Vitol Secures Stake in Etinde Permit



Bowleven announced that the Etinde Permit farm-out transaction entered into with Vitol is completed. The transaction comprised the acquisition by VEP of an initial 25% interest in Etinde, in return for funding a $100 million gross work program; and an option to acquire a further 25% interest, in return for funding an additional $100 million gross work program and paying $25 million in cash to the Bowleven group to progress Etinde activities. The Etinde Permit area comprises three shallow water blocks (MLHP-5, MLHP-6 and MLHP-7) in offshore Cameroon, West Africa.

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