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LONDON (Alliance News) - BowLeven PLC Friday said the initial results from the extended flowtest being carried out on the Moambe and Zingana wells offshore Cameroon support the company's plans to supply a significant amount of gas to be used for domestic power generation.
The oil and gas company did not provide any test production figures for the wells, which lie on the Bomono permit, but the results to date confirm the viability of BowLeven's plan to supply an initial 5.0 to 6.0 million standard cubic feet per day to be used to generate power in Cameroon.
"The results of the combined tests provide the confidence required to progress with the gas sales agreement and development planning, consistent with plans to deliver initial near-term production alongside the continuing evaluation of the acreage," said the company in a statement.
The plan is being conducted through a development scheme with Actis and Eneo in Cameroon and BowLeven is currently focused on developing gas from the shallower gas-prone sands. The evaluation of the wider block and the deeper sands is still ongoing.
BowLeven shares were trading up 0.5% to 21.60 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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