African oil and gas exploration firm Bowleven has announced that First Oil has acquired a 30 per cent holding in its East African-focused ventures
Under the agreement, First Oil, a UK-based company, will fund around US$9mn for Bowleven’s existing oil and gas exploration activities across the East African Rift System (EARS). It is likely to give another US$12.5mn of an additional contingent work programme, company sources said.
First Oil may also contribute up to US$3.6mn towards Bowleven’s share of funding in any new investments.
Kevin Hart, chief executive of Bowleven, said, “We are delighted to welcome First Oil as a strategic partner in our early stage exploration activities in East Africa and we look forward to working with the team going forward in this exciting emerging area.”
