Bowleven has announced a proposed acquisition of Tanzanian assets from Aminex. The $28m deal (funded by a mixture of cash, carry, shares and contingent payments) will add a 25% interest in the Kiliwani North Development gas project and a 50% interest in the Rovuma PSA (appraisal/exploration). The Kiliwani North project is expected to produce first gas by the end of 2015, bringing in cash flows to offset Bowleven’s $10m carry of the Rovuma PSA work programme, where an existing discovery could be further de-risked and further upside explored for. Following this announcement and the recent full-year results, we expect to update our valuation and financial projections shortly.