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Bowleven Farms out Bomono Permit to Africa Fortesa Corp

Source: www.gulfoilandgas.com 6/27/2014, Location: Africa

Bowleven has entered into a conditional drill-to-earn arrangement with privately held Africa Fortesa Corp Ltd (AFC) and its affiliate subject, inter alia, to approval by the Cameroon government.

In return for drilling two exploration wells at cost on the Bomono Permit, AFC will earn a 20% interest in the Bomono Permit. Based on the terms of the arrangement the budgeted cost of the two well programme (excluding testing) net to Bowleven is estimated to be approximately $13 - $15 million. Drilling is envisaged to commence prior to the end of 2014.

AFC, through its wholly owned subsidiary, Africa Onshore Drilling, has drilled numerous successful wells onshore West Africa and in Senegal, a number of which are currently producing for gas-to-power.

Further updates, including update upon satisfaction/waiver of all conditions precedent to the arrangement, will be made in due course. In addition to the above arrangement, Bowleven is continuing discussions in relation to a further farm-out of part of its interest in the Bomono Permit in advance of drilling.

For more information about related Opportunities and Key Players visit West Africa Projects

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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 

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