Bowleven in strong position for offshore Cameroon well campaign

Bowleven has received the $15 million cash proceeds payable under its farm-out transaction with LUKOIL and NewAge for the Etinde concession offshore Cameroon.

Offshore staff

EDINBURGH, UK – Bowleven has received the $15 million cash proceeds payable under its farm-out transaction with LUKOIL and NewAge for the Etinde concession offshore Cameroon.

As of Sept. 30, Bowleven had cash reserves of around $100 million and no debt.

Under the terms of the farm-out, the company also has access to a $40 million (net) carry on drilling and testing. Thus should cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable once a final investment decision has been taken.

10/03/2016

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