25th Apr 2007 07:00
BowLeven Plc25 April 2007 25 April 2007 BowLeven plc ("BowLeven" or "the Company") Operational update - respudding of D-1 exploration well BowLeven announces that the D-1 exploration well located in Block MLHP 5offshore Cameroon, has had to be respudded due to mechanical and subsequent wellcontrol problems at the first location. The rig has been moved a shortdistance and re-drilling of the well has now commenced. The total depth andobjectives of the well remain unchanged. The well will be drilled to a depth of approximately 10,000 feet and totaloperational time is currently estimated at approximately 8 weeks. The Company is in discussion with its insurers regarding the potentialrecoverability of costs incurred on the first drilling location. Further announcements will be made as appropriate. ENQUIRIES For further information contact: BowLeven plcKevin Hart, Chief Executive Officer 00 44 131 260 5100 Brunswick Group LLPPatrick Handley 00 44 207 404 5959Deborah Spencer 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 Cameroon Government has recently 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 ExchangeRelated Shares:
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