Bowleven receives farm-out approval for Cameroon’s offshore prospect

offshore cameroonThe Etinde Prospect is located in shallow waters and covers an area of 2,316 sq km. (Image source: Conduqtor/Wikimedia Commons)Africa-focussed oil and gas group Bowleven has received approval from the Cameroon government to farm-out 40 per cent of its equity interest in the Etinde Prospect

The prospect will now be assigned to Russian oil company Lukoil and NewAge for a total payment of US$170mn.

The explorer also added that it has signed a deal for a two-well exploration programme at Bonomo Prospect.

Kevin Hart, group executive chief at Bowleven, said, “As a consequence of the transaction, we are ideally positioned to progress our assets and look forward to participating in two potentially high impact drilling campaigns within the next 12 months.”

According to Bowleven, it has also secured a US$30mn short-term bridge facility from Australia’s Macquarie Bank to provide financial flexibility as it awaits the deal’s completion from the President’s office.

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