BowLeven farms out stake in contract

From: Evening News - Scotland | Date: April 11, 2007| Author: | Copyright information

BOWLEVEN, the Edinburgh-based oil exploration company, has agreed a deal that will see it farm out half of its 100 per cent interest in its production-sharing contract covering the Epaemeno Block, in Gabon.

The AIM-listed group, which focuses its exploration efforts in Africa, said that in return for giving Addax Petroleum Epaemeno - a wholly-owned unit of Addax Petroleum Corporation - the half stake, Addax would cover the initial GBP 10.15 million exploration costs.

And, should exploration lead to a commercial discovery in the field, the deal would also commit Addax to covering the ...

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