BowLeven Plc
13 December 2007
13 December 2007
Bowleven plc ('Bowleven' or 'the Company')
Operational Update
Bowleven, the African focused oil & gas company listed on AIM, today announces
an update on its operations.
This covers:
• Signature of production sharing contract ('PSC') for new blocks
onshore Cameroon
• Exploration period on Etinde Permit, Cameroon, extended to September
2009
• Gabon government consent received for farm-out of 50% operated
interest in Epaemeno PSC to Addax Petroleum Epaemeno Ltd
• Appointment of joint corporate broker
New licence in onshore Cameroon
The Company's wholly owned subsidiary, Euroil Ltd, has been awarded a new
licence in onshore Cameroon. A production sharing contract has been completed
for the Bomono Permit, comprising Blocks OLHP-1 and OLHP-2 and extending to
approximately 2,328 km2 in the Douala/Kribi Campo Basin. The Bomono Permit,
which contains numerous active oil seeps, has not been actively explored since
the 1980's. The last wells, which were drilled in the 1950's (without the
benefit of modern seismic), proved gas and condensate in the Permit, but were
unable to address the significant oil potential which the Company believes to be
present.
Extension of exploration period on Etinde Permit
The Company has received formal confirmation from the Government of Cameroon
that the exploration period for the Etinde Permit in offshore Cameroon has been
extended for a further period of 18 months to September 2009.
Gabon government consent received for farm-out of 50% of Epaemeno
Further to the previous announcement of 10 April 2007, the Company has now
received formal Gabon government consent for the farm-out of a 50% operated
interest in the Epaemeno PSC to Addax Petroleum Epaemeno Ltd. Arrangements are
currently being made for the handover of operations to Addax.
Appointment of joint corporate broker
The Company is also pleased to announce that it has appointed Merrill Lynch
International as joint corporate broker to work alongside Hoare Govett Limited.
ENQUIRIES
For further information please 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 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 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 approximately 1,340 km2 of exploration acreage in
onshore Gabon which sits adjacent 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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