Petroleum Africa
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Wednesday, August 27, 2014
Bowleven reported that all the parties involved in the Lukoil/NewAge Etinde farm-out agreement have agreed to an extension to the longstop date. With the majority of conditions to transaction completion now satisfied, the longstop date has been extended by two months, the end of October. The extension will allow for the few remaining conditions to be satisfied.
The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship. The approval process by the Cameroon authorities has commenced and the longstop extension provides additional time to enable logistical arrangements to be made for this requisite step in the process.
Kevin Hart, Chief Executive of Bowleven plc, said: “We have made significant progress towards completion of the Etinde farm-out transaction. We look forward to the support of the Cameroon authorities in concluding the transaction approval process and in so doing facilitating the progression of Etinde development plans and enhancing the monetization of the Etinde acreage.”
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