28th Sep 2015 07:41
LONDON (Alliance News) - Bowleven PLC Monday said it has encountered hydrocarbons at the Moambe exploration well on the Bomono permit in Cameroon.
The well was the second exploration well to be drilled on the permit, to a total depth of 1,769 metres measured depth. Wireline logging has been completed and Bowleven said hydrocarbons were encountered in the Paleocene (Tertiary) aged target reservoir intervals.
"Preparations are underway to test Moambe initially prior to moving back to the first well, Zingana, where further testing is currently planned. The extended well testing programme is designed to determine the productivity and connectivity of the shallower reservoir units which it is intended will provide the basis for the initial supply of gas for power generation," said the company.
After it has tested the shallower reservoir units, the company will look to evaluate the deeper reservoir units.
"We are working closely with Actis and Eneo in Cameroon on a plan to deliver gas for a gas-to-power development scheme in the event of a successful outcome to testing. It is intended that any associated liquids produced would be trucked for sale at the local refinery at Limbe," it said.
Bowleven shares were trading up 3.2% to 24.50 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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