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LONDON (Alliance News) - Bowleven PLC Friday said it has finished drilling the Zingana exploration well in Cameroon and said it found hydrocarbons in the reservoirs that were targeted.
Zingana was drilled to a total depth of 1,720 metres measured depth and wireline logging has been completed. The company is currently evaluating the logs and the well has been suspended as planned to allow future re-entry, it said.
Most importantly, Bowleven said "hydrocarbons were encountered in target reservoirs", but no further information was released.
The rig used to drill the Zingana well has now been moved to the Moambe well location as planned, which lies just over two kilometres away from Zingana. Both wells are part of the Bomono project.
As previously outlined, the company intends to drill, log and evaluate both wells prior to determining any testing plan.
"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," said Chief Executive Kevin Hart.
Bowleven shares were up 2.0% to 28.31 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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