Bowleven making progress with Etinde blocks

Africa-focused oil and gas exploration group Bowleven saw its shares edge ahead after it revealed it has submitted an exploration application relating to its three blocks offshore Cameroon, West Africa. The company's Etinde Exploration Authorisation Application (EEAA) covers the Etinde Permit area featuring Bowleven's three shallow water blocks. Bowleven said the EEAA defines the means of monetising the Etinde hydrocarbons by supplying treated gas to a government sponsored fertiliser plant and also through a liquefied natural gas scheme. According to the update, the application was submitted to Cameroon authorities for their approval on January 6th 2014. Cameroon's Ministry of Mines has confirmed receipt of the application and has advised it will respond to it once Société Nationale des Hydrocarbures, the national oil and gas company of Cameroon, has issued its technical opinion. As well as a 75% stake in the three offshore blocks, Bowleven holds 100% of the onshore Bomono permit onshore Cameroon. All the blocks are operated by Bowleven. In midday trade Bowleven shares were ahead a penny to 36p, valuing the company at £115m. KP