Etinde Farm-Out - $15 million Cash Received

RNS Number : 4522L

BowLeven Plc

03 October 2016

 

3 October 2016

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

Etinde Farm-Out - $15 million Cash Received

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that it has received the $15 million cash proceeds payable under the Etinde farm-out transaction with LUKOIL and NewAge.

As at 30 September 2016, Bowleven had circa $100 million cash and no debt.

Under the terms of the Etinde farm-out transaction, Bowleven also has access to a $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable on FID.

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                                                   

Macquarie Capital (Europe) Limited (Nomad)                                     

Alex Reynolds                                                              00 44 203 037 2000

Nicholas Harland

Nick Stamp

Notes to Editors:

Bowleven is an African focused oil and gas exploration group, based in Edinburgh and traded on AIM. Bowleven's vision is to build an African focused exploration and production company focused on creating and realising material value through exploration-led organic growth and niche acquisitions. Bowleven holds equity interests in three blocks in Cameroon, with one block located offshore in shallow water (operated by NewAge) and two onshore (operated by Bowleven).

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

FID                  final investment decision

LUKOIL          LUKOIL Overseas West Project Ltd, a subsidiary undertaking of OAO LUKOIL

NewAge          New Age (African Global Energy) Limited, a privately held oil and gas company

 

END

 

 

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