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LONDON (Alliance News) - Oil and gas exploration group BowLeven PLC saw its shares rise on Friday after it said the President of Cameroon has signed the necessary paperwork in relation to the Etinde project farm-out deal with Russian oil company OAO Lukoil and NewAge.
BowLeven shares were up 13.6% to 33.50 pence per share on Friday afternoon.
In October, Bowleven said the Cameroon government had approved the assignment of equity interests in Etinde to the nominated affiliates of Lukoil and NewAge. The President has now signed the formal decree which has approved the deal.
"We await formal written notification and the subsequent gazetting of the decree, the final condition of the Etinde farm-out transaction," it said in a statement.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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