Bowleven Receives Cash for Etinde Farm Out

Tuesday, October 4, 2016

Bowleven received the $15 million cash proceeds payable under its Etinde farm-out transaction with Lukoil and NewAge.

As of September 30, Bowleven had around $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.

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