Exploration Update

RNS Number : 7476U

BowLeven Plc

05 December 2013

 



05 December 2013

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

Exploration Update

Bowleven, the Africa focused oil and gas exploration group traded on AIM, today announces an update on exploration activities.

New Ventures, Zambia

Following participation in the recent Zambian license round Bowleven has been notified by the Ministry of Mines, Energy and Water Development that bids for exploration blocks 25, 28 and 29 have been successful.  Following this notification, and as part of the formality of the award process, we have now applied for the Petroleum Exploration Licenses over these three blocks. Confirmation of award is expected from the Zambian Ministry in due course.

The three blocks lie in the extensive and under-explored Luangwa Rift Valley which last saw exploration activities in the 1980's. The Luangwa valley comprises a major north-east to south-west trending rift basin and regional evidence suggests that the critical elements of a petroleum system are present. The initial exploration period includes a minimum committed work programme estimated at approximately $500,000.

A map indicating the location of the three blocks is available on our website www.bowleven.com

Block 11B, Kenya

The airborne geophysical survey (FTG) over Block 11B is now largely complete and initial results are very encouraging. The high quality, high resolution dataset indicates the presence of a number of geological basins and provides clear imaging of primary structural features, facilitating a targeted 2D seismic programme. Planning for seismic operations and the associated tender process are ongoing. Acquisition of seismic is expected to commence in H1 2014.

Kevin Hart, Chief Executive of Bowleven plc, said:

"We are delighted to have potentially secured exploration acreage in Zambia, expanding our significant exploration portfolio beyond Cameroon and Kenya. We are also pleased that Block 11B continues to provide very encouraging results and we look forward to the commencement of the seismic programme."           

ENQUIRIES

For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive                                          00 44 131 524 5678

Kerry Crawford, Head of Investor Relations                

Brunswick Group LLP

Patrick Handley                                                            00 44 207 404 5959

Simon Maine                                                   

Bank of America Merrill Lynch (Nomad)                                             

Derek Ross                                                                  00 44 207 628 1000

Tony White     

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 five blocks in Cameroon, with three blocks located offshore in shallow water and two onshore. All of these blocks are operated by Bowleven.  Bowleven also holds an equity interest in an onshore block in Kenya operated by Adamantine Energy.

Notes to Announcement: 

(1)        The technical information in this release has been reviewed by Ed Willett, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies.  Ed Willett, Exploration Director of Bowleven plc, is a geologist and geophysicist, a Fellow of the Geological Society (FGS) and a member of the Petroleum Exploration Society of Great Britain (PESGB) with over 26 years' experience in oil and gas exploration and production. 

(2)        The information in this release reflects the views and opinions of Bowleven and has not been reviewed in advance by its joint venture partners.

 

END

 

 

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