7 June 2022

Bowleven plc

('Bowleven' or 'the Group' or 'the Company')

Change of Partner and Operator at Etinde Licence

Bowleven, the Africa focused oil and gas, Exploration and Production Company with key interests in Cameroon, today announces that it has been informed by New Age (African Global Energy) Limited ('New Age'), the operator of the Etinde JV, that New Age has signed a definitive conditional agreement with a subsidiary of Perenco S.A. ('Perenco') to transfer all of New Age's participating interests in the Etinde permit, and operatorship of the Etinde JV, to Perenco (the 'Transaction').

The Transaction is subject to a number of approvals, including the customary regulatory approvals by the Cameroon government and the approval of the Etinde JV partners. Under the terms of the joint operating agreement, both LUKOIL and Bowleven have a 30 day right of pre-emption over New Age's interest.

Notwithstanding the Transaction, Bowleven will continue to be entitled to a final investment decision ('FID') payment of USD25m from its Etinde JV partners which, following completion of the Transaction, would include Perenco.

Eli Chahin, Chief Executive Officer of Bowleven plc, said:

"The prospect of Perenco becoming our partner and operator at the Etinde permit is very positive news. We believe that Perenco's proven Cameroon oil and gas developments and substantial experience provide an opportunity to accelerate our efforts to secure FID and the associated USD25m payment to Bowleven. We look forward to engaging with Perenco and we will update shareholders in relation to Etinde developments in due course."

About Perenco

Perenco, founded in 1975, is one of the leading independent oil and gas companies in Europe today. The company produces 270,000 boepd (net to Perenco). Perenco has ca. 6,700 employees, with onshore and offshore operations in 14 countries. Perenco has a significant presence in West Africa. In Cameroon it has operating areas in the Rio del Rey and Douala basins, with oil and gas production of ca. 100,000 boepd.

A copy of this announcement is available on the Bowleven website www.bowleven.com

Notes to Editors:

Bowleven plc is an African focused oil and gas group, based in London and traded on AIM. It is dedicated to realising material shareholder value from its Etinde asset in Cameroon, whilst maintaining capital discipline and employing a rigorously selective approach to other value-enhancing opportunities. Bowleven holds a strategic equity interest in the offshore, shallow water Etinde permit (currently operated by New Age) in Cameroon.

Notes to Announcement: 

The information in this release reflects the views and opinions of Bowleven and has not been reviewed in advance by its joint venture partners.