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LONDON (Alliance News) - Oil and gas exploration company Bowleven PLC Friday said it has entered into a drill-to-earn arrangement with privately held Africa Fortesa Corp Ltd (AFC), whereby AFC will earn a 20% interest in Bowleven's Bomono permit in return for drilling two exploration wells.
The AIM-listed company said that, based on the terms of the arrangement and the budgeted cost of the well programme, the value of the arrangement net to Bowleven is estimated to be around USD13 million to USD15 million.
Drilling at the site in Cameroon is expected to start before the end of 2014.
Bowleven said it is in discussions regarding further farm-outs of the Bomono permit in advance of drilling.
Bowleven shares were quoted down 0.7% at 38.00 pence Friday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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