This contains undeveloped oil and gas finds the company hopes to bring onstream.
The farm out deal appears to put a
New Age, an African firm with which
"I am delighted that
Shares in the firm closed up six per
"We think it's a good deal for shareholders," she said.
Ms Crawford noted
She said with a significant company like
The farm-out deal with New Age has been agreed after it emerged that
In January, the judge in a
Ms Crawford said an arbitration process involving the firms had been stayed. It will be dropped by both parties if the farm out completes.
New Age will increase its holding to 37.5% from 25%.
Camop will assume operatorship of Etinde from
In April the company said it had become more likely that it would make a decision about whether to sanction the huge investment required to develop finds on the permit around the end of this year, rather than by the summer.
In its interim results announcement in April Bowleven said:
"The Board believe that additional funds can be raised from any one of a number of sources ... but note that as this has not been secured at the date of this report it creates a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern."
The farm outs are conditional on them being approved by the
There are around 324m shares in the company in issue.