Bomono Operational Update

RNS Number : 6927C

BowLeven Plc

21 January 2015

 



21 January 2015

Bowleven plc ('Bowleven' or 'the Company')

Bomono Operational Update

Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces an update on its two well exploration drilling programme on the Bomono Permit.

At the Zingana well site civil engineering activities have been completed and the first surface casing string has been driven in place. Civil engineering activities continue with the preparation of the second well site, Moambe.

Under the lump sum drilling contract, AODL is responsible for the provision of the rig, equipment and ancillary services.  AODL is now assembling the rig which will be integrity tested prior to commencing drilling operations. The first well, Zingana, is now due to be spudded in February 2015 following some minor logistical issues which have now been resolved.

Further operational updates will be provided once drilling commences.

ENQUIRIES

For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive                                          00 44 131 524 5678

Kerry Crawford, Finance Director       

Brunswick Group LLP

Patrick Handley                                                            00 44 207 404 5959

Simon Maine                                                   

Macquarie Capital (Europe) Limited (Nomad)                                     

Jon Fitzpatrick                                                              00 44 203 037 2000

Ken Fleming

Nick Stamp

Notes to Editors:

Bowleven is an African focused oil and gas exploration group, based in Edinburgh and traded on AIM. Bowleven's strategy is focused on creating and realising material value through exploration led organic growth.  Bowleven holds equity interests in three blocks in Cameroon, with one block located offshore in shallow water and two onshore. An application for a new PSC over two offshore blocks has been submitted. All of these blocks are operated by Bowleven.

On 24 June 2014, Bowleven announced that the Group had entered into a conditional farm-out agreement to sell an aggregate 40% (post government back-in) operated interest in the Etinde Permit, Cameroon to LUKOIL and NewAge (or their nominated affiliates). On completion of the farm-out transaction operatorship of the offshore Etinde Permit in Cameroon will transfer to NewAge.

Bowleven also holds an equity interest in an onshore block in Kenya, operated by Adamantine Energy, and has been awarded three blocks in Zambia, with applications on two blocks pending.

Glossary of Terms:

The following are the main terms and abbreviations used in this announcement:

AIM	the market of that name operated by the London Stock Exchange
AODL	Africa Onshore Drilling LDC, a wholly-owned subsidiary of Africa Fortesa Corp Ltd, and the entity which has entered into the rig contract with Bowleven in respect to the Bomono Permit
Bomono Permit	the production sharing contract between the Republic of Cameroon and EurOil, dated 12 December 2007, in respect of the area of approximately 2,328km² comprising former blocks OLHP-1 and OLHP-2 onshore Cameroon; or, as the context may require, the contract area to which that production sharing contract relates
Bowleven	Bowleven plc (LSE:BLVN) and/or its subsidiaries as appropriate
Etinde Permit	the Etinde Exploitation Authorisation (EA) Area. The Etinde EA, granted on 29 July 2014, covers an area of approximately 461km² (formerly block MLHP-7) and is valid for an initial period of 20 years
EurOil	EurOil Limited, an indirectly wholly  owned subsidiary of Bowleven plc, incorporated in Cameroon
LUKOIL	LUKOIL Overseas West Project Ltd, a subsidiary undertaking of OAO LUKOIL
NewAge	New Age (African Global Energy) Limited
PSC	production sharing contract

 

END

 

 

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