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Akin Gump Advises LUKOIL on Investment in Cameroon Shelf Oil and Gas Project

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Akin Gump has announced that it is advising LUKOIL in relation to the company's acquisition of a 37.5 percent interest in the Etinde Permit, offshore Cameroon, from Bowleven Plc., the Africa-focused oil and gas exploration group traded on AIM.

The Etinde contract area is located in the Gulf of Guinea near the border with Equatorial Guinea and includes three license blocks for the extraction of oil and gas with a total area of 2,300 square kilometers.

Alongside LUKOIL, the British company NewAge (African Global Energy) Limited, already the holder of a 25 percent stake, acquires an additional 12.5 percent interest in the Etinde Permit from Bowleven. Camop, a wholly owned subsidiary of NewAge, will become operator of the Etinde Permit following completion.

The conditional agreement is subject to regulatory approval by the Cameroon government and Bowleven shareholders.

The Akin Gump team advising LUKOIL is led by Moscow energy Partner Natalia Baratiants and London corporate and energy Partner Marc Hammerson and is drawn from the firm’s London and Moscow offices. 

 

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