BowLeven Plc
21 March 2007
BowLeven plc ('BowLeven' or 'the Company')
Operational update - commencement of drilling of D-1 exploration well
Following the success of its IE-2 appraisal well, BowLeven is pleased to
announce that drilling has commenced on the D-1 exploration well located in the
Douala Basin in Block MLHP 5 of the Etinde Permit in Cameroon.
The primary objectives of the D-1 well are to explore the Upper Miocene
channelised turbidite sands, which are believed to be similar to those that were
found by Noble Energy to be hydrocarbon bearing 10km downslope in the O-1
Belinda discovery in Equatorial Guinea. If successful, the well will be
suspended to allow for possible later re-entry and completion as a gas
condensate producer. The well will be drilled to a depth of approximately 10,000
feet and total operational time is currently estimated at approximately 8 weeks.
Further update announcements will be made as appropriate.
For further information contact:
BowLeven plc
Kevin Hart, Chief Executive Officer 00 44 777 193 4974
Maitland
Neil Bennett 00 44 207 379 5151
Liz Morley
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 MHLP 5, MHLP 6 and MHLP 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 D-1 well is located approximately 37 km from the power plant at Limbe in
Cameroon. The Cameroon Government has recently 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 has also recently acquired First Africa Oil, which has a 100% equity
interest in both the EOV offshore block in Gabon, which contains an existing oil
discovery that it is seeking to develop, and 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.
BowLeven will announce its interim results on 22nd March 2007.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.