LKOH Pjsc Lukoil

LONDON--BowLeven PLC (BLVN.LN), an Africa-focused oil and gas company, Tuesday said it agreed to sell part of its interest in the Etinde Permit, offshore Cameroon, to Lukoil Holdings (LKOH) and NewAge.

Bowleven will reduce its interest in the permit from 75% to 25% and get $250 million comprising $170 million in cash payment at completion, a defered cash payment of $40 million, and $40 million carry for two appraisal wells.

Lukoil will acquire a 37.5% interest, while NewAge will increase its holding in the permit from 25% to 37.5%. Bowleven will keep a 25% stake.

Write to Ed Ballard at ed.ballard@wsj.com

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