CAMEROON: Bowleven Provides Etinde Licence Operational Update

Etinde

· In December 2020 the Operating Committee gave the JV partners permission to apply for and negotiate a replacement EEA. The current licence continues to be in force until replaced. The new agreement would reflect a change in the development plan, focussing on the Cameroon gas thermal power generation sector as the base level use of Etinde gas.

· During 2020, the JV partners completed:

o FEED on the development facilities and associated pipeline infrastructure combined with Health, Safety, Security and Environment (HSSE), pipeline route surveys, reservoir risk analysis and mitigation and the preparation of the initial sub-surface drilling plan

o FEED builds on previously completed extensive pre-FEED studies undertaken in 2019

o Reprocessed the Seismic data for the entire licence area.

· The JV partners have also undertaken to continue commercial activities focused around a liquids-based development alongside discussion of sales terms with potential gas, condensate and LPG off-takers.

· New Age and Bowleven jointly appointed Cofarco (a Paris based financial advisory business) as lead advisor in relation to raising debt finance to fund Etinde development.