BLVN.L Regulatory News (BLVN)

28 May 2008 10:05



28 May 2008

Bowleven plc ('Bowleven' or 'the Company')

Operational update - Commencement of drilling of IF-1r exploration well

Bowleven is pleased to announce that the IF-1r exploration well has commenced drilling in Block MLHP-7 of the Etinde Permit in the Rio Del Rey Basin, offshore Cameroon.

The primary objective of the IF-1r well is to explore for gas/condensate bearing sands in a structure located up-dip from the adjoining IE field. 

The IF-1r well is to be drilled to a depth of approximately 8,500 feet and total operational time (excluding testing) is currently estimated at approximately 60 days.

Further update announcements will be made as appropriate.

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Notes to the Editor:

Bowleven is an African focussed oil and gas group, based in Edinburgh and listed on AIM since December 2004.

Bowleven holds, through its wholly-owned subsidiary EurOil Limited, a 100% equity interest in the Etinde Permit area comprising three shallow water blocks in offshore Cameroon, West Africa; namely Blocks MLHP-5, MLHP-6 and MLHP-7. In total Bowleven has approximately 2,300 km2 of exploration acreage located across the Rio del Rey and Douala basins in the Etinde Permit. EurOil Limited also has a 100% equity interest in the Bomono Permit, onshore Cameroon, extending to approximately 2,328 km2 in the Douala/Kribi Campo Basin. Bowleven has operated in Cameroon since 1999. 

The Cameroon Government has announced a cooperation agreement with the Government of Equatorial Guinea to investigate a project to export gas from Cameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea. It is 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 existing oil discovery that it is seeking to develop, and a 50% equity interest in the Epaemeno Block, which is approximately 1,340 km2 of exploration acreage in onshore Gabon and sits adjacent to a number of recent discoveries in surrounding blocks.

The Trident IV jack-up rig, owned by Sedco Forex International Inc (SFI), a subsidiary of ultimate parent company Transocean Inc, is being used to drill the IF-1r exploration well.