Etinde Exploitation Authorisation Update

RNS Number : 6475I

BowLeven Plc

03 June 2014

 



3 June 2014

Bowleven plc ('Bowleven' or 'the Company')

Etinde Exploitation Authorisation Application (EEAA) Update

Bowleven, the Africa focused oil and gas exploration group traded on AIM, today is pleased to announce that a significant milestone has been achieved in the development of the Etinde Permit. Following a Special Operating Committee Meeting (OCM), held between the Cameroon State and the Contractor (EurOil and its partner CAMOP) on 21 May 2014, a formal resolution confirming the State's support and approval of the Etinde Exploitation Authorisation Application (EEAA) has been signed. The formal decree is expected to follow in due course.

The EEAA, which was submitted to the Cameroon authorities for their approval in early January 2014, defines the means of monetising the Etinde hydrocarbons by supplying treated gas to a Government sponsored fertiliser plant and also through a liquefied natural gas (LNG) scheme. The award of the Exploitation Authorisation (EA) will give development and exploitation rights over block MLHP-7 for an initial period of 20 years.  

Kevin Hart, Chief Executive of Bowleven plc, said:  

"We are delighted to have achieved this key milestone in the plans to develop Etinde and to have taken this important step towards the award of an EA. We thank the State for signalling its support of the application and look forward to the support of the Head of State, H.E. President Paul Biya, via the official award. This will enable the progression of the exciting development opportunities on Etinde as we support Cameroon in its ambition to further develop its considerable hydrocarbon resources."

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.  Bowleven also holds an equity interest in an onshore block in Kenya, operated by Adamantine Energy, and has been awarded three blocks in Zambia.

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 25% non-operated participating interest in the Etinde Permit
EurOil	EurOil Limited, an indirectly wholly owned subsidiary of Bowleven plc, incorporated in Cameroon
EA	Exploitation Authorisation
EEAA	Etinde Exploitation Authorisation Application
LNG	liquefied natural gas

 

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