BowLeven (BLVN) has announced that UK independent First Oil has acquired a 30 per cent stake in BowLeven's East African new ventures subsidiary, in return for providing funding of up to $9m (£5.8m) linked to an initial work programme ($6m net carry). First Oil has committed an additional $12.5m ($5m net carry) towards a contingent work programme.
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The companies have also agreed to jointly investigate first-mover exploration opportunities across the East African Rift System. As part of the agreement, First Oil has agreed to contribute up to $3.6m towards BowLeven's share of funding in any resulting investments.
