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23 Jul 2013 07:00
23 July 2013
Bowleven plc ('Bowleven' or 'the Company')
Etinde Exploitation Authorisation Application (EEAA) update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that the process to integrate the recently-drilled IM-5 well results into the EEAA is well progressed.
With the successful IM-5 well demonstrating both a sufficient resource base to underpin the fertiliser scheme and resource potential to allow consideration of other schemes, the Cameroon authorities have requested that the EEAA be expanded to capture other additional gas off-take solutions (including the GDF Suez and SNH Cameroon LNG initiative) prior to submission. These schemes are in addition to Stage I of the Etinde development project which is based on supplying 70 mmscfd of dry gas to a planned fertiliser plant in Cameroon and for which Gas Sales Agreement (GSA) negotiations have now commenced.
The Cameroon authorities have indicated that an early grant of the Exploitation Authorisation is a priority and consequently, in line with timescales outlined by SNH, the final EEAA submission is planned for late Q3/Q4 2013.
Kevin Hart, Chief Executive of Bowleven, said:
"Good progress continues to be made on our path to development in Cameroon. We are focused on the planned phased development of Etinde and with the EEAA progressing well we are on track for FID."
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)
Tony White 00 44 207 628 1000
Derek Ross
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 the onshore Adamantine operated Block 11B in Kenya.
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 | the market of that name operated by the London Stock Exchange |
Bowleven | Bowleven plc (LSE:BLVN) and/or its subsidiaries as appropriate |
EurOil | EurOil Limited, an indirectly wholly owned subsidiary of the Company, incorporated in Cameroon |
Ferrostaal | Ferrostaal GmbH |
FID | final investment decision |
GDF | GDF Suez S.A. |
Group | the Company and its direct and indirect subsidiaries |
LNG | liquiefied natural gas |
mmscfd | million standard cubic feet of gas per day |
SNH | Société Nationale des Hydrocarbures, the national oil company of Cameroon |
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