Bowleven in strong position for offshore Cameroon well campaign

Offshore staff

EDINBURGH, UK – Bowleven has received the $15 million cash proceeds payable under its farm-out transaction with LUKOIL and NewAge for the Etinde concession offshore Cameroon.

As of Sept. 30, Bowleven had cash reserves of around $100 million and no debt.

Under the terms of the farm-out, the company also has access to a $40 million (net) carry on drilling and testing. Thus should cover its share of two appraisal wells on Etinde, with a further $25 million cash receivable once a final investment decision has been taken.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...