Moscow Times June 24, 2014
Russia’s No. 2 oil producer LUKoil has bought a 37.5 percent share in the Etinde project off the coast of Cameroon from Edinburgh-based oil and gas explorer Bowleven, both companies said Tuesday in online statements. At the same time, New Age African Global Energy has bought a 12.5 percent stake from Bowleven, raising the group’s share to 37.5 percent.
The deals will see Bowleven’s share drop from 75 percent to 25 percent while earning $250 million from the sale. LUKoil and New Age will pay Bowleven a combined $170 million on completion of the deal, $40 million at the project’s final investment decision, which is expected in 2015, and will cover $40 million in costs for two appraisal wells, according to Bowleven.