Deal Insight
Bowleven farms down Etinde (Cameroon) to LUKOIL and NewAge
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Report summary
Bowleven is selling 50% of its interest in the Etinde permit for up to US$250 million. LUKOIL will acquire a 37.5% interest and NewAge will increase its interest in the licence from 25% to 37.5%. Wood Mackenzie values the net 40% stake (post-government back-in) at US$473 million (NPV10, June 2014), which is nearly double the consideration price. Our valuation falls to US$227 million under a 15% discount rate, which may better reflect the perceived above ground risk.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
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Upsides and risks
- Upside
- Risks
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Strategic rationale
- Bowleven
- Lukoil
- NewAge
- Oil & gas pricing and assumptions
Tables and charts
This report includes 8 images and tables including:
- Executive summary: Table 1
- Etinde Licence
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
