THIS ANNOUNCEMENT RELATES TO THE
DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS
INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET
ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
25 January 2024
Bowleven plc ('Bowleven' or 'the
Company')
Termination of Transaction between
Perenco and NewAge (African Global Energy) Limited
Bowleven, the Africa focused oil and
gas group with a key interests in Cameroon, announces that it has
today been informed by New Age (African Global Energy) Limited
('New Age'), the operator of the Etinde JV, that New Age has
received a Notification of Termination from a subsidiary of Perenco
S.A. ('Perenco') which terminates the conditional sale of New Age's
participating interests in the Etinde permit, and operatorship of
the Etinde JV, to Perenco, which was announced by Bowleven on 7
June 2022 (the 'Transaction').
The Company has commenced
discussions with its Etinde Joint Venture partners with the aim of
agreeing an updated development plan and work programme for
Etinde.
Eli
Chahin, Chief Executive Officer of Bowleven plc,
said:
"The termination of the Transaction
between New Age and Perenco, is unfortunate as we believed it could
have represented an opportunity to accelerate development progress
at Etinde. We will now need to re-address the proposed development
plan with our Joint Venture partners, as well as with the
regulatory authorities, to assess the efforts now required to
secure FID. We will update shareholders in relation to Etinde
developments in due course."
ENQUIRIES
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For further information, please
contact:
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Bowleven plc
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Eli Chahin, Chief
Executive
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00 44 20 3327 0150
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Camarco (Financial PR)
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Owen Roberts
Hugo Liddy
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00 44 20 3757 4980
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Shore Capital Ltd (NOMAD and Broker)
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Robert Finlay
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00 44 20 7408 4090
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Daniel Bush
Angus Murphy
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This announcement may include statements that are, or may be
deemed to be "forward-looking statements". These
forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes",
"estimates", "anticipates", "projects", "expects", "intends",
"may", "will", "seeks" or "should" or, in each case, their negative
or other variations or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events or
intentions. These forward-looking statements include all
matters that are not historical facts. They include
statements regarding the Company's intentions, beliefs or current
expectations concerning, amongst other things, the results of
operations, financial conditions, liquidity, prospects, growth and
strategies of the Company and its direct and indirect subsidiaries
(the "Group") and the industry in which the Group operates.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Group's actual results of operations,
financial conditions and liquidity, and the development of the
industry in which the Group operates, may differ materially from
those suggested by the forward-looking statements contained in the
announcement. In addition, even if the Group's results of
operations, financial conditions and liquidity, and the development
of the industry in which the Group operates, are consistent with
the forward-looking statements contained in the announcement, those
results or developments may not be indicative of results or
developments in subsequent periods. In light of those risks,
uncertainties and assumptions, the events described in the
forward-looking statements in the announcement may not occur.
Other than in accordance with the Company's obligations under the
AIM Rules for Companies and the Market Abuse Regulations, the
Company undertakes no obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future events or otherwise. All written and oral
forward-looking statements attributable to the Company or to
persons acting on the Company's behalf are expressly qualified in
their entirety by the cautionary statements referred to above and
contained elsewhere in the announcement.
The information contained within this announcement is
considered to constitute inside information as stipulated under
Article 7 of the Market Abuse Regulations (EU) No.596/2014 as
incorporated into UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR"). Upon the publication of
this announcement via a regulatory information service, this inside
information will be considered to be in the public domain.
For the purposes of UK MAR, the person responsible for arranging
for the release of this information on behalf of the Company is Eli
Chahin.
Notes to Editors:
Bowleven plc is an African focused
oil and gas group, based in London and traded on AIM. It is
dedicated to realising material shareholder value from its Etinde
asset in Cameroon, whilst maintaining capital discipline and
employing a rigorously selective approach to other value-enhancing
opportunities. Bowleven holds a strategic
equity interest in the offshore, shallow water Etinde permit
(operated by New Age) in Cameroon.