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Update on Petrofac Strategic Alliance Agreement

Source: www.gulfoilandgas.com 7/15/2014, Location: Africa

Bowleven has reached a mutually acceptable agreement with Petrofac to terminate the Strategic Alliance Agreement. This satisfies one of the conditions of the LUKOIL and NewAge farm out transaction announced on 24 June 2014. The termination agreement is subject to completion of the farm-out.

Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the Strategic Alliance Agreement shall terminate.

Kevin Hart, Chief Executive of Bowleven plc, said:
“We have worked closely with Petrofac over the last two years and we appreciate their co operation in reaching a mutually acceptable termination agreement.”

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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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