Flash note: Proposed Tanzanian acquisition
Bowleven has announced a proposed acquisition of Tanzanian assets from Aminex. The $28m deal (funded by a mixture of cash, carry, shares and contingent payments) will add a 25% interest in the Kiliwani North Development gas project and a 50% interest in the Rovuma PSA (appraisal/exploration). The Kiliwani North project is expected to produce first gas by the end of 2015, bringing in cash flows to offset Bowleven’s $10m carry of the Rovuma PSA work programme, where an existing discovery could be further de-risked and further upside explored for. Following this announcement and the recent full-year results, we expect to update our valuation and financial projections shortly.Bowleven is an oil and gas company focused on Africa, where it holds a combination of development and exploration interests in Cameroon. Co.'s assets are aggregated into a single reporting segment: Africa operations, which focus on exploration and appraisal activities in Cameroon. All assets that are aggregated in this segment are in the exploration phase.
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