Gulf Oil and Gas accountACCOUNT

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

Acquisitions and Divestitures News in Cameroon >>

Mexico >>  5/16/2019 - Ophir Energy has signed a Sales and Purchase Agreement ('SPA') relating to the sale of its 23.33% interest in Block 5 (Cuenca Salina), offshore Mexico...
Australia >>  5/14/2019 - Vintage Energy has executed a binding Heads of Agreement with Firetail Energy Services for it to become a joint venture partner in the EP126 permit (o...

Mexico >>  5/13/2019 - Equinor has exercised its preferential rights to acquire an additional 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a tot...
Trinidad and Tobago >>  5/13/2019 - Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, is pleased to announce that it...

Indonesia >>  5/8/2019 - Sonoro Energy has announced that along with its Indonesian partner Menara Global Energi, an affiliate of a substantial Indonesian company, it has been...
Gambia >>  5/1/2019 - African Petroleum notes recent media articles stating that BP has signed an agreement with the Gambian government in relation to Block A1 in The Gambi...

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 


Cameroon Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Cameroon >>

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.