BLVN.L Regulatory News (BLVN)

21 Mar 2007 08:37

BowLeven Plc21 March 2007 BowLeven plc ("BowLeven" or "the Company") Operational update - commencement of drilling of D-1 exploration well Following the success of its IE-2 appraisal well, BowLeven is pleased toannounce that drilling has commenced on the D-1 exploration well located in theDouala Basin in Block MLHP 5 of the Etinde Permit in Cameroon. The primary objectives of the D-1 well are to explore the Upper Miocenechannelised turbidite sands, which are believed to be similar to those that werefound by Noble Energy to be hydrocarbon bearing 10km downslope in the O-1Belinda discovery in Equatorial Guinea. If successful, the well will besuspended to allow for possible later re-entry and completion as a gascondensate producer. The well will be drilled to a depth of approximately 10,000feet and total operational time is currently estimated at approximately 8 weeks. Further update announcements will be made as appropriate. 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 EurOil Limited, a 100%equity interest in the Etinde Permit area being three shallow water blocks inoffshore Cameroon, West Africa; namely Blocks MHLP 5, MHLP 6 and MHLP 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 D-1 well is located approximately 37 km from the power plant at Limbe inCameroon. The Cameroon Government has recently announced a cooperation agreementwith the Government of Equatorial Guinea to investigate a project to export gasfrom 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 has also recently acquired First Africa Oil, which has a 100% equityinterest in both the EOV offshore block in Gabon, which contains an existing oildiscovery that it is seeking to develop, and the Epaemeno Block which is 1,340km2 of exploration acreage in onshore Gabon which sits next to a number ofrecent discoveries in surrounding blocks. BowLeven will announce its interim results on 22nd March 2007. This information is provided by RNS The company news service from the London Stock Exchange