BLVN results stated " the first well expected to spud around the end of the year." and stated the drill was being mobilised rather than on-site. This is for the two wells Zingana and Moambe. The juicy piece is that should gas be found gas in the shallow sands before drilling for the oil they have already had discussions with a variety of potential gas purchasers so they can move quickly towards development planning. And of course they will have the funding to do so which will release even more value for investors. Its all slotting into place now.
The shallow sands are most likely to be gas-condensate bearing, with a higher risk opportunity for oil in the deeper horizons. Should we encounter gas-condensate, the key to early commerciality will lie in the determination of potential liquids production rates, together with the offtake and monetisation of associated gas. In this regard,
From Bowleven email earlier today in response to my query. They say they are able to convey this information as it was earlier communicated in the RNS from Nov. 11 (although I am certain that the fact the rig is now on site is new information - perhaps not material information??).
The well exploration drilling programme has now commenced on Bomono, onshore Cameroon. The rig contract was signed earlier in the year and the drill rig is now on site. We expect first well to spud by late December.
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