RE: The glorious IM-5 well, Bowleven, Cameroon5 Feb 2026 08:44
Morning Nigel,
Your concerns regarding Bowleven are worth exploring.
Firstly, the area is prolific so Barracuda odds of success do look good. Might Barracuda be high pressure, high temperature? Probably not as the down-dip well already drilled wasn’t as far as I can see.
Secondly, infrastructure led exploration (ILX) is critical. Bowleven’s Etinde 1Tcf of wet gas may get produced in the next few years - 15 years after its discovery. It needs a lot of wells to justify the capex for production. Curiously, one route to market for Etinde gas is via EG.
Thirdly, directors. Kevin Hart of Bowleven puts WH in the shade for enjoying juicy remuneration and lifestyle. I believe WH, albeit well paid, is pretty straight, motivated and focussed.
Fourthly, fundraising. Bowleven lived raising money and shareholder dilution was merciless. Have a read of this:
https://www.heraldscotland.com/business_hq/13096895.cameroon-oil-gas-finds-hold-promise-bowleven/
Your posts have made me think more about my exit strategy from Europa should delays start appearing and, for that, I am grateful to you.