Bowleven farms down 75 percent of Etinde to Lukoil, NewAge

Less than a month after the government finally approved its development plan for the Etinde permit, Bowleven has reached a conditional farm-out deal with Lukoil and NewAge. The Edinburgh-based company will reduce its interest from 75% to 25%, and NewAge subsidiary Camop will take over the operatorship. The deal is worth around $250m, comprising $170m at completion, another $40m due at the final investment decision for the Etinde development project and on completion of appraisal drilling, and a $40m cost carry for two appraisal wells.