Gulf Oil and Gas accountACCOUNT

Bowleven Provides Notice of Results & Corporate Update

Source: 10/7/2020, Location: Africa

Bowleven, the Africa focused oil and gas exploration Group traded on AIM, will announce its Full Year Results for the year ended 30 June 2020 on 5 November 2020. The Company intends to host a conference call for investors on the day, the details of which will be provided in a subsequent announcement.

Despite the challenges of COVID-19, the Company together with its joint venture ('JV') partners, continue to make good progress on the Etinde development, offshore Cameroon. As part of the development planning, and following the appointment of TechnipFMC as lead contractor, Front End Engineering Design ('FEED') work is continuing alongside other workstreams including field optimisation and commercial discussions with key stakeholders.

The Etinde financing plan will likely comprise various layers, including senior project finance debt, vendor financing from contractors, offtakers and likely equity. The latter will be a function of the agreed field development concept and the associated capex. The next stage of this work effort will be the preparation of the Field Development Plan ('FDP') and Preliminary Information Memorandum ('PIM') and associated suite of lender due diligence reports, in preparation for financing discussions. Bowleven has engaged a financial advisor to assist with this.

As part of the FEED process, the JV partners are currently reviewing a number of commercial options regarding gas offtake and condensate marketing. Also, as a result of the work restrictions imposed by COVID-19, the timeline for the project's Final Investment Decision ('FID') is now expected in mid-2021.

The JV continues to benefit from a collaborative working relationship with a wide range of stakeholders to obtain the support required to reach FID, which represents the key objective in the short term. This includes the JV obtaining the licence extension at Etinde. All parties are confident of achieving this and will update the market further in the release of Full Year End results.

Development News in Cameroon >>

United Kingdom >>  11/30/2020 - Angus Energy plc (ANGS) is pleased to announce, further to the RNS of 23 September 2020, that, together with its partner, Saltfleetby Energy Limited (...
United Kingdom >>  11/26/2020 - Union Jack Oil plc, a UK focused onshore hydrocarbon production, development and exploration company are pleased to announce an update on the developm...

Australia >>  11/24/2020 - Santos welcomes Federal Environment Minister Sussan Ley’s approval of the Narrabri Gas Project and will now embark on a 12-18 month appraisal program ...
United Kingdom >>  11/20/2020 - HIGHLIGHTS
Strong financial position and robust producing assets, despite low gas price environment ...

United States >>  11/19/2020 - Highlights

- 33% increase in 2C contingent resource, taking total gross Alaskan North Slope 2C resources within Oil Search’s portfol...

Egypt >>  11/17/2020 - Petroleum Minister Tarek el Molla held a meeting via video conference with Australian Ambassador here Glenn Miles to discuss bilateral cooperation and...

Cameroon Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Cameroon >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.