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Pin to quick picksBowleven Share News (BLVN)

Share Price Information for Bowleven (BLVN)

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Share Price: 0.175
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Change: -0.025 (-12.50%)
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BowLeven Secures Presidential Signature For Etinde Farm Out Deal

Fri, 09th Jan 2015 16:38

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

Copyright 2015 Alliance News Limited. All Rights Reserved.

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