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Cameroon’s Etinde permit gets possible farm-in deal
afrol News, 12 August- The Vitol Group, has announced that it has entered into a farm-in agreement with Bowleven, the African focused oil and gas company, in respect of the Etinde Permit (Etinde, Cameroon). The proposed farm-in is however conditional upon normal regulatory approval by the Cameroon Government.
The company said in a statement today that the transaction has two parts. “Firstly, the acquisition by VEP of an initial 25 percent interest in Etinde, in return for funding a US $100 million gross work programme. Secondly, an option to acquire a further 25 percent interest, in return for funding an additional US $100 million gross work programme and paying US $25 million in cash to the group to progress Etinde activities,” explained the company statement, further adding that these investments will facilitate a significant exploration and appraisal programme and, if successful, move the assets towards development.
By staff writer
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