{"id":14051,"date":"2023-11-10T15:17:29","date_gmt":"2023-11-10T15:17:29","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14051"},"modified":"2023-11-10T15:17:29","modified_gmt":"2023-11-10T15:17:29","slug":"cameroon-bowleven-provides-operational-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-bowleven-provides-operational-update\/","title":{"rendered":"CAMEROON: Bowleven Provides Operational Update"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Etinde, offshore&nbsp;Cameroon<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The contractual &#8216;long stop&#8217; 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\u00a0Cameroon\u00a0being 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.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Whilst the New Age\/Perenco transaction is awaiting completion, a limited &#8216;care and maintenance&#8217; 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.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Etinde, offshore&nbsp;Cameroon<\/p>\n","protected":false},"author":24,"featured_media":14052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[344,387,7982,1722,1990],"class_list":["post-14051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-bowleven","tag-cameroon","tag-etinde","tag-new-age","tag-perenco","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Cameroon-Etinde.webp?fit=432%2C388&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3ED","jetpack-related-posts":[{"id":12321,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-perenco-takes-over-operator-at-etinde-licence\/","url_meta":{"origin":14051,"position":0},"title":"CAMEROON: Perenco Takes Over Operator at Etinde Licence","author":"","date":"June 7, 2022","format":false,"excerpt":"Bowleven announces that it has been informed by New Age (African Global Energy) Limited (New Age), the operator of the Etinde JV, that New Age has signed a definitive conditional agreement with a subsidiary of Perenco S.A. to transfer all of New Age's participating interests in the Etinde permit, and\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Cameroon-Etinde.jpg?fit=432%2C388&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12426,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-perenco-takes-over-operatorship-at-the-etinde-licence\/","url_meta":{"origin":14051,"position":1},"title":"CAMEROON: Perenco Takes Over Operatorship at the Etinde Licence","author":"","date":"July 12, 2022","format":false,"excerpt":"Bowleven announces the expiry of the 30 day right of pre-emption period pertaining to New Age (African Global Energy) Limited's definitive conditional agreement with a subsidiary of Perenco S.A., to transfer all of New Age's participating interests in the Etinde permit and operatorship of the Etinde JV to Perenco. Neither\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Cameroon-Etinde.jpg?fit=432%2C388&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14200,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-perenco-delivers-a-notification-of-termination-on-the-conditional-sale-of-new-ages-participating-interests-in-the-etinde-permit\/","url_meta":{"origin":14051,"position":2},"title":"CAMEROON: Perenco Delivers a Notification of Termination on the conditional sale of New Age&#8217;s Participating Interests in the Etinde permit","author":"","date":"January 29, 2024","format":false,"excerpt":"Bowleven announces that it has today been informed by New Age (African Global Energy) Limited the operator of the Etinde JV, that New Age has received a Notification of Termination from a subsidiary of Perenco S.A. which terminates the conditional sale of New Age's participating interests in the Etinde permit,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Cameroon-Etinde.png?fit=699%2C458&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Cameroon-Etinde.png?fit=699%2C458&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Cameroon-Etinde.png?fit=699%2C458&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9756,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-new-age-receives-formal-approval-to-apply-for-a-new-etinde-exploitation-agreement\/","url_meta":{"origin":14051,"position":3},"title":"CAMEROON: New Age Receives Formal Approval to Apply for a New Etinde Exploitation Agreement","author":"","date":"January 25, 2021","format":false,"excerpt":"New Age Ltd (New Age), Operator of the Etinde licence, has received formal approval to apply for a new Etinde Exploitation Agreement (EEA). This would replace the\u00a0existing EEA which came into force by Presidential decree in January 2015. \u00a0The agreement was reached following discussions with the Government of Cameroon's representative,\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Cameroon-Etinde.jpg?fit=432%2C388&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10143,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-bowleven-provides-etinde-licence-operational-update\/","url_meta":{"origin":14051,"position":4},"title":"CAMEROON: Bowleven Provides Etinde Licence Operational Update","author":"","date":"March 31, 2021","format":false,"excerpt":"Etinde \u00b7\u00a0In December 2020 the Operating Committee gave the JV partners permission to apply for and negotiate a replacement EEA. The current licence continues to be in force until replaced. The new agreement would reflect a change in the development plan, focussing on the Cameroon gas thermal power generation sector\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Cameroon-Etinde.jpg?fit=432%2C388&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9271,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-etinde-reviewing-commercial-options-regarding-gas-offtake-condensate-marketing\/","url_meta":{"origin":14051,"position":5},"title":"CAMEROON: Etinde Reviewing Commercial Options Regarding Gas Offtake &#038; Condensate Marketing","author":"","date":"October 7, 2020","format":false,"excerpt":"The Etinde financing plan will likely comprise various layers, including senior project finance debt, vendor financing from contractors, offtakers and likely equity. The latter will be a function of the agreed field development concept and the associated capex. The next stage of this work effort will be the preparation of\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/Cameroon-Etinde.jpg?fit=432%2C388&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=14051"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14051\/revisions"}],"predecessor-version":[{"id":14053,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14051\/revisions\/14053"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14052"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}