Sapele-3 exploration well drilling update

RNS Number : 2113R

BowLeven Plc

01 November 2011

 

1 November 2011

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

Sapele-3 exploration well drilling update

Sapele-3 exploration well, Block MLHP-5, Etinde Permit, Offshore Cameroon

Bowleven, the West Africa focused oil and gas exploration group traded on AIM, announces its intention to deepen the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon.

Sapele-3 drilling update

The Sapele-3 well is located circa 16 kilometres North West of Sapele-1 and circa thirteen kilometres North West of the D-1r wells.   The well is drilling in water depths of approximately 30 metres.

On 14 October 2011, Bowleven announced that the well had encountered oil and gas condensate in the Deep Omicron and D-1r equivalent intervals respectively and that drilling within the Deep Omicron interval was to continue.

A further MDT sampling and extensive sidewall core programme has been carried out. The data acquired will now be evaluated.  Casing has now been set and a liner run pending further drilling.

Given the optimised well design and progress made operationally with Sapele-3, the current intention, subject to final government approval, is to drill on through the Deep Omicron interval into the Epsilon Complex. The Epsilon Complex was previously drilled with the Sapele-1 exploration well where the presence of both gas condensate and oil were confirmed and represents a highly prospective interval that Bowleven believes warrants further investigation.

Further announcements on drilling activities will be made as appropriate.

ENQUIRIES

For further information please contact:

Bowleven plc

Kevin Hart, Chief Executive                                          00 44 131 524 5678

Kerry Crawford, Head of Investor Relations                

Brunswick Group LLP

Patrick Handley                                                            00 44 207 404 5959

Natalia Erikssen                                                           

Bank of America Merrill Lynch (Nomad)                                             

Andrew Osborne                                                          00 44 207 628 1000

Tony White                                                                 

Notes to Announcement:

(1)        The technical information in this release has been reviewed by Ed Willett, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies.  Ed Willett, Exploration Director of Bowleven plc, is a geologist and geophysicist, a Fellow of the Geological Society (FGS) and a member of the Petroleum Exploration Society of Great Britain (PESGB) with over 25 years' experience in oil and gas exploration and production.

(2)        The information in this release reflects the views and opinions of Bowleven as operator and has not been reviewed in advance by the Etinde Permit joint venture partners.

GLOSSARY OF TERMS:

The following are the main terms and abbreviations used in this announcement:

AIM	Alternative Investment Market
Bowleven	Bowleven plc and/or its subsidiaries as appropriate
Etinde Permit	the production sharing contract between the Republic of Cameroon and EurOil Limited (an indirectly wholly owned subsidiary of the Company) dated 22 December 2008 in respect of the area of approximately 2,316 km², comprising former blocks MLHP-5, MLHP-6 and MLHP-7, offshore Cameroon; or, as the context may require, the contract area to which this production sharing contract relates
MDT	modular formation dynamics tester
TD	total depth

 

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