BowLeven Strikes $250 Million Etinde Farm-out Agreement With Lukoil, NewAge
June 24 2014 - 2:01AM
Dow Jones News
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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