3 October 2016
Bowleven plc ('Bowleven' or 'the Company')
Etinde Farm-Out - $15 million Cash Received
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 $40 million (net) drilling and testing carry which is expected to cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable on FID.
For further information please contact:
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Macquarie Capital (Europe) Limited (Nomad)
Alex Reynolds 00 44 203 037 2000
Notes to Editors:
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).
Glossary of Terms:
The following are the main terms and abbreviations used in this announcement:
AIM the market of that name operated by the London Stock Exchange
Bowleven Bowleven plc (LSE:BLVN) and/or its subsidiaries as appropriate
FID final investment decision
LUKOIL LUKOIL Overseas West Project Ltd, a subsidiary undertaking of OAO LUKOIL
NewAge New Age (African Global Energy) Limited, a privately held oil and gas company
This information is provided by RNS