Bomono Operational Update

RNS Number : 7178O

BowLeven Plc

01 June 2015

 

1 June 2015

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

Bomono Operational Update

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that drilling operations have commenced on the Zingana exploration well on the Bomono Permit, onshore Cameroon.

The Zingana well is the first of two wells in the 2015 exploration programme.   Zingana is located 20 kilometres north-west of Douala and will target a Paleocene (Tertiary) aged three-way dip closed fault block that was partially penetrated by shallow wells drilled in the 1950s. The well will be drilled to an estimated target depth of circa 2,000 metres.

The second well location, Moambe, just over two kilometres east of Zingana, has been prepared for drilling. The rig is expected to be mobilised to Moambe on completion of drilling and logging activity at Zingana. Testing is expected to be carried out (if appropriate) after the drilling and logging of both wells is complete.

As previously announced, the delay to the drilling schedule has been caused by the need to address certain mechanical and control issues with the rig fabric and equipment that were identified during rig-up. These issues related to the top drive and the mud pumping system and have now been resolved.

Alongside drilling activity, technical and commercial work is being progressed to evaluate possible development concepts and product offtakers in the event of exploration success.

Further update announcements on drilling activities will be made in due course, as appropriate.

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

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
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
EurOil	EurOil Limited, an indirectly wholly  owned subsidiary of Bowleven plc, incorporated in Cameroon

 

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