16th Jun 2005 07:00
BowLeven Plc16 June 2005 BowLeven plc (BLVN) Exploration Update BowLeven plc ("BowLeven" or "the Company") announces today an update on theevaluation of its Cameroon offshore Block MLHP-7 within the Etinde Permit area. The Company has now received the initial interpretation of the "fast-track" 3Dseismic data, acquired earlier this year, over the Company's Block MLHP-7. Thedata acquired is of a very high quality and has validated the existing playconcept for the area. Specifically, the interpretation work thus far hasidentified a number of promising drilling prospects, along with several leadsand plays. The potential drilling targets include both high-grade oil prospectsand potentially large gas and condensate reservoirs that could becommercialised. The size of these structures exceeds the Company's previousevaluation of its exploration assets and, if confirmed during the drillingprogramme, could lead to a substantial enhancement of its reserves. The Company is currently working to complete the 3D seismic interpretation inorder to assess fully the likely drilling locations. It is expected that thisprocess will be completed in August 2005 at which point a further update will bemade in respect of the drilling strategy, the well locations and the size of thetarget prospects. As was announced previously, the GlobalSantaFe drilling rig,Adriatic IX, has been contracted to begin drilling in late September/earlyOctober this year. Terry Heneaghan, comments "We are pleased with what we see from this promisinginitial assessment, which has been delivered to the schedule that we laid out atthe time of our IPO last December. The current "fast-track" interpretation hasfurther increased our confidence in the potential of our asset base. Ouracquisition of 3D seismic at the beginning of this year is proving to be anexcellent investment and will guide the drilling programme that we will map outat the end of this Summer." 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 5151 (07795 342 999)Liz Morley 020 7379 5151 (07798 683 108) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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