1st Mar 2007 14:25
BowLeven Plc01 March 2007 BowLeven plc ("BowLeven") Operational update - IE-2 well test results Further to the announcement of 19 February 2007, BowLeven is pleased to announcethat the IE-2 appraisal well, drilled in the E Field, Block MLHP 7 of the EtindePermit in Cameroon, has successfully tested gas and condensate from the Isongoformation. The well flowed at a stabilised rate of 30 mmscfd and 3800 bpdthrough a 60/64 inch choke with a flowing well head pressure of 2126 psi. Therate of flow was constrained due to the capacity of the test equipment. The well will now be suspended as a possible future producer. The Adriatic VIdrilling rig will then be moved a short distance to Block 5 of the Etinde Permitto drill a higher risk exploration prospect in the sparsely explored DoualaBasin. Following this second well it is likely that the rig will return to Block 7 anddrill an exploration prospect which is located up dip from the adjacent E Field. Further information on the drilling programme will be issued in due course. Commenting on the test result Kevin Hart, BowLeven's CEO, said "Whilst further evaluation is required to determine the extent of the IE Fieldand associated reserves, the result of the IE-2 well has been very encouraging,especially as flow rates were constrained by the test equipment. The high liquids ratio and excellent deliverability combined with the Field'sclose proximity to both the Bioko Island LNG facility and the Limbe PowerStation, should materially enhance the chance of a commercially viabledevelopment" John Morrow, Chief Operating Officer of BowLeven plc, a member of the Society ofPetroleum Engineers who holds a C.Eng, is the qualified person that has reviewedand approved the technical information contained in this announcement. ENQUIRIES For further information contact: BowLeven plcKevin Hart, Chief Executive Officer 00 44 131 260 5100John Morrow, Chief Operating Officer 00 44 131 260 5100Ed Willett, Deputy Exploration Director 00 44 131 260 5100 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 IE-2 well is located approximately 27 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 EquatorialGuinea. It is proposed that Limbe would be the gathering hub for any suchscheme. The IE-2 well is an appraisal well to the IE-1 discovery made by Total in 1981. 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 lies to the North of Shell'srecent discoveries in the Awoun Block. BowLeven will announce its interim results on 22nd March. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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