31st Aug 2005 07:00
BowLeven Plc31 August 2005 31 August 2005 BowLeven plc (BLVN) Exploration Update As scheduled in its announcement of 16 June 2005, BowLeven plc ("BowLeven" or"the Company") announces today an update on the evaluation of its Cameroonoffshore Block MLHP-7 ("MLHP-7") and the initial phase of its drilling programmewithin the shallow waters of the Etinde Permit area, in which BowLeven has a100% interest, subject to Government participation. The interpretation by the technical team of the 3D seismic data acquired earlierthis year has been completed over a large target area and has indicatedsignificant hydrocarbon potential. The interpretation is on-going. The 3D seismic clearly demonstrates that the previously discovered gas/condensate volumes are part of three large channel sand systems that converge inthe south of MLHP-7, in an area that is named as the "South Area Depocentre".The interpretation of this channel system, which was not previously evident fromthe earlier seismic data set, has provided valuable knowledge as to how thehydrocarbon systems in this block have evolved. Two drilling targets, in the southern area of MLHP-7, have been selected for theinitial phase of the Company's drilling campaign. One is a high-grade oilstructure and the other is a potentially large gas and condensate structure;both of which can be commercialised if drilling results are successful. Thetargets are described in greater detail below: Oil ProspectIn the southern area of MLHP-7, a high grade oil exploration structure has beenidentified in the shallow Biafra sands. The structure contains several potentialoil and gas bearing reservoirs. This structure, if proven to be hydrocarbonbearing by the drill-bit, could contain "in place" oil and gas volumes (at theP50 probability level) of around 300 mmboe. This prospect may have several additional satellite oil and gas accumulations. Gas/Condensate ProspectIn the South Area Depocentre a large gas/condensate exploration structure hasbeen identified in the Upper Isongo sands. This Upper Isongo structure containsseveral potential gas/condensate bearing reservoirs. If proven by drilling, thisstructure could contain "in place" gas and condensate volumes (at the P50probability level) of around 2.5TCF of gas and some 400 mmbbl's of condensate. These wells, together with the data from the 9 previous wells drilled on MLHP-7and the on-going seismic interpretation programme, should provide the basis forthe next phase of the Company's drilling programme for 2006 and its plans forthe exploitation of the recoverable hydrocarbon volumes within this block. Drilling is expected to commence in early October and complete around the end ofthe year. As was announced previously, the GlobalSantaFe drilling rig, AdriaticIX, has been contracted to drill these two wells. The Company is currently working to complete the 3D seismic interpretation overthe remaining areas, and will make further announcements as this work iscompleted. Commenting on the developments Terry Heneaghan, BowLeven's Chairman, said:"This is an exciting time for the Company and its shareholders. Your directorsare focussing their efforts on increasing hydrocarbon reserves and achievingcash flow as soon as is practicable." Contact: BowLeven plcTerry Heneaghan 0131 260 5100 Noble & Company LimitedJames Bromhead 0207 763 2200Joe Philipsz 0131 243 0400 (07785 255 641)Adam Westcott 0131 243 0459 (07710 458 284) MaitlandNeil Bennett 020 7379 5151Liz Morley 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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