Vitol signs deal on Cameroon permit
Aug 12, 2009 02:00 AM
Vitol E&P said it has entered into a farm-in agreement with Africa-focused Bowleven covering the Etinde permit in
Cameroon.
"The transaction has two parts," Vitol said. "Firstly, the acquisition by Vitol of an initial 25 % stake in Etinde,
in return for funding a $ 100 mm work programme. Secondly, an option to acquire a further 25 % interest, in return
for funding an additional $ 100 mm gross work programme and paying $ 25 mm in cash to the group to progress Etinde
activities."
The Etinde permit area comprises three shallow water blocks off Cameroon.
The farm-in is still subject to regulatory approval.
