Under the deal, which could total $250 million, LUKOIL would acquire a 35% stake in the concession and NewAge would raise its existing interest from 25% to 37.5%.
Additionally, NewAge subsidiary Camop would become operator of the permit.
According to Bowleven, there is sufficient in-place gas in the concession for a proposed fertilizer plant in Cameroon with potential for broader gas offtake opportunities, including the GDF-led CLNG scenario.
The partners plan to accelerate appraisal of the Intra Isongo reservoir interval encountered with the IM-5 well.
Conceptual work to date has focused on a phased hub-and-spoke development, with the IM field on block MLHP-7 within the permit area delivering the first phase of liquids and associated gas production.