BLVN.L Regulatory News (BLVN)

10 Aug 2007 07:00

BowLeven Plc10 August 2007 10th August 2007 BowLeven plc ("BowLeven" or "the Company") Operational Update - IF-1 Exploration well BowLeven announces that the IF-1 exploration well located in Block MLHP 7offshore Cameroon, has taken a significant gas kick at 6,355 feet (some 540 feetabove the highest expected target) in the uppermost section of the primaryobjective, the Isongo formation. The pressures encountered during this kickindicate that the well is potentially in communication with the IE structure,which was appraised by BowLeven earlier this year with well IE-2. For reasons ofsafe well control, the need for a new well design to accommodate the pressuresencountered and the resultant requirement to employ up-rated equipment, it hasbeen decided to abandon the well. The rig will be released on completion ofabandonment operations. The data obtained during drilling will now be evaluated and it is intended toreturn to the IF structure to re-drill this exploration well as soon aspracticable. This re-drill will most likely be located down dip from thestructural crest (where IF-1 is located), on the flanks of the structure, wheremore favourable pressure conditions should be encountered. The Company is in discussion with its insurers concerning the IF-1 well. Further announcements will be made as appropriate. Commenting Kevin Hart, Bowleven CEO, said: "Although it is frustrating to have to abandon the well at this juncture, thelikelihood that the IE and IF structures are connected and have a commonsubstantial gas column is extremely encouraging. Whilst further drilling will be required to firm up the reserves, the result ofthis well certainly enhances the likely commerciality of the acreage andsuggests the combined IE and IF accumulation may hold substantial volumes of gasand condensate." ENQUIRIES For further information contact: BowLeven plcKevin Hart, Chief Executive Officer 00 44 131 524 5656 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, following the completion of this transaction, through itswholly-owned subsidiary FirstAfrica Oil, a 100% equity interest in the EOVoffshore block in Gabon, which contains an existing oil discovery that it isseeking to develop, and a 50% equity interest in the Epaemeno Block which is1,340 km2 of exploration acreage in onshore Gabon which sits next to a number ofrecent discoveries in surrounding blocks. This information is provided by RNS The company news service from the London Stock Exchange