Vitol secures stake in Etinde

Bowleven has completed a farm-out with Vitol E&P concerning the Etinde permit offshore Cameroon.

Offshore staff

EDINBURGH, UK -- Bowleven has completed a farm-out with Vitol E&P concerning the Etinde permit offshore Cameroon.

Under this arrangement, first announced last August, Vitol will acquire a 25% interest in the permit by funding a $100-million work program.

Vitol has another option (to be exercised by Sept. 30) to secure a further 25% in the concession in return for funding a further $100-million program and making a $25-million cash payment to Bowleven to progress activities on Etinde.



06/17/2010

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