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BLVN Bowleven Plc

0.165
0.015 (10.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bowleven Plc LSE:BLVN London Ordinary Share GB00B04PYL99 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.015 10.00% 0.165 0.10 0.20 0.15 0.15 0.15 233,534 16:40:05
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs 0 -2.02M -0.0062 -0.24 491.2k

BowLeven Plc Testing Update - Bomono Permit, Cameroon (8419G)

25/11/2015 7:00am

UK Regulatory


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RNS Number : 8419G

BowLeven Plc

25 November 2015

25 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 the following update on the extended well test programme underway at Bomono.

To date, the Moambe well has achieved a maximum stabilised flow rate of 7.3 mmscfd through a 48/64 choke with a flowing well head pressure of 664 psig with no signs of depletion during the initial test period. As a result of this success, the well has now moved into the planned extended test period. This is intended to confirm sustainable deliverability to a proposed gas-to-power development scheme. Initial indications are that under such a development scenario the Moambe well would be capable of delivering around 4 to 5 mmscfd.

Meanwhile, as testing continues at Moambe, we continue to progress plans to commence extended well testing at the Zingana well.

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

Kevin Hart, Chief Executive, said:

"We are pleased with the positive initial flow test results on Moambe which give us increased confidence in the commercial viability of future development plans at Bomono. We look forward to the Zingana test augmenting the results at Moambe and to progressing gas sales negotiations."

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

(3) Under a gas-to-power development scheme, a production rate of 5 mmscfd would be expected to generate approximately 25MW of power.

(4) As planned, the ongoing testing programme is targeting the shallower gas-prone sands which it is proposed will be used for the initial feedstock for power generation. Meanwhile, the evaluation of the potential of the deeper sands that were targeted and encountered with both wells is also continuing.

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 
 extended        extended well tests offer the opportunity 
  well tests      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 
 mmscfd          million standard cubic feet of gas 
                  per day 
 MW              Megawatt; a unit of power equal 
                  to one million watts 
 psig            Pounds per square inch gauge 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLPKQDDOBDDFDB

(END) Dow Jones Newswires

November 25, 2015 02:00 ET (07:00 GMT)

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