Petroleum Africa
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Tuesday, September 26, 2023
Bowleven has issued an update on the pending Cameroon asset sale stating, “Despite the elapse of time since the signing of the agreements for the sale by New Age (African Global Energy) Limited of its 37.5% stake in, and the operatorship of, the Etinde project to Perenco S.A., completion remains outstanding.”
Bowleven stated that a number of conditions to the completion of the Transaction remain unsettled, most notable the approval of state oil and gas company Société Nationale des Hydrocarbures (SNH). “The company notes that SNH’s approval, the next key milestone towards completion of the Transaction, has remained outstanding for a significant period and it remains uncertain when a decision will be made by SNH whether to approve the Transaction, if at all,” a Bowleven release stated.
“Whilst Bowleven is not a party to Transaction discussions, the company understands that, although the formal long-stop date under the agreement between New Age and Perenco passed on the 30th June 2023, both parties continue to seek to progress with the Transaction. Nevertheless, given the passage of time and the geopolitical disruptions in neighboring countries, Bowleven reminds stakeholders that there can be no guarantee either that the Transaction will complete, or as to the timing of completion.”
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