BowLeven Plc Testing Update - Bomono Permit, Cameroon (8419G)
November 25 2015 - 1:00AM
UK Regulatory
TIDMBLVN
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
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