BowLeven Plc Testing Update - Bomono Permit, Cameroon (3783F)

TIDMBLVN

RNS Number : 3783F

BowLeven Plc

11 November 2015

11 November 2015

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

Testing Update - Bomono Permit, Cameroon

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce that following the installation of testing equipment, the Moambe well has now commenced flowing hydrocarbons.

The extended well testing programme at Moambe is planned to determine the productivity and connectivity of the shallower reservoir units. It is intended that these reservoir units will provide the basis for the initial supply of gas for power generation under a development scheme formulated with Actis and Eneo in Cameroon.

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

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 two Permits in Cameroon, with one located offshore in shallow water (operated by NewAge) and the other onshore (operated by Bowleven).

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.

Notes to 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 28 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.

(2) Actis is a private equity firm investing exclusively in Africa, Asia and Latin America. In 2014, Actis acquired a 56% stake in Cameroon's national electricity utility, ENEO. ENEO provides over 900MW of generation and supplies electricity to more than 1 million customers.

   (3)        Bowleven has a 100% interest in the Bomono Permit. 

Glossary of Terms:

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

 
 Actis           Actis LLP 
 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 
 Eneo            Eneo Cameroon SA, an Actis LLP affiliated 
                  company 
 EWT/extended    EWT or Extended well tests offer 
  well tests      the opportunity to gain reservoir 
                  and production data not available 
                  from a traditional, short duration, 
                  well drill-stem tests. The longer 
                  flow period provides a greater radius 
                  of investigation from the wellbore 
                  which, depending on the nature of 
                  the reservoir, can assist in identifying 
                  reservoir boundaries and proving 
                  up reserves. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 11, 2015 08:11 ET (13:11 GMT)