LONDON (Alliance News) - Bowleven PLC on Thursday said the operator of Cameroon's Etinde block, New Age Cameroon Offshore Petroleum SA, has completed drilling of the IE-4 appraisal well.
The oil and gas company said initial wireline logging and down hole fluid sampling has been completed. The object of the well was to appraise two Intra-Isongo aged 410 sand packages, called Drillbit and Crowbar.
The sampling showed the Drillbit sand body is water saturated at the IE-4 location, which indicates the potential presence of hydro-carbons.
Meanwhile, the Crowbar sand body sampling indicated low permeability. As a result, the company believes the Crowbar is partially hydrocarbon charged.
In addition, Bowleven drilled sand horizons located 50 metres above the Drillbit sand package.
Fluid sampling has shown the sands to be light oil saturated. The lower 12 metres of this sequence was tested at a flow rate of 17.1 million standard cubic feet of gas per day.
Bowleven intends to undertake an additional evaluation on the IE field to increase the overall likelihood of a commercial IE field development.
"The preliminary test results from IE-4 suggest a very interesting set of results and will add a broader commercial dimension to our Cameroon acreage," said Chief Executive Eli Chahin.
"We now look forward to working with the joint venture partners to access the significance of the well test results from the newly discovered sand horizons which offers the potential to provide a further increase to our discovered resource volumes in a new stratigraphic horizon," added Chahin.
In addition, Bowleven said it is progressing post drilling assessment of the Awl 410 reservoir at the IM-6 well location.
The new data showed the volume of the reservoir increased to 8.9 kilometres from 5.8 kilometres identified previously, adding an extra 150 to 250 billion of standard cubic feet of wet gas resources.
"We are satisfied the initial post-drilling analysis of the IM-6 well data has demonstrated an increase in the volume of the Awl 410 reservoir and is likely to result in an increment to the wet gas," said Chahin.
Bowleven shares were down 2.6% on Thursday at 26.50 pence each.
Bowleven (BLVN)