Bowleven sweats on Cameroon presidential signature

Cameroon-focused oil explorer Bowleven has allowed extra time for the completion of the farm-out agreement over its Etinde project as it continued to sweat over presidential approval.

Having in October said the only remaining formality to the completion of the transaction was the gazetting of the signed Presidential decree, the Aim-listed company has revealed that the presidential signature remained un-inked but was "imminent".

As such, while Bowleven's management acknowledged that the formal gazetting of the decree "remains achievable" by 31 December 2014, the company and the potential farm-out partners Lukoil/Newage have agreed to an extension to the longstop date to 28 February 2015 to allow additional time if required.

The company noted that the Etinde exploration production sharing contract (PSC) which covers the Etinde permit acreage not included within the Etinde Exploitation Authorisation (EEA) awarded in July 2014, formally expired on 22 December 2014.

Bowleven has applied for a new PSC over this area and discussions to retain this acreage are underway with the Cameroon authorities, it said.

Current Etinde development plans are focused on the 461km-square area covered by the EEA which gives exploitation and development rights for an initial period of 20 years.