Bowleven plc Spud of IM-6 well, Etinde, Cameroon (8623O)

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RNS Number : 8623O

Bowleven plc

22 May 2018

22 May 2018

Bowleven plc

('Bowleven' or 'The Company')

Etinde Operational Update

Spud of IM-6 well, Etinde, Cameroon

Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the spud on 21 May 2018 of the IM-6 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum SA ("NewAge").

The IM-6 well is the first of two appraisal wells to be drilled in 2018. The Etinde Joint Venture partners have contracted the Vantage jack-up rig "Topaz Driller" for this campaign, Drilling and logging operations of IM-6 are expected to take approximately 100 days in total with Schlumberger providing most of the drilling services. As previously announced, the well is designed to delineate the size and extent of the Intra-Isongo stratigraphic sand traps as a primary target, with the Upper Isongo sand as a secondary target.

New Age is the operator of the Etinde field, with a 37.5% working interest. Bowleven and LUKOIL are partners with a 25% and 37.5% working interest respectively. The Company intends to announce the final well results after the end of drilling and testing operations

Eli Chahin, CEO of Bowleven said:

"We are pleased to have commenced our 2018 two well appraisal drilling programme at Etinde. This is a significant event for Bowleven, its shareholders, partners and stakeholders in Cameroon. I would like to thank New Age's operations team and our drilling contractor, Vantage, for all their efforts in achieving this milestone.

The appraisal program, for which Bowleven is fully carried, aims to further improve the already robust economics for future development of this world class asset and we look forward to providing an update on IM-6 results over the coming weeks."

 
 ENQUIRIES 
 For further information, 
  please contact: 
 
 Bowleven plc 
 Eli Chahin, Chief Executive    00 44 131 524 5678 
 
 Celicourt Communications 
  Ltd 
 Mark Antelme                   00 44 207 520 9261 
 Henry Lerwill 
 
 Stockdale Securities Ltd 
  (NOMAD and Broker) 
 Robert Finlay                  00 44 207 601 6100 
 Antonio Bossi 
 

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May 22, 2018 04:40 ET (08:40 GMT)