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Bowleven Completes Etinde Farm-Out Transaction

Source: www.gulfoilandgas.com 6/17/2010, Location: Africa

Bowleven, the West Africa focused oil and gas exploration group listed on AIM, is pleased to announce that the Etinde Permit (Etinde) farm-out transaction entered into with Vitol E&P Limited (Vitol) has completed.

The farm-out transaction announced on 12 August 2009 comprises the acquisition by Vitol of an initial 25 percent interest in Etinde in return for funding a $100 million gross work programme. Vitol also has an option (exercisable on or before 30 September 2010) to acquire a further 25 percent interest in Etinde in return for funding a further $100 million gross work programme and paying $25 million in cash to Bowleven to progress Etinde activities.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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