BowLeven Plc
10 August 2007
10th August 2007
BowLeven plc ('BowLeven' or 'the Company')
Operational Update - IF-1 Exploration well
BowLeven announces that the IF-1 exploration well located in Block MLHP 7
offshore Cameroon, has taken a significant gas kick at 6,355 feet (some 540 feet
above the highest expected target) in the uppermost section of the primary
objective, the Isongo formation. The pressures encountered during this kick
indicate that the well is potentially in communication with the IE structure,
which was appraised by BowLeven earlier this year with well IE-2. For reasons of
safe well control, the need for a new well design to accommodate the pressures
encountered and the resultant requirement to employ up-rated equipment, it has
been decided to abandon the well. The rig will be released on completion of
abandonment operations.
The data obtained during drilling will now be evaluated and it is intended to
return to the IF structure to re-drill this exploration well as soon as
practicable. This re-drill will most likely be located down dip from the
structural crest (where IF-1 is located), on the flanks of the structure, where
more favourable pressure conditions should be encountered.
The Company is in discussion with its insurers concerning the IF-1 well.
Further announcements will be made as appropriate.
Commenting Kevin Hart, Bowleven CEO, said:
'Although it is frustrating to have to abandon the well at this juncture, the
likelihood that the IE and IF structures are connected and have a common
substantial gas column is extremely encouraging.
Whilst further drilling will be required to firm up the reserves, the result of
this well certainly enhances the likely commerciality of the acreage and
suggests the combined IE and IF accumulation may hold substantial volumes of gas
and condensate.'
ENQUIRIES
For further information contact:
BowLeven plc
Kevin Hart, Chief Executive Officer 00 44 131 524 5656
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, 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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