Bowleven: Significant milestone reached in Cameroon

Bowleven, the Africa focused oil and gas exploration group traded on AIM, today said that a significant milestone has been achieved in the development of the Etinde Permit, offshore Cameroon.

Following a Special Operating Committee Meeting (OCM), held between the Cameroon State and the Contractor (EurOil and its partner CAMOP) on 21 May 2014, a formal resolution confirming the State’s support and approval of the Etinde Exploitation Authorisation Application (EEAA) has been signed. The formal decree is expected to follow in due course.

The EEAA, which was submitted to the Cameroon authorities for their approval in early January 2014, defines the means of monetising the Etinde hydrocarbons by supplying treated gas to a Government sponsored fertiliser plant and also through a liquefied natural gas (LNG) scheme. The award of the Exploitation Authorisation (EA) will give development and exploitation rights over block MLHP-7 for an initial period of 20 years.

Kevin Hart, Chief Executive of Bowleven plc, said:  “We are delighted to have achieved this key milestone in the plans to develop Etinde and to have taken this important step towards the award of an EA. We thank the State for signalling its support of the application and look forward to the support of the Head of State, H.E. President Paul Biya, via the official award. This will enable the progression of the exciting development opportunities on Etinde as we support Cameroon in its ambition to further develop its considerable hydrocarbon resources.”