Bowleven Plans to Acquire KNDL, Ruvuma PSA Stakes

Africa-focused oil and gas exploration group Bowleven announced Thursday that it plans to acquire a 25 percent interest in the Kiliwani North Development License (KNDL) and a 50 percent interest in the Ruvuma PSA, in Tanzania.

The company has signed a conditional heads of terms agreement with Aminex PLC for the acquisition of the asset interests, which includes an aggregate gross consideration of up to $28 million. Pre-transaction, Aminex holds a 55.575 percent operated interest in KNDL, with RAK Gas holding a 23.75 percent interest, Solo Oil holding a 6.175 percent interest, Bounty Oil & Gas holding a 9.5 percent interest and TPDC holding a 5 percent interest. Aminex also holds a 75 percent operated interest in the Ruvuma PSA, pre-transaction, with Solo Oil holding the remaining 25 percent.

Kevin Hart, chief executive at Bowleven plc, commented in a company statement:

“The decision to enter into this heads of terms with Aminex follows the extensive screening of a large number of opportunities in Africa. Consistent with the group’s strategy, the deal affords Bowleven the opportunity to participate in highly attractive production and material appraisal/exploration assets without compromising its robust balance sheet and strong capital discipline.

“In particular, the onshore Ruvuma acreage mirrors the near-term in-situ gas-to-power development possibilities being progressed at Bomono, whilst the extensive, material prospective resources open up the opportunity for substantial future gas sales via the existing proximal processing infrastructure and pipeline.  During the forthcoming period of exclusivity we look forward to working closely with Aminex in order to finalize the proposed transaction.”

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