Bowleven extends farm-out long-stop date by two months

26th Aug 2014 14:54

AIM-listed oil and gas group Bowleven has extended its completion date of the Lukoil/NewAge Etinde farm-out agreement by two months to 31 October, enabling a few remaining conditions to be satisfied. The main condition that still needs to be met is the approval by the Cameroon government of the transfer of the equity interest and operatorship.Bowleven's chief executive, Kevin Hart, said: "We have made significant progress towards completion of the Etinde farm-out transaction. "We look forward to the support of the Cameroon authorities in concluding the transaction approval process and in so doing facilitating the progression of Etinde development plans and enhancing the monetisation of the Etinde acreage". The share price had fallen 6.37% to 32.77p by 14:20 on Tuesday.NR