BLVN.L Regulatory News (BLVN)

9 Jan 2007 07:01

BowLeven Plc09 January 2007 BowLeven plc ("BowLeven" or "the Company") Operational update - commencement of drilling BowLeven is pleased to announce that the GlobalSantaFe Adriatic VI drilling rig,which has been contracted by the Company for a four well drilling programme, isnow on location and commenced drilling on 8 January 2007. The initial well being drilled is an Isongo E 2 ("IE 2") location, the firstappraisal well on the existing Isongo E discovery in Block MLHP 7 of the EtindePermit in Cameroon. The primary objectives of the IE 2 well are to appraise theextent and volume of the Isongo Sand 1 in the discovery well IE 1 and explorethe deeper Isongo sands which were water wet in IE 1. If successful, the wellwill be suspended to allow for later re-entry and completion as a gas condensateproducer. The well will be drilled to a depth in excess of 8,500 feet and totaloperational time is currently estimated at approximately 8 weeks. Further update announcements will be made as appropriate. Commenting on this, Kevin Hart, BowLeven's Chief Executive said: "I am delighted that we have now commenced the drilling programme. With the fourwells to be drilled over the forthcoming months we have an exciting periodahead." ENQUIRIES For further information contact: BowLeven plcKevin Hart, Chief Executive Officer 00 44 777 193 4974 MaitlandNeil Bennett 00 44 207 379 5151Liz Morley Notes to the Editor: BowLeven is an African oil and gas group, based in Edinburgh and traded on AIMsince December 2004. BowLeven holds, through its wholly-owned subsidiary EurOilLimited, a 100% equity interest in the Etinde Permit area being three shallowwater blocks in offshore Cameroon, West Africa; namely Blocks MHLP 5, MHLP 6 andMHLP 7. In total BowLeven has approximately 2,300 km2 of exploration acreagelocated across the Rio del Rey and Douala basins in the Etinde Permit. As wellas P50 hydrocarbon reserves and contingent resources on Block MHLP 7 (which hashad 11 wells drilled in it) the total acreage has very attractive explorationpotential. Bowleven has operated in Cameroon since 1999. The discovery well IE 1 was drilled in 1980 by Total and encountered three sandsat the Isongo level (one partially gas bearing). A drill stem test was taken inthe top Isongo sand in IE 1 and flow rates of 8 mmscf/d of gas and 1,446 bbl/dof condensate were recorded giving a condensate gas ratio of 180 bbl/mmscf. The IE 2 well being drilled is located approximately 27 km from the power plantat Limbe in Cameroon. This information is provided by RNS The company news service from the London Stock Exchange