Vitol Exploration and Production Limited (Vitol), part of the Vitol Group , is pleased to announce that the Etinde Permit (Etinde), Cameroon, farm-out transaction entered into with Bowleven, the West Africa focused oil and gas exploration group listed on AIM, has completed.
The farm-out transaction, announced on 12 August 2009, comprises the acquisition by Vitol of an initial 25 percent interest in Etinde in return for funding a $100 million gross work programme. Vitol also has an option (exercisable on or before 30 September 2010) to acquire a further 25 percent interest in Etinde in return for funding a further $100 million gross work programme and paying $25 million in cash to Bowleven to progress Etinde activities.
Chris Joly, Vitol’s Upstream Manager, said “We are delighted that the farm out transaction is now complete. Our partnership with Bowleven represents an important new development in Vitol’s exploration and production activity and we look forward to working closely with them”.