Perenco withdraws from planned Etinde acquisition offshore Cameroon

Offshore staff

EDINBURGH, UK — New Age (African Global Energy) has received a notification of termination from a subsidiary of Perenco of a conditional sale concerning the Etinde permit offshore Cameroon.

The agreement, announced in June 2022, would have involved New Age transferring its operating interest in the permit to Perenco.

Partner Bowleven said the existing co-venturers would now work on an updated development plan and work program.

Bowleven CEO Eli Chahin 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 readdress 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.”

The shallow-water permit in the Rio Del Rey Basin includes numerous oil, gas and condensate discoveries.

01.26.2024