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    1. Exploration & Development
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    Gabon: Perenco acquires Bowleven's EOV permit

    April 5, 2012
    Perenco SA has completed the purchase of a 100% equity interest in the EOV permit offshore Gabon from Bowleven PLC for $38.6 million including a working capital adjustment.

    Perenco SA has completed the purchase of a 100% equity interest in the EOV permit offshore Gabon from Bowleven PLC for $38.6 million including a working capital adjustment.

    Bowleven said the sale will provide it with additional working capital to progress its dual objectives of converting resources to reserves and further exploring the Douala basin in Cameroon. Including the sale proceeds, net cash balance is $160 million.

    About the Author

    Alan Petzet | Chief Editor Exploration

    Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.

    Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.

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