BowLeven Plc Bomono Drilling Update (9658T)

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RNS Number : 9658T

BowLeven Plc

24 July 2015

24 July 2015

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

Bomono Drilling Update

Zingana exploration well, Bomono Permit, Cameroon

Highlights

   --    Zingana has been drilled to a TD of 1,720m MD; pre-drill well objectives achieved. 
   --    Wireline logging has been completed and the logs are being evaluated. 
   --    Hydrocarbons were encountered in target reservoirs. 
   --     The Zingana well is being suspended as planned to enable future re-entry. 
   --    Rig now moving to drill second location, Moambe. 

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that Zingana, the first well in a two exploration well programme, has been drilled to its planned total depth (TD) and logged. Hydrocarbons were encountered in the prognosed Paleocene (Tertiary) aged reservoir intervals and detailed log evaluation is being undertaken. The rig will now be moved to the Moambe well location as planned. Moambe, located just over two kilometres east of Zingana, is a previously undrilled Paleocene (Tertiary) aged robust three-way dip closed fault block. As previously outlined, the intention is to drill, log and evaluate both wells prior to determining any testing plan.

Further update announcements will be made in due course, as appropriate.

Kevin Hart, Chief Executive, said:

"We are encouraged by the well results to date at Zingana. The evaluation of log and well data acquired at Zingana is continuing and we are now looking forward to drilling the second exploration well in the programme, Moambe."

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 the Announcement:

(1) The technical information in this release has been reviewed by Ed Willett and David Clarkson, both qualified persons for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Ed Willett, Exploration Director of Bowleven plc, is a geologist and geophysicist, a Fellow of the Geological Society (FGS) and a member of the Petroleum Exploration Society of Great Britain (PESGB) with over 30 years' experience in oil and gas exploration and production. David Clarkson, Operations Director of Bowleven plc, is a Chartered Engineer and Fellow of the Institution of Mechanical Engineers with extensive oil and gas industry experience.

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 
 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 
 m               metres 
 MD              measured depth 
 TD              total depth 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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