REG - BowLeven Plc - Etinde Farm-out Update <Origin Href="QuoteRef">BLVN.L</Origin>

BowlevenAnnouncement

28/01/2015 24:16

RNS Number : 8283B
BowLeven Plc
09 January 2015
9 January 2015
Bowleven plc ('Bowleven' or 'the Company')
Etinde Farm-out Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces it has been advised by SNH today that the formal decree approving the assignment of the Etinde equity interests to LUKOIL/NewAge and the associated transfer of operatorship to NewAge has been signed by the President of Cameroon. We await formal written notification and the subsequent gazetting of the decree, the final condition of the Etinde farm-out transaction.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director 
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Simon Maine 
Macquarie Capital (Europe) Limited (Nomad)  
Jon Fitzpatrick 00 44 203 037 2000
Ken Fleming
Nick Stamp
Notes to Editors:
Bowleven is an African focused oil and gas exploration group, based in Edinburgh and traded on AIM. Bowleven's strategy is focused on creating and realising material value through exploration led organic growth. Bowleven holds equity interests in three blocks in Cameroon, with one block located offshore in shallow water and two onshore. An application for a new PSC over two offshore blocks has been submitted. All of these blocks are operated by Bowleven. 
On 24 June 2014, Bowleven announced that the Group had entered into a conditional farm-out agreement to sell an aggregate 40% (post government back-in) operated interest in the Etinde Permit, Cameroon to LUKOIL and NewAge (or their nominated affiliates). On completion of the farm-out transaction operatorship of the offshore Etinde Permit in Cameroon will transfer to NewAge. 
Bowleven also holds an equity interest in an onshore block in Kenya, operated by Adamantine Energy, and has been awarded three blocks in Zambia, with applications on two blocks pending. 
Notes to Announcement:
(1) The information in this release reflects the views and opinions of Bowleven as operator and has not been reviewed in advance by its joint venture partners.
Glossary of Terms:
The following are the main terms and abbreviations used in this announcement:
AIM
the market of that name operated by the London Stock Exchange
Bowleven
Bowleven plc (LSE:BLVN) and/or its subsidiaries as appropriate
Etinde Permit
the Etinde Exploitation Authorisation (EA) Area. The Etinde EA, granted on 29 July 2014, covers an area of approximately 461km (formerly block MLHP-7) and is valid for an initial period of 20 years 
LUKOIL
LUKOIL Overseas West Project Ltd, a subsidiary undertaking of OAO LUKOIL
NewAge
New Age (African Global Energy) Limited
SNH
Socit Nationale des Hydrocarbures, the national oil and gas company of Cameroon

This information is provided by RNS
The company news service from the London Stock Exchange
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