Petroleum Africa
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Tuesday, June 7, 2022
Bowleven announced that it has been informed by New Age (African Global Energy), the operator of the Etinde JV, that New Age has signed a definitive conditional agreement with a subsidiary of Perenco to transfer all of New Age’s participating interests in the Etinde permit, and operatorship of the Etinde JV, to Perenco.
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 $25 million from its Etinde JV partners which, following completion of the Transaction, would include Perenco.
Eli Chahin, Chief Executive Officer of Bowleven, 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.”
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