Bowleven has reached agreement in principle with SNH on the key terms of a production sharing contract (PSC) for the Etinde Permit in Cameroon.
The PSC, which will contain the fiscal terms attaching to the acreage, also envisages a further 3 year exploration phase commencing from the date of signature of the contract. The award of the PSC is subject to final approval by the relevant government ministries.
It is anticipated that a PSC signing ceremony will occur with the Minister of Mines, Industry and Technological development prior to the end of 2008.
Kevin Hart, Chief Executive said, "I'm delighted with the constructive, encouraging and pro-active approach exhibited by SNH which has enabled us to negotiate agreed contract terms in a very short timescale.
"The resulting agreement, once signed, will provide the framework for Bowleven and the Government of Cameroon to move forward quickly with the further exploration, appraisal and development of the Etinde Permit for the benefit of all stakeholders."
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