BowLeven Plc Bomono Operational Update (6927C)

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RNS Number : 6927C

BowLeven Plc

21 January 2015

21 January 2015

Bowleven plc ('Bowleven' or 'the Company')

Bomono Operational Update

Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces an update on its two well exploration drilling programme on the Bomono Permit.

At the Zingana well site civil engineering activities have been completed and the first surface casing string has been driven in place. Civil engineering activities continue with the preparation of the second well site, Moambe.

Under the lump sum drilling contract, AODL is responsible for the provision of the rig, equipment and ancillary services. AODL is now assembling the rig which will be integrity tested prior to commencing drilling operations. The first well, Zingana, is now due to be spudded in February 2015 following some minor logistical issues which have now been resolved.

Further operational updates will be provided once drilling commences.

ENQUIRIES

For further information please contact:

Bowleven plc

   Kevin Hart, Chief Executive                                          00 44 131 524 5678 

Kerry Crawford, Finance Director

Brunswick Group LLP

   Patrick Handley                                                            00 44 207 404 5959 

Simon Maine

Macquarie Capital (Europe) Limited (Nomad)

   Jon Fitzpatrick                                                              00 44 203 037 2000 

Ken Fleming

Nick Stamp

Notes to Editors:

Bowleven is an African focused oil and gas exploration group, based in Edinburgh and traded on AIM. Bowleven's strategy is focused on creating and realising material value through exploration led organic growth. Bowleven holds equity interests in three blocks in Cameroon, with one block located offshore in shallow water and two onshore. An application for a new PSC over two offshore blocks has been submitted. All of these blocks are operated by Bowleven.

On 24 June 2014, Bowleven announced that the Group had entered into a conditional farm-out agreement to sell an aggregate 40% (post government back-in) operated interest in the Etinde Permit, Cameroon to LUKOIL and NewAge (or their nominated affiliates). On completion of the farm-out transaction operatorship of the offshore Etinde Permit in Cameroon will transfer to NewAge.

Bowleven also holds an equity interest in an onshore block in Kenya, operated by Adamantine Energy, and has been awarded three blocks in Zambia, with applications on two blocks pending.

Glossary of Terms:

The following are the main terms and abbreviations used in this announcement:

 
 AIM             the market of that name operated by the London 
                  Stock Exchange 
 AODL            Africa Onshore Drilling LDC, a wholly-owned 
                  subsidiary of Africa Fortesa Corp Ltd, and 
                  the entity which has entered into the rig contract 
                  with Bowleven in respect to the Bomono Permit 
 Bomono Permit   the production sharing contract between the 
                  Republic of Cameroon and EurOil, dated 12 December 
                  2007, in respect of the area of approximately 
                  2,328km(2) comprising former blocks OLHP-1 
                  and OLHP-2 onshore Cameroon; or, as the context 
                  may require, the contract area to which that 
                  production sharing contract relates 
 Bowleven        Bowleven plc (LSE:BLVN) and/or its subsidiaries 
                  as appropriate 
 Etinde Permit   the Etinde Exploitation Authorisation (EA) 
                  Area. The Etinde EA, granted on 29 July 2014, 
                  covers an area of approximately 461km(2) (formerly 
                  block MLHP-7) and is valid for an initial period 
                  of 20 years 
 EurOil          EurOil Limited, an indirectly wholly owned 
                  subsidiary of Bowleven plc, incorporated in 
                  Cameroon 
 LUKOIL          LUKOIL Overseas West Project Ltd, a subsidiary 
                  undertaking of OAO LUKOIL 
 NewAge          New Age (African Global Energy) Limited 
 PSC             production sharing contract 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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