Last checked at 26 Nov 2012 07:00
26 November 2012
Bowleven plc ('Bowleven' or 'the Company')
Etinde Exploitation Authorisation Application (EEAA) submitted
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that it has submitted the formal Etinde Exploitation Authorisation Application (EEAA) to the Cameroon authorities as planned. This formal EEAA submission follows an earlier draft supplemented with in-country workshops with SNH to support the application. The submission represents a further step towards the delivery of the key requirements that will enable the final investment decision for the Etinde development, anticipated in H2 2013. The first stage of the 'hub and spoke' development scheme within the EEAA will focus on the development of the discoveries on block MLHP-7, with first production targeted to occur in 2016.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Head of Investor Relations
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Catriona McDermott
Bank of America Merrill Lynch (Nomad)
Derek Ross 00 44 207 628 1000
Tony White
Notes to Editors:
Bowleven is an African focused oil and gas exploration group, based in Edinburgh and traded on AIM. Bowleven's strategy is focused on creating and realising material value through exploration led organic growth. Bowleven holds equity interests in five blocks in Cameroon, with three blocks located offshore in shallow water and two onshore. All of these blocks are operated by Bowleven. Bowleven also holds an equity interest in an onshore block in Kenya operated by Adamantine Energy.
Notes to Announcement:
(1) The information in this release reflects the views and opinions of Bowleven as operator and has not been reviewed in advance by its joint venture partners.
GLOSSARY OF TERMS
The following are the main terms and abbreviations used in this announcement:
AIM | Alternative Investment Market |
Bowleven | Bowleven plc and/or its subsidiaries as appropriate |
Etinde Permit or Etinde | the production sharing contract between the Republic of Cameroon and EurOil Limited (an indirectly wholly owned subsidiary of the Company) dated 22 December 2008 in respect of the area of approximately 2,316 km², comprising former blocks MLHP-5, MLHP-6 and MLHP-7, offshore Cameroon; or, as the context may require, the contract area to which this production sharing contract relates |
EEAA | Etinde exploitation authorisation application |
SNH | Société Nationale des Hydrocarbures, the national oil company of Cameroon |