Already trading below cash level, unless they decided to get paid in euro's, TO target even at this level. I'm here for the ride. 2 drills onshore and 2 appraisal wells on the Etinde Permit on the carry. GLA
I haven't seen any drilling schedule, but think have a habit of taking longer than expected in any case as we all know.
So as a realistic comparison I took a look back at the schedule and progress of the LA105 well which VOG drilled in 2009. Make no mistake VOG where just a unreliable at the time as Bowleven are now.
LA-105 spudded on 31/08/2009 with a target depth of approximately 3000m with an estimated drilling duration of 60days. As Bowleven's target depth is only 2000m they should have a much faster schedule I would have thought.
In the event VOG released a progress RNS on the 16 Nov 2009
"....Well La-105 at the Logbaba project in Cameroon encounters approximately 90 feet of gross sandstone pay at depth of 6,030 feet
•The Company is now entitled to apply for 35 year exploitation licence •Well expected to reach total depth of 10,300 feet within four weeks......"
By coincidence that happens to be near as damn it Bowlevens target depth and it took about 75 days to drill and make an initial assessment of what they found.
Interestingly VOG stated that they where then entitled to apply for a 35 years exploitation licence, assuming the same applies to Bowleven then they will not need to apply for another exploration licence and perhaps it encompasses the other leads in the block.
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