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(Image courtesy of Bowleven)

Bowleven will sell a 50 percent stake in its offshore Etinde project in Cameroon for $250 million, the company announced on Tuesday.

The stake will be acquired by Lukoil and New Age.

Edinburgh-based Bowleven’s stake in the Etinde project decrease from 75 percent to 25 percent.

Bowleven CEO Kevin Hart said the farm out deal will strengthen the group’s balance sheet and allow it to focus on the company’s “proven exploration skill set”.

Hart said, “Bowleven’s strategy is to focus on our core strengths of exploration and appraisal and enable the conversion of resources to reserves, ensuring that we realise value for shareholders at the appropriate time. This transaction endorses the value of Etinde while allowing us ongoing participation in its significant remaining potential.”