EDINBURGH, U.K. — New Age (African Global Energy) has signed an agreement to transfer its operated interest in the Etinde joint venture and Etinde permit offshore Cameroon to Perenco.
The transaction remains subject to approvals from the partners and Cameroon’s government. Under the terms of the joint operating agreement, Lukoil and Bowleven have a 30-day right of pre-emption over New Age's interest.
The Etinde permit is in shallow water in the Rio del Rey Basin, with four proven reservoir intervals in the Pliocene and Miocene formations.
Several wells have tested wet gas and oil from the Miocene Upper Isongo and Intra Isongo reservoirs, with dry encountered by three further wells in a secondary pay interval in the Biafra Formation. The partners have been working on a concept to commercialize the gas.
"The prospect of Perenco becoming our partner and operator at the Etinde permit is very positive news," Bowleven CEO Eli Chahin said. "We believe that Perenco's proven Cameroon oil and gas developments and substantial experience provide an opportunity to accelerate our efforts to secure FID [final investment decision].”