BOWLEVEN, the Edinburgh-based oil explorer, has moved a step closer to a $250 million (£155m) deal over its key interest in Africa.
The company said that the Cameroon government had granted approval for it to assign 50 per cent of its interest in the Etinde permit to partners Lukoil and NewAge. The firm still requires final approval from the country’s president with the deadline for the deal extended from 31 October to 31 December.
Kevin Hart, chief executive of Aim-listed Bowleven, said: “We are ideally positioned to progress our assets and look forward to participating in two potentially high-impact drilling campaigns within the next 12 months.”
The deal with Russian energy giant Lukoil and African firm NewAge will see Bowleven’s stake in Etinde fall from 75 per cent to 25 per cent. Shares in the company dipped 1.75p to 30.5p.