British group Bowleven which operates in Cameroon under the Euroil label announced that the government has formally committed to authorising the issuance of a gas permit for the Etinde project.

The commitment made following a meeting held on May 21 between heads of Bowleven and representatives of the Cameroonian government should be realised with a mining permit provided by presidential decree and should be for an initial duration of 20 years.

“We are delighted to have made this first step in the development of the Etinde project and to have made progress towards securing a permit. We would like to thank the Cameroonian government for its support and are now awaiting approval from His Excellency, Paul Biya, President of the Republic,” stated the CEO of Bowleven.

On the London Stock Exchange where the Scotland-based company is listed, the value of its stock opened on June 4 in green (+0.68%) to 0.48 euros.

But in the medium term, it remains below its 2013 performance. It should be stated that, although its value is lower, it reached a trade volume of over 19 million units on June 3 which is proof that investors have not been indifferent to the announcement of the permit.