Africa-focused oil and gas explorer Bowleven has secured exploitation authorisation for the Etinde development off the coast of Cameroon.
The Etinde exploration authorisation gives Bowleven and its joint-venture (JV) partners exploitation rights over block MLHP-7 for an initial period of 20 years, with an option to renew for an additional ten years.
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Bowleven chief executive Kevin Hart said: "The award is a significant milestone and enables the progression of the exciting development plans on Etinde.
"This is an important project for Cameroon and we are pleased to be able to support the country in its aim to further develop its hydrocarbon resources."
In June 2014, Bowleven sold a 50% stake in the Etinde oil and gas permit to Lukoil and NewAge for $250m.
The deal reduced Bowleven’s stake in the Etinde permit from 75% to 25% and made NewAge’s subsidiary Camop the operator.
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By GlobalDataBowleven said the transaction with Lukoil and NewAge allows accelerated appraisal drilling, intended to confirm the additional resources available for the expanding range of gas sales opportunities.
Bowleven holds equity stakes in five blocks in Cameroon, with three blocks located offshore in shallow water and two onshore.
The company has been awarded three blocks in Zambia, with applications pending on two blocks.
Image: Bowleven chief executive Kevin Hart. Photo: courtesy of Bowleven.
