IF-1r drilling update

RNS Number : 3837Z

BowLeven Plc

18 July 2008

 



18 July 2008

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

IF-1r drilling update

Bowleven announces that the IF-1r exploration well which spudded on 28 May 2008 has been drilled to a target depth of 7,750 feet and preparations for logging operations are now underway. 

An evaluation of logs will be undertaken prior to deciding whether to test.

Further update announcements will be made as appropriate.

ENQUIRIES 

For further information please contact:

Bowleven plc
Kevin Hart, Chief Executive Officer                     00 44 131 524 5656
Kerry Crawford, Head of Investor Relations        00 44 131 524 5673

Brunswick Group LLP
Patrick Handley                                                   00 44 207 404 5959
Deborah Spencer

RBS Hoare Govett                                               00 44 207 678 8000
Andrew Foster

Notes to the Editor:

Bowleven is an African focussed oil and gas group, based in Edinburgh and listed on AIM since December 2004.

Bowleven holds, through its wholly-owned subsidiary EurOil Limited, a 100% equity interest in the Etinde Permit area comprising three shallow water blocks in offshore Cameroon, West Africa; namely Blocks MLHP-5, MLHP-6 and MLHP-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. EurOil Limited also has a 100% equity interest in the Bomono Permit, onshore Cameroon, extending to approximately 2,328 km2 in the Douala/Kribi Campo Basin. Bowleven has operated in Cameroon since 1999. 

The Cameroon Government has announced a co-operation 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, 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 approximately 1,340 km2 of exploration acreage in onshore Gabon and sits adjacent to a number of recent discoveries in surrounding blocks.

The Trident IV jack-up rig, owned by Sedco Forex International Inc (SFI), a subsidiary of ultimate parent company Transocean Inc, is being used to drill the IF-1r exploration well.

 

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