BowLeven Plc
16 June 2005
BowLeven plc (BLVN)
Exploration Update
BowLeven plc ('BowLeven' or 'the Company') announces today an update on the
evaluation of its Cameroon offshore Block MLHP-7 within the Etinde Permit area.
The Company has now received the initial interpretation of the 'fast-track' 3D
seismic data, acquired earlier this year, over the Company's Block MLHP-7. The
data acquired is of a very high quality and has validated the existing play
concept for the area. Specifically, the interpretation work thus far has
identified a number of promising drilling prospects, along with several leads
and plays. The potential drilling targets include both high-grade oil prospects
and potentially large gas and condensate reservoirs that could be
commercialised. The size of these structures exceeds the Company's previous
evaluation of its exploration assets and, if confirmed during the drilling
programme, could lead to a substantial enhancement of its reserves.
The Company is currently working to complete the 3D seismic interpretation in
order to assess fully the likely drilling locations. It is expected that this
process will be completed in August 2005 at which point a further update will be
made in respect of the drilling strategy, the well locations and the size of the
target prospects. As was announced previously, the GlobalSantaFe drilling rig,
Adriatic IX, has been contracted to begin drilling in late September/early
October this year.
Terry Heneaghan, comments 'We are pleased with what we see from this promising
initial assessment, which has been delivered to the schedule that we laid out at
the time of our IPO last December. The current 'fast-track' interpretation has
further increased our confidence in the potential of our asset base. Our
acquisition of 3D seismic at the beginning of this year is proving to be an
excellent investment and will guide the drilling programme that we will map out
at the end of this Summer.'
Contact:
BowLeven plc
Terry Heneaghan 0131 260 5100
Noble & Company Limited
James Bromhead 0207 763 2200
Joe Philipsz 0131 243 0400 (07785 255 641)
Adam Westcott 0131 243 0459 (07710 458 284)
Maitland
Neil Bennett 020 7379 5151 (07795 342 999)
Liz Morley 020 7379 5151 (07798 683 108)
This information is provided by RNS
The company news service from the London Stock Exchange
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