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

BowlevenAnnouncement

08/07/2022 07:00

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RNS Number : 7475R  Bowleven plc  08 July 2022

 

 

8 July 2022

 

 

Bowleven plc

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

Update on the Change of Partner and Operator at the Etinde Licence

 

 

Bowleven, the Africa focused oil and gas Exploration and Production Company
with key interests in Cameroon, today announces the expiry of the 30 day right
of pre-emption period pertaining to New Age (African Global Energy) Limited's
('New Age's') 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.

Neither LUKOIL nor Bowleven exercised their right of pre-emption over New
Age's interest.

A number of conditions to Perenco's acquisition of New Age's interest in the
Etinde permit remain outstanding, including customary regulatory approvals by
the Cameroon government, competition approval and, exclusive exploitation
authorisation (EEA) Titulaire confirmation (by way of a letter issued by the
Minister). Bowleven will provide a further update in due course.

 

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

 

"The change of JV partner at Etinde is a key development in accelerating the
path to FID with the Etinde JV to be spearheaded by a high calibre
international operator with strong and longstanding roots within the Cameroon
ecosystem. We believe that the project will benefit from best-in-class
technical capability and a partner that brings additional optionality in
ensuring a positive outcome for all stakeholders."

 

 

 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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