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.”
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension