Oil and gas exploration firm Bowleven has sold a 40% stake in its Etinde permit, offshore Cameroon, in a deal worth approximately $250m.

The company also sold a 30% stake to Lukoil and a further 10% to NewAge (African Global Energy). Bowleven has received an initial £112m in cash under the farm-out agreement.

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Bowleven has transferred the operatorship of Etinde to NewAge, and retains a 20% non-operated interest.

State-owned Societe Nationale des Hydrocarbures of Cameroon will hold a 20% interest in the permit.

"Bowleven has transferred the operatorship of Etinde to NewAge, and retains a 20% non-operated interest."

Bowleven chief executive Kevin Hart said: "The resulting consideration of cash and carry, together with the expanded and strengthened joint venture, will enable the progression of appraisal and development activities on Etinde.

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"Planning for the appraisal drilling on the Intra Isongo is already underway, with locations for the two wells nearing finalisation. With a carry in place to cover our share of drilling and testing, we are looking forward to appraising this exciting reservoir interval."

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The Etinde permit, which lies in shallow water adjacent to the coast, currently features blocks MLHP-5, MLHP-6 and MLHP-7.

Offshore Cameroon is divided into two hydrocarbon provinces, the Rio Del Rey Basin and the Douala Basin, which were formed after rifting between Africa and South America.

The permit sits across both basins, with block MLHP-7 and part of block MLHP-6 within the Rio Del Rey Basin, and block MLHP-5 and the southern part of block MLHP-6 within the Douala Basin.