BowLeven Plc Bomono Permit - Licence Extension Granted (1877Z)
09 December 2014 - 6:00PM
UK Regulatory
TIDMBLVN
RNS Number : 1877Z
BowLeven Plc
09 December 2014
9 December 2014
Bowleven plc ('Bowleven' or 'the Company')
Bomono Permit - Licence Extension Granted
Bowleven, the Africa focused oil and gas exploration group
traded on AIM, is pleased to announce that the Cameroon authorities
have granted a one year extension to the Bomono exploration
licence, onshore Cameroon, to 12 December 2015 to allow for the
completion of operations.
As previously announced, preparations for a two well exploration
drilling programme on Bomono are underway. The rig has been
mobilised to Cameroon and drilling operations are expected to
commence around the end of the year.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Simon Maine
Macquarie Capital (Europe) Limited (Nomad)
Jon Fitzpatrick 00 44 203 037 2000
Ken Fleming
Nick Stamp
Notes to Editors:
Bowleven is an African focused oil and gas exploration group,
based in Edinburgh and traded on AIM. Bowleven's strategy is
focused on creating and realising material value through
exploration led organic growth. Bowleven holds equity interests in
five blocks in Cameroon, with three blocks located offshore in
shallow water and two onshore. All of these blocks are operated by
Bowleven.
On 24 June 2014, Bowleven announced that the Group had entered
into a conditional farm-out agreement to sell an aggregate 40%
(post government back-in) operated interest in the Etinde Permit,
Cameroon to LUKOIL and NewAge. On completion of the farm-out
transaction operatorship of the offshore Etinde Permit in Cameroon
will transfer to NewAge.
Bowleven also holds an equity interest in an onshore block in
Kenya, operated by Adamantine Energy, and has been awarded three
blocks in Zambia, with applications on two blocks pending.
Notes to announcement:
1) There are no additional obligations arising from the licence
extension. The two exploration wells planned on the Bomono Permit
will fulfil the remaining work programme commitments.
Glossary:
The following are the main terms and abbreviations used in this
announcement:
AIM the market of that name operated by the London
Stock Exchange
Bomono Permit the production sharing contract between the
Republic of Cameroon and EurOil dated 12 December
2007 in respect of the area of approximately
2,328km(2) comprising former blocks OLHP-1
and OLHP-2 onshore Cameroon; or, as the context
may require, the contract area to which this
production sharing contract relates
Bowleven Bowleven plc (LSE:BLVN) and/or its subsidiaries
as appropriate
EurOil EurOil Limited, an indirectly wholly owned
subsidiary of Bowleven plc, incorporated in
Cameroon
LUKOIL LUKOIL Overseas West Project Ltd, a subsidiary
undertaking of OAO LUKOIL
NewAge New Age (African Global Energy) Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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