BowLeven Plc
25 April 2007
25 April 2007
BowLeven plc ('BowLeven' or 'the Company')
Operational update - respudding of D-1 exploration well
BowLeven announces that the D-1 exploration well located in Block MLHP 5
offshore Cameroon, has had to be respudded due to mechanical and subsequent well
control problems at the first location. The rig has been moved a short
distance and re-drilling of the well has now commenced. The total depth and
objectives of the well remain unchanged.
The well will be drilled to a depth of approximately 10,000 feet and total
operational time is currently estimated at approximately 8 weeks.
The Company is in discussion with its insurers regarding the potential
recoverability of costs incurred on the first drilling location.
Further announcements will be made as appropriate.
ENQUIRIES
For further information contact:
BowLeven plc
Kevin Hart, Chief Executive Officer 00 44 131 260 5100
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Deborah Spencer
Notes to the Editor:
BowLeven is an African oil and gas group, based in Edinburgh and traded on AIM
since December 2004.
BowLeven holds, through its wholly-owned subsidiary EurOil Limited, a 100%
equity interest in the Etinde Permit area being three shallow water blocks in
offshore Cameroon, West Africa; namely Blocks MHLP 5, MHLP 6 and MHLP 7. In
total BowLeven has approximately 2,300 km2 of exploration acreage located across
the Rio del Rey and Douala basins in the Etinde Permit. Bowleven has operated in
Cameroon since 1999.
The Cameroon Government has recently announced a cooperation agreement with the
Government of Equatorial Guinea to investigate a project to export gas from
Cameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea. It
is proposed that Limbe would be the gathering hub for any such scheme.
BowLeven also holds, following the completion of this transaction, through its
wholly-owned subsidiary FirstAfrica Oil, a 100% equity interest in the EOV
offshore block in Gabon, which contains an existing oil discovery that it is
seeking to develop, and a 50% equity interest in the Epaemeno Block which is
1,340 km2 of exploration acreage in onshore Gabon which sits next to a number of
recent discoveries in surrounding blocks.
This information is provided by RNS
The company news service from the London Stock Exchange
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