Deal Insight

Bowleven farms down Etinde (Cameroon) to LUKOIL and NewAge

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03 July 2014

Bowleven farms down Etinde (Cameroon) to LUKOIL and NewAge

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

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:

  • Document

    Bowleven farms down Etinde (Cameroon) to LUKOIL and NewAge

    PDF 350.59 KB