Bowleven receives Etinde farmout payment from LUKOIL and NewAge
Monday, Oct 03, 2016
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 US$40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with a further US$25 million cash receivable on FID.

About Bowleven

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).

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