BowLeven Plc
03 July 2007
3 July 2007
Bowleven plc ('Bowleven' or 'the Company')
Operational update : D-1 Well test results
'Significant discovery in Block 5 Cameroon'.
Bowleven plc announces it has successfully completed the testing of its
D-1exploration well located in Block MLHP 5 of the Etinde Permit in the Douala
Basin, offshore Cameroon.
The well was targeting a Miocene turbidite channel prospect similar to that
found by Noble Energy at its neighbouring Belinda discovery. The D-1 prospect
comprises multiple turbidite channel sands, only one of which was intersected
and tested by the current well.
The well tested both gas and condensate from interbeded high quality sands over
a gross measured interval of 75 ft. and flowed at a stable constrained rate of
25 mmcfd and 1400 bcpd (approx 5,570 boepd) through a 1' choke.
The D-1 well was the second successful well of Bowleven's current drilling
campaign with the Adriatic VI rig. The first well, IE-2, was drilled in the Rio
Del Rey Basin as a successful appraisal of the IE field. The rig will now be
moved to the IF-1 location to drill an exploration well to test a structure
updip of the IE field. After completion of this third well the rig will be
released due to timing constraints under the drilling contract.
Commenting on the discovery Kevin Hart, Bowleven CEO, said:
'I'm delighted with the result of our first well in the relatively unexplored
Douala Basin. Whilst the discovery will require further appraisal, I'm extremely
excited by the potential highlighted by, both our and Noble Energy's, recent
discoveries in the area. The numerous similar Miocene prospects on the acreage
together with the deeper Eocene potential combine to make this a very exciting
province.'
John Morrow, Chief Operating Officer of BowLeven plc, a member of the Society of
Petroleum Engineers who holds a C.Eng, is the qualified person that has reviewed
and approved the technical information contained in this announcement.
ENQUIRIES
For further information contact:
Bowleven plc
Kevin Hart, Chief Executive Officer 00 44 131 524 5678
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Deborah Spencer
Hoare Govett Limited 00 44 207 678 8000
Andrew Foster
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 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. Bowleven has operated in
Cameroon since 1999.
The Cameroon Government has 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, 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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