Petroleum Africa
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Monday, January 30, 2017
Bowleven, following a special operating committee meeting (SOCM) with the government of Cameroon, saw formal resolutions confirming an extension of its Bomono Permit. The extension for the permit is two years.
The SOCM also resulted in a Provisional Exploitation Authorization (PEA) being signed. In addition, ministerial approval for the license extension was received and as stipulated by the Cameroon authorities, the PEA approval process will now follow.
The PEA, awarded under the framework of the exploration license, grants the right to progress development and commercialization activities on Bomono, enabling the anticipated sale of gas to either the domestic gas market or power generation.
In conjunction with this approval process we are in advanced discussions on the potential farm-out of the Bomono license in order to facilitate early cashflows and further appraisal activities. Any assignment to a third party will require the requisite regulatory approvals.
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