Bowleven Share Chat (BLVN)

0 January 2011

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

Further drilling success with Sapele-1 discovery well

Sapele-1 Exploration Well, Block MLHP-5, Etinde Permit, Offshore Cameroon

Bowleven, the West Africa focused oil and gas exploration group traded on AIM, announces that the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon has encountered further hydrocarbon-bearing pay in both the Tertiary and Cretaceous objectives based on the results of drilling, wireline logs, samples of reservoir fluid and pressure data.

The well was designed to intersect multiple stacked objectives of Tertiary to Cretaceous age. Wireline log evaluation indicates all of the five objectives to be hydrocarbon-bearing with net pay confirmed in three, based on fluid samples. The well has reached a current total depth (TD) of 4,539 metres and the intention is to set liner and drill onwards, subject to attaining various approvals, on completion of current logging activities.

Highlights

· All five target objectives indicated to be hydrocarbon-bearing from log evaluation; net pay confirmed in three post sampling.

· Increased oil in-place estimates for Deep Omicron; P90 to P10 now 65 to 430 mmbbls.

· Cross-cut objective encountered 4 metres of log evaluated net hydrocarbon pay.

· Gas condensate encountered in Epsilon Complex validates Cretaceous prospectivity; extends play fairway significantly offshore.

· Further Cretaceous reservoir potential identified; Sapele-1 drilling planned to continue on completion of current logging activities.

· Epsilon Complex volumetrics to be updated following integration and evaluation of extensive well data.

· Preparing for testing and subsequent appraisal drilling/sidetrack activity.

· Group cash at 31 December 2010 circa $190 million; well positioned to fund forward work programme.

Drilling update

The Sapele-1 exploration well location, on block MLHP-5 in the Etinde Permit, was selected to intersect multiple independent exploration targets from the proven Miocene fairway down to the deeper Cretaceous fairway from a single location. This required that a number of the targets be intersected at sub-optimal locations. Consequently, while the well has confirmed the prognosed targets as hydrocarbon-bearing, this is believed to have occurred at the extremities of Lower and Deep Omicron and the Cretaceous Epsilon Complex.

Since the announcement on 25 November 2010, the well, which is drilling in shallow water depths of around 20 metres, has been drilled to a current TD of 4,539 metres and has drilled through the Cross-cut event and into the Cretaceous.

A principal objective of the Sapele-1 well was to prove the concept of the Cretaceous play offshore Douala Basin. The well has now confirmed the presence of reservoir and hydrocarbons in the Cretaceous, offshore Douala Basin, and as a resu

it looks we could hit the mother load of all loads and yet still not have an increase in the share price!!!
who buys 60 shares? Twice!!!!

Lots of activity out at Etinde, 4 vessels in attendance and the Rig has just had a visit from the Seacor Cheetah which was there for about 1/2 hour. Could have been crew change or more hopefully testing crew.

fully expect the drills to be very successful; hopefully will make a difference

a few more weeks of this i think , then hopefully good news

this ever go anywhere it like death by a 1000 cuts ; volume been pitiful for ages now

Can't be too far away from entering the payload section of the first shallow structure, I wonder whether they will publish the results, or wait for the completion of the first appraisal well?

It would seem that we removed from the main news flow, as I said earlier
In the week the news of Etinde development was a game changer.. the market is still 😴

A silent partner ..??

like watching paint dry

I’m surprised we have not had any communication from the Board, we are a partner in this..

And only 3 trades in the first 4 hours today!

No mention of the other British Company involved going by the name of Bowleven.

This should have opened in the 40's yesterday....

With a deal signed, will the offerors now dare wait for the results of significant appraisal drilling before making a bid or risk paying a much higher price? Definitely getting very exciting here now.

Well I've added today on reading that news. Takover looking ever more likely IMO.

Shouldn't be too long before we get the Borgo and One-Legged Pete's with their stories of oil across the Shakers and information passed on by the Parrot in the bar.
All good fun to look forward to and we could be lucky and get a visit from L- Com.

I will too wait.. the market cannot ignore this much longer..

It's about time blvn put out a few rns's including what's happening with Bomono.

All looks great but it's not going to be ready until 2023-2024 some 5-6 years away. again it's jam tomorrow and don't tell me we have to wait that long before the sp gets to �1

,7 billion a year is a nice revenue stream..

Cameroon: the terms of the gas convention signed between New Age and the State of Cameroon for Etinde
Posted on June 12, 2018 by Energies Media

The State of Cameroon expects $ 2.4 billion in direct taxes and duties during the 20-year operating period. Spin-offs also expected on jobs and the reduction of the domestic gas import bill

NewAge CMLNG SA, a subsidiary of the British firm NewAge, and the State of Cameroon, represented by the Ministry of Water and Energy, signed a gas agreement for the development of the Etinde offshore gas field on June 8, 2018. Yaounde.

The agreement was signed by David J. Loran, Executive Vice President of NewAge, and Cameroonian Minister of Water and Energy, Gaston Eloundou Essomba.

NewAge and its partners (the Russian company Lukoil which holds a 37.5% stake and the British company Bowleven which holds 25%) intend to put in production, by 2023-2024, a floating unit of liquefaction of natural gas in Etinde , located in the Rio del Rey sedimentary basin, in deep water towards Limbe (South-West Cameroon).

In the framework of the gas agreement signed with the State for this project, NewAge - operator of the field with 37.5% of the shares - guarantees "a minimum" of taxes and direct taxes of 2.4 billion US dollars during 20 years of operation; $ 03 million for development projects in the project area; 350 to 400 direct jobs and 3000 indirect jobs in the downstream sector.

The project, with an overall cost estimated at $ 2.5 billion, is expected to yield revenues estimated at nearly US $ 07 billion.