BowLeven Plc Bomono Permit - Licence Extension Granted (1877Z)

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RNS Number : 1877Z

BowLeven Plc

09 December 2014

9 December 2014

Bowleven plc ('Bowleven' or 'the Company')

Bomono Permit - Licence Extension Granted

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that the Cameroon authorities have granted a one year extension to the Bomono exploration licence, onshore Cameroon, to 12 December 2015 to allow for the completion of operations.

As previously announced, preparations for a two well exploration drilling programme on Bomono are underway. The rig has been mobilised to Cameroon and drilling operations are expected to commence around the end of the year.

ENQUIRIES

For further information please contact:

Bowleven plc

   Kevin Hart, Chief Executive                                          00 44 131 524 5678 

Kerry Crawford, Finance Director

Brunswick Group LLP

   Patrick Handley                                                            00 44 207 404 5959 

Simon Maine

Macquarie Capital (Europe) Limited (Nomad)

   Jon Fitzpatrick                                                              00 44 203 037 2000 

Ken Fleming

Nick Stamp

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.

On 24 June 2014, Bowleven announced that the Group had entered into a conditional farm-out agreement to sell an aggregate 40% (post government back-in) operated interest in the Etinde Permit, Cameroon to LUKOIL and NewAge. On completion of the farm-out transaction operatorship of the offshore Etinde Permit in Cameroon will transfer to NewAge.

Bowleven also holds an equity interest in an onshore block in Kenya, operated by Adamantine Energy, and has been awarded three blocks in Zambia, with applications on two blocks pending.

Notes to announcement:

1) There are no additional obligations arising from the licence extension. The two exploration wells planned on the Bomono Permit will fulfil the remaining work programme commitments.

Glossary:

The following are the main terms and abbreviations used in this announcement:

 
 AIM             the market of that name operated by the London 
                  Stock Exchange 
 Bomono Permit   the production sharing contract between the 
                  Republic of Cameroon and EurOil dated 12 December 
                  2007 in respect of the area of approximately 
                  2,328km(2) comprising former blocks OLHP-1 
                  and OLHP-2 onshore Cameroon; or, as the context 
                  may require, the contract area to which this 
                  production sharing contract relates 
 Bowleven        Bowleven plc (LSE:BLVN) and/or its subsidiaries 
                  as appropriate 
 EurOil          EurOil Limited, an indirectly wholly owned 
                  subsidiary of Bowleven plc, incorporated in 
                  Cameroon 
 LUKOIL          LUKOIL Overseas West Project Ltd, a subsidiary 
                  undertaking of OAO LUKOIL 
 NewAge          New Age (African Global Energy) Limited 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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