Scotland business

Bowleven sells Cameroon field stakes for £169m

Cameroon oil workers Image copyright Bowleven

Oil explorer Bowleven has completed the sale of major stakes in its Etinde development in Cameroon under a deal worth up to $250m (£169.4m).

The Edinburgh-based firm sold a 30% stake to Russian oil giant Lukoil and a further 10% to Africa-focused oil and gas company NewAge.

Bowleven has received an initial £112m in cash under the farm-out agreement.

The company has transferred the operatorship of Etinde to NewAge, and retains a 20% non-operated interest.

The Etinde Permit is located across the Rio del Rey and Douala basins.

Bowleven said the sale of the stakes would enable the progression of appraisal and development activities on Etinde.

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