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.

What's included

This report contains

  • Document

    Bowleven farms down Etinde (Cameroon) to LUKOIL and NewAge

    PDF 350.59 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Etinde Licence

Tables

  • Executive summary: Table 1
  • 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

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