Bowleven Share News (BLVN)

Bowleven, the West Africa focused oil and gas exploration group traded on AIM, intends to deepen the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon. The well, which is located about 16 kilometres north-west of the Sapele-1 well, is drilling in water depths of about 30 metres. Last month, Bowleven announced that the well had encountered oil and gas in two intervals and that drilling within one, the Deep Omicron interval, was to continue. A further testing programme has been carried out and the data acquired will now be evaluated. The firm said: "Given the optimised well design and progress made operationally with Sapele-3, the current intention, subject to final government approval, is to drill on through the Deep Omicron interval into the Epsilon Complex. "The Epsilon Complex was previously drilled with the Sapele-1 exploration well where the presence of both gas condensate and oil were confirmed and represents a highly prospective interval that Bowleven believes warrants further investigation."The share price fell 5.99% to 102p by 08:44. NR