Africa focused explorer Bowleven's Etinde Exploitation Authorisation (EA) has been formally signed by the President of Cameroon, paving the way for the firm to develop the Etinde area.
The EA gives Bowleven and its partners, which will include SNH, the Cameroon State oil company, development and exploitation rights over block MLHP-7 for an initial 20 years, with the option to renew for up to a further 10 years.
Initial development plans are focused on the IM field on block MLHP-7 and initial dry gas sales are envisaged to be to a proposed fertiliser plant enabling liquids production, says Bowleven.
"With significant upside potential on the Permit, additional gas offtake solutions are also being considered, in particular Cameroon LNG (CLNG). The transaction with LUKOIL and NewAge, announced 24 June 2014, enables accelerated appraisal drilling, aimed at confirming the additional resources available for the expanding range of gas sales opportunities."
Kevin Hart, CEO of Bowleven, said: “The (EA) award is a significant milestone and enables the progression of the exciting development plans on Etinde. This is an important project for Cameroon and we are pleased to be able to support the country in its aim to further develop its hydrocarbon resources”.
Read more: Bowleven bags partners for Etinde