Petroleum Africa
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Wednesday, July 16, 2014
Bowleven has reached a mutually acceptable agreement with Petrofac to terminate the pair’s strategic alliance agreement. The termination of the agreement with Petrofac satisfies one of the conditions of the company’s Lukoil and NewAge farm-out agreement.
Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the strategic alliance agreement shall terminate; however, the termination agreement is subject to completion of the farm out.
Kevin Hart, chief executive of Bowleven, said, “We have worked closely with Petrofac over the last two years and we appreciate their cooperation in reaching a mutually acceptable termination agreement.”
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