Lukoil said the transaction will be completed upon approval by Bowleven shareholders and the government of Cameroon.
In addition, New Age (African Global Energy) Ltd. will acquire another 12.5% from Bowleven, bringing New Age’s total to 37.5%. When both transactions are closed, Bowleven will retain 25% and yield its rights as project operator to New Age.
Etinde includes three blocks covering 2,300 sq km in the Gulf of Guinea near the border with Equatorial Guinea.
Sixteen wells have been drilled at Etinde, and two more are scheduled for 2015. A final investment decision regarding further development is expected in 2015.