry in
which the Group operates, may differ materially from those suggested by the
forward-looking statements contained in the announcement.  In addition, even
if the Group's results of operations, financial conditions and liquidity, and
the development of the industry in which the Group operates, are consistent
with the forward-looking statements contained in the announcement, those
results or developments may not be indicative of results or developments in
subsequent periods.  In light of those risks, uncertainties and assumptions,
the events described in the forward-looking statements in the announcement may
not occur.  Other than in accordance with the Company's obligations under the
AIM Rules for Companies and the Market Abuse Regulations, the Company
undertakes no obligation to update or revise publicly any forward-looking
statement, whether as a result of new information, future events or
otherwise.  All written and oral forward-looking statements attributable to
the Company or to persons acting on the Company's behalf are expressly
qualified in their entirety by the cautionary statements referred to above and
contained elsewhere in the announcement.

 

The information contained within this announcement is considered to constitute
inside information as stipulated under Article 7 of the Market Abuse
Regulations (EU) No.596/2014 as incorporated into UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("UK MAR").  Upon the publication of
this announcement via a regulatory information service, this inside
information will be considered to be in the public domain.  For the purposes
of UK MAR, the person responsible for arranging for the release of this
information on behalf of the Company is Eli Chahin.

 

Notes to Editors:

Bowleven plc is an African focused oil and gas group, based in London and
traded on AIM. It is dedicated to realising material shareholder value from
its Etinde asset in Cameroon, whilst maintaining capital discipline and
employing a rigorously selective approach to other value-enhancing
opportunities. Bowleven holds a strategic equity interest in the offshore,
shallow water Etinde permit (operated by New Age) in Cameroon.

 

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