Bowleven, on Monday announce that it has received $15 million payment under the Etinde farm-out agreement with Lukoil and NewAge.

Under the terms of the agreement, Bowleven also has a $40 million net, drilling and testing carry expected to cover the company’s share of two appraisal wells on Etinde, and another $25 million cash to be received on final investment decision, Energy-pedia reports.

The Etinde Permit lies in shallow water adjacent to the coast. A number of hydrocarbon finds including oil, condensate and gas have been discovered. The Group’s net contingent resource volumes are 58 Mmboe.NewAge is the operator of the permit with 30% interest alongside Bowleven with 20%, Lukoil with 30%, and SNH with 20%.

Last year March, Bowleven completed the Etinde farm-out transaction with Lukoil and NewAge. The transaction included the acquisition of a 30% interest by Lukoil and another 10% interest by NewAge in Etinde, for collective consideration of about $250 million.After the transaction was completed, Bowleven maintained a 20% interest in Etinde while the operatorship of Etinde was transferred to NewAge.

Anita Fatunji