BLVN.L Regulatory News (BLVN)

3 Jul 2007 07:01

BowLeven Plc03 July 2007 3 July 2007 Bowleven plc ("Bowleven" or "the Company") Operational update : D-1 Well test results "Significant discovery in Block 5 Cameroon". Bowleven plc announces it has successfully completed the testing of itsD-1exploration well located in Block MLHP 5 of the Etinde Permit in the DoualaBasin, offshore Cameroon. The well was targeting a Miocene turbidite channel prospect similar to thatfound by Noble Energy at its neighbouring Belinda discovery. The D-1 prospectcomprises multiple turbidite channel sands, only one of which was intersectedand tested by the current well. The well tested both gas and condensate from interbeded high quality sands overa gross measured interval of 75 ft. and flowed at a stable constrained rate of25 mmcfd and 1400 bcpd (approx 5,570 boepd) through a 1" choke. The D-1 well was the second successful well of Bowleven's current drillingcampaign with the Adriatic VI rig. The first well, IE-2, was drilled in the RioDel Rey Basin as a successful appraisal of the IE field. The rig will now bemoved to the IF-1 location to drill an exploration well to test a structureupdip of the IE field. After completion of this third well the rig will bereleased due to timing constraints under the drilling contract. Commenting on the discovery Kevin Hart, Bowleven CEO, said: "I'm delighted with the result of our first well in the relatively unexploredDouala Basin. Whilst the discovery will require further appraisal, I'm extremelyexcited by the potential highlighted by, both our and Noble Energy's, recentdiscoveries in the area. The numerous similar Miocene prospects on the acreagetogether with the deeper Eocene potential combine to make this a very excitingprovince." John Morrow, Chief Operating Officer of BowLeven plc, a member of the Society ofPetroleum Engineers who holds a C.Eng, is the qualified person that has reviewedand approved the technical information contained in this announcement. ENQUIRIES For further information contact: Bowleven plcKevin Hart, Chief Executive Officer 00 44 131 524 5678 Brunswick Group LLPPatrick Handley 00 44 207 404 5959Deborah Spencer Hoare Govett Limited 00 44 207 678 8000Andrew Foster 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 EurOil Limited, a 100%equity interest in the Etinde Permit area being three shallow water blocks inoffshore Cameroon, West Africa; namely Blocks MLHP 5, MLHP 6 and MLHP 7. Intotal Bowleven has approximately 2,300 km2 of exploration acreage located acrossthe Rio del Rey and Douala basins in the Etinde Permit. Bowleven has operated inCameroon since 1999. The Cameroon Government has announced a cooperation agreement with theGovernment of Equatorial Guinea to investigate a project to export gas fromCameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea. Itis proposed that Limbe would be the gathering hub for any such scheme. Bowleven also holds, through its wholly-owned subsidiary FirstAfrica Oil, a 100%equity interest in the EOV offshore block in Gabon, which contains an existingoil discovery that it is seeking to develop, and a 50% equity interest in theEpaemeno Block which is 1,340 km2 of exploration acreage in onshore Gabon whichsits next to a number of recent discoveries in surrounding blocks. This information is provided by RNS The company news service from the London Stock Exchange