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The deal will be closed after a clearance by Cameroon’s authorities and permission by the Bowleven shareholders.
Etinde is located near the border with Equatorial Guinea. The operators are making estimates of the field’s reserves. According to Lukoil, 13 out of 16 drilled wells on the field have oil.
U.K. New Age which already holds a 25% stake in Etinde bought 12.5% of the operator’s shares more from Bowleven, and Bowleven thus cut its stake to 25%.