REG - BowLeven Plc - Etinde - Longstop Date Extension Confirmed <Origin Href="QuoteRef">BLVN.L</Origin>

BowlevenAnnouncement

30/10/2014 06:27

RNS Number : 5053V
BowLeven Plc
28 October 2014
28 October 2014
Bowleven plc ('Bowleven' or 'the Company')
Etinde Farm-out Update - Longstop Date Extension Confirmed
Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces that following yesterday's market update, all parties have now signed the extension of the Etinde farm-out transaction longstop date to 31 December 2014. 
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 
Bank of America Merrill Lynch (Nomad)  
Derek Ross 00 44 207 628 1000
Tony White  
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 five blocks in Cameroon, with three blocks located offshore in shallow water and two onshore. 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. On completion of the farm-out transaction operatorship of the offshore Etinde Permit in Cameroon will transfer to Camop (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
Camop
Cameroon Offshore Petroleum S.A.R.L., the holder of a 20% non-operated participating interest (post State back-in) in the Etinde Permit and an affiliate of NewAge
Etinde Permit
the production sharing contract between the Republic of Cameroon and EurOil Limited, an indirectly wholly owned subsidiary of the Company, dated 22 December 2008 in respect of the area of approximately 2,316km, comprising former blocks MLHP-5, MLHP-6 and MLHP-7, offshore Cameroon; or, as the context may require, the contract area to which this production sharing contract relates
LUKOIL
LUKOIL Overseas West Project Ltd, a subsidiary undertaking of OAO LUKOIL
NewAge
New Age (Africa Global Energy) Limited, the parent undertaking of Camop



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