TIDMBLVN
RNS Number : 4644E
Bowleven plc
18 October 2018
18 October 2018
Bowleven plc
('Bowleven' or 'The Company')
Etinde Operational Update
Result of IE-4 well
Update on ongoing post drilling analysis of IM-6 well
Bowleven, the Africa focused oil and gas company traded on AIM,
is pleased to announce the completion of drilling of the IE-4
appraisal well at the Etinde block, Cameroon, by the block's
operator, New Age Cameroon Offshore Petroleum SA ("NewAge").
The object of the well was to appraise two Intra-Isongo aged 410
sand packages in two fault bounded structures. The primary target,
"Drillbit", is structurally higher than the lower, "Crowbar" sand
package, which partially sits below and to the west of Drillbit
The crowbar 410 sand package is tagged very close to the
separating boundary fault between the two structures.
Initial wireline logging and down hole fluid sampling has been
completed and an initial interpretation of the data has been
completed. The preliminary results are:
-- The Drillbit sand body is water saturated at the IE-4
location. Whilst there are indications that hydro-carbons may have
been present in the Drillbit sand package at one time, the fault
block either never completely sealed or was opened at a subsequent
time.
-- The Crowbar 410 sand package results indicate that the tagged
location shows low permeability, probably due to being adversely
affected by fluid flow around the fault. Fluid sampling indicates
that the upper part of the 410 sand package at the IE-4 location is
volatile light Oil or Condensate bearing with gas. This appears to
be sitting above water saturated lower 410 sands. The data suggests
that the Crowbar 410 sand package is partially hydrocarbon
charged.
In addition, an unprognosed sequence of thinly bedded high
porosity sand horizons of about 30 metres gross (20 metres net)
thickness was drilled some 50 metres above the drillbit 410 sand
package. Fluid sampling has shown the sands to be light oil
saturated.
The IE-3 well showed a similar looking oil bearing sequence,
which has been tentatively correlated with the IE-4 sequence,
although these thin sandstone layers are not well imaged in the
seismic data. Tentatively, based on the IE-4 location and the
potential IE-3 correlation alongside the seismic data analysis,
this structure trap is around 2 km squared in volume, with an
additional untested structural high to the North West.
The lower 12 metres of this sequence was tested at a flow rate
of 17.1 mmscftg/d and 8780 bopd on a 56/64" inch choke.
Additional evaluation is being undertaken on the IE field ahead
of a broader interpretation being detailed. This discovery bodes
well for the potential of the Etinde field and further test data
and volumetric evaluation will be ongoing. The test results have
increased the overall likelihood of a commercial development of the
IE field area.
Update on the ongoing post drilling analysis of the IM-6
well
An assessment of the reservoir pressure data collected at the
IM-6 location with that at IM-5 has allowed a determination of the
expected wet gas/water contact within the Intra-Isongo aged 410
sand packages with the "Awl" structure first drilled at the IM-5
location. The contact is calculated to be at 3,050 metre depth
(tvdss) on the basis that the reservoir fluids between the IM-5 and
IM-6 locations are connected. Based on this data, the volume of the
Awl reservoir increases from c5.8 km to c8.9 km. The IM-6 well,
which successfully appraised the Intra Isongo section of the field,
established a lower gas water contact and adding an additional
150-250 bcf of wet gas resources on a P50 confidence basis. Further
analysis will need to be completed before any resource increment
can be booked in accordance with the appropriate internal
standard.
This is very much a preliminary analysis and is subject to
further analysis and interpretation of the data collected during
the IM-6 drilling and logging. Post-well studies are expected to be
completed by the end of Q1 2019. Subsequently, the JV partners have
agreed to undertake further geological and technical analysis
including remapping the identified leads and prospective traps
within the Etinde licence area. This work will be ongoing through
2019 alongside the additional data obtained from the IE-4 well.
Bowleven and its JV partners are currently re-assessing
development options for the Etinde field.
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, Chief Executive Officer of Bowleven plc,
commented:
"We are satisfied that the initial post-drilling analysis of the
IM-6 well data has demonstrated an increase in the volume of the
Awl 410 reservoir and is likely to result in an increment to the
wet gas in place P50 resources discovered when the technical
analysis is completed and new external report on the Etinde licence
resources is prepared in due course.
The preliminary test results from IE-4 suggest a very
interesting set of results and will add a broader commercial
dimension to our Cameroon acreage.
We now look forward to working with the JV partners to access
the significance of the well test results from the newly discovered
sand horizons which offers the potential to provide a further
increase to our discovered resource volumes in a new stratigraphic
horizon."
Dr Michael Clancy has reviewed the information contained in this
announcement. Dr Clancy, Reservoir Engineering Consultant for the
Group, is Petroleum Engineer with over 30 years of experience in
the oil and gas industry and is a member of the Society of
Petroleum Engineers.
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
David Coaten
Glossary
Tcf/bcf Trillion/billion cubic feet (of gas)
TVD Total Vertical Depth
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END
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