Last checked at 1 Jun 2015 07:00
1 June 2015
Bowleven plc ('Bowleven' or 'the Company')
Bomono Operational Update
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that drilling operations have commenced on the Zingana exploration well on the Bomono Permit, onshore Cameroon.
The Zingana well is the first of two wells in the 2015 exploration programme. Zingana is located 20 kilometres north-west of Douala and will target a Paleocene (Tertiary) aged three-way dip closed fault block that was partially penetrated by shallow wells drilled in the 1950s. The well will be drilled to an estimated target depth of circa 2,000 metres.
The second well location, Moambe, just over two kilometres east of Zingana, has been prepared for drilling. The rig is expected to be mobilised to Moambe on completion of drilling and logging activity at Zingana. Testing is expected to be carried out (if appropriate) after the drilling and logging of both wells is complete.
As previously announced, the delay to the drilling schedule has been caused by the need to address certain mechanical and control issues with the rig fabric and equipment that were identified during rig-up. These issues related to the top drive and the mud pumping system and have now been resolved.
Alongside drilling activity, technical and commercial work is being progressed to evaluate possible development concepts and product offtakers in the event of exploration success.
Further update announcements on drilling activities will be made in due course, as appropriate.
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Simon Maine
Macquarie Capital (Europe) Limited (Nomad)
Jon Fitzpatrick 00 44 203 037 2000
Ken Fleming
Nick Stamp
Glossary of Terms:
The following are the main terms and abbreviations used in this announcement:
AIM | the market of that name operated by the London Stock Exchange |
Bomono Permit | the production sharing contract between the Republic of Cameroon and EurOil, dated 12 December 2007, in respect of the area of approximately 2,328km² comprising former blocks OLHP-1 and OLHP-2 onshore Cameroon; or, as the context may require, the contract area to which that production sharing contract relates |
Bowleven | Bowleven plc (LSE:BLVN) and/or its subsidiaries as appropriate |
EurOil | EurOil Limited, an indirectly wholly owned subsidiary of Bowleven plc, incorporated in Cameroon |