REG - Bowleven plc - Change of Partner and Operator at Etinde Licence

BowlevenAnnouncement

07/06/2022 07:00

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RNS Number : 9077N  Bowleven plc  07 June 2022

 

 

7 June 2022

 

 

Bowleven plc

('Bowleven' or 'the Group' or 'the Company')

 

Change of Partner and Operator at Etinde Licence

 

 

Bowleven, the Africa focused oil and gas, Exploration and Production Company
with key interests in Cameroon, today announces that it has been informed by
New Age (African Global Energy) Limited ('New Age'), the operator of the
Etinde JV, that New Age has signed a definitive conditional agreement with a
subsidiary of Perenco S.A. ('Perenco') to transfer all of New Age's
participating interests in the Etinde permit, and operatorship of the Etinde
JV, to Perenco (the 'Transaction').

The Transaction is subject to a number of approvals, including the customary
regulatory approvals by the Cameroon government and the approval of the Etinde
JV partners. Under the terms of the joint operating agreement, both LUKOIL and
Bowleven have a 30 day right of pre-emption over New Age's interest.

Notwithstanding the Transaction, Bowleven will continue to be entitled to a
final investment decision ('FID') payment of USD25m from its Etinde JV
partners which, following completion of the Transaction, would include
Perenco.

 

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

 

"The prospect of Perenco becoming our partner and operator at the Etinde
permit is very positive news. We believe that Perenco's proven Cameroon oil
and gas developments and substantial experience provide an opportunity to
accelerate our efforts to secure FID and the associated USD25m payment to
Bowleven. We look forward to engaging with Perenco and we will update
shareholders in relation to Etinde developments in due course."

About Perenco

 

Perenco, founded in 1975, is one of the leading independent oil and gas
companies in Europe today. The company produces 270,000 boepd (net to
Perenco). Perenco has ca. 6,700 employees, with onshore and offshore
operations in 14 countries. Perenco has a significant presence in West Africa.
In Cameroon it has operating areas in the Rio del Rey and Douala basins, with
oil and gas production of ca. 100,000 boepd.

 

 ENQUIRIES

 For further information, please contact:

 Bowleven plc
 Eli Chahin, Chief Executive                   00 44 203 327 0150

 Camarco (Financial PR)
 Owen Roberts                                  00 44 203 757 4980

 Charlotte Hollinshead

 Hugo Liddy

 Shore Capital (NOMAD and Broker)
 Robert Finlay                                 00 44 207 601 6100
 Daniel Bush

 

A copy of this announcement is available on the Bowleven website
www.bowleven.com (http://www.bowleven.com)

 

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 (currently operated by New Age) in Cameroon.

 

Notes to Announcement:

 

The information in this release reflects the views and opinions of Bowleven
and has not been reviewed in advance by its joint venture partners.

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