Scandoil  

Bowleven Etinde farm-out update: Presidential decree gazetted


Published Feb 25, 2015
Bowleven Plc

Bowleven says that the Presidential decree regarding the Etinde transaction has now been gazetted. This has satisfied the final outstanding condition of the farm-out process with LUKOIL and NewAge. The transaction is now scheduled to complete within 15 business days, at which point the company will receive the initial cash proceeds of approximately $170 million from LUKOIL and NewAge.

The farm-out transaction was announced on 24 June 2014 and comprises the acquisition of a 30% and additional 10% interest in Etinde by LUKOIL and NewAge, respectively, in return for an aggregate consideration of approximately $250 million. The proceeds comprise: •Approximately $170 million cash at completion (includes $5 million estimated working capital adjustment, subject to finalisation); •Up to $40 million (net) carry for two Etinde appraisal wells; •$15 million cash to be received on completion of appraisal drilling; and •$25 million cash contingent upon and to be received at Etinde development project FID.

Bowleven will retain a 20% interest in Etinde and operatorship transfers to NewAge.

Tags: Bowleven Plc




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml