Bowleven, the Africa focused oil and gas group with a key interest in Cameroon, has been informed by New Age (African Global Energy), the operator of the Etinde JV, that New Age has received a Notification of Termination from a subsidiary of Perenco which terminates the conditional sale of New Age's participating interests in the Etinde permit, and operatorship of the Etinde JV, to Perenco, which was announced by Bowleven on 7 June 2022.
The Company has commenced discussions with its Etinde Joint Venture partners with the aim of agreeing an updated development plan and work programme for Etinde.
Eli Chahin, Chief Executive Officer of Bowleven plc, said:
'The termination of the Transaction between New Age and Perenco, is unfortunate as we believed it could have represented an opportunity to accelerate development progress at Etinde. We will now need to re-address the proposed development plan with our Joint Venture partners, as well as with the regulatory authorities, to assess the efforts now required to secure FID. We will update shareholders in relation to Etinde developments in due course.'
Source: Bowleven
