CAMEROON: Bowleven Provides Operational Update

Etinde, offshore Cameroon

• In June 2022, New Age announced that it had signed a conditional agreement to sell operatorship and their 37.5% gross stake in Etinde to Perenco SA for an undisclosed sum, subject to the resolution of a number of conditions precedent, including regulatory approval from SNH. This transaction has not yet completed.

• The contractual ‘long stop’ date of 12 months from signature passed in July 2023; New Age and Perenco informally agreed to extend this date until completion is possible. We understand that the conditions precedent have yet to be met with formal approval of the transaction by the Government of Cameroon being the most significant issue. We continue to believe that governmental approval will be forthcoming and the transaction will complete either in late 2023 or more likely early 2024. However, this has remained outstanding for a significant period and Bowleven reminds stakeholders that there can be no guarantee that it will complete, nor as to the timing of completion.

• Whilst the New Age/Perenco transaction is awaiting completion, a limited ‘care and maintenance’ Etinde Permit work plan and budget for 2023 has been approved by the JV partners on a quarter-by-quarter basis. New Age have proposed that the JV partners submit a similar proposal for FY2024 at the next OCM meeting with SNH.