The transaction is set to complete early next month, when Bowleven will receive initial cash proceeds of about $170 million.

Bowleven will also receive a carry of up to $40 million on two Etinde appraisal wells, $15 million in cash once appraisal drilling has been completed and $25 million in cash if an Etinde project is sanctioned.

After the government backs in for a 20% stake and Bow­leven farms out a 30% stake to Lukoil and an additional 10% to privately-owned NewAge, it will retain a 20% stake in Etinde.

NewAge