-- Zingana has been drilled to a TD of 1,720m MD; pre-drill well objectives achieved. -- Wireline logging has been completed and the logs are being evaluated. -- Hydrocarbons were encountered in target reservoirs. -- The Zingana well is being suspended as planned to enable future re-entry. -- Rig now moving to drill second location, Moambe.
Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that Zingana, the first well in a two exploration well programme, has been drilled to its planned total depth (TD) and logged. Hydrocarbons were encountered in the prognosed Paleocene (Tertiary) aged reservoir intervals and detailed log evaluation is being undertaken. The rig will now be moved to the Moambe well location as planned. Moambe, located just over two kilometres east of Zingana, is a previously undrilled Paleocene (Tertiary) aged robust three-way dip closed fault block. As previously outlined, the intention is to drill, log and evaluate both wells prior to determining any testing plan.
Further update announcements will be made in due course, as appropriate.
Kevin Hart, Chief Executive, said:
"We are encouraged by the well results to date at Zingana. The evaluation of log and well data acquired at Zingana is continuing and we are now looking forward to drilling the second exploration well in the programme, Moambe."
"Thanks for your responses. I'm afraid I decided to cut my losses and sell after the SP drop earlier. Dumped the money into ROSE, there are some interesting rumours over there which if correct could make the company. Good luck to you all." Marthasson, IndridCold, please try not to laugh, but if you look back on some of his post on blvn and caza, hahaha.....just can't help it!
Let's just get rid of all this talk of 18-22p, we all know this has great up-side to the sp with £100m in the bank and drill results about to be announced, if it's gas then there could be a deal with vog, if it's oil then who knows what will happen so the sp could get to 80p + by end September. BLVN could also announce they are buying control of vog say 51% for up to £55m from cash in the bank, that would give them G/Teed gas sales to power plants and a cash cow for up to £50m + in sales a year. This share now has only 1 way to go and that's up.
Anything under 28p and this share is good value in my book - lots to look forward to including the forthcoming drill result. BLVN are in a very good place to exploit their balance sheet strength that makes them particularly attractive for investors looking for value - especially in the beaten up O&G sector. In time the sector will recover. I'm holding 775k shares. Good luck to all the team here!
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