Bowleven Plans More Activities In Cameroon Blocks

Yaounde, Cameroon Africa. (Cameroon News) – Bowleven proposes to ramp up operations in their prospective offshore Cameroon blocks.

Oil and gas exploration company Bowleven PLC (LON:BLVN), who has a lot of projects centered around Central and west Africa, stated that it would be ramping up the exploration and development initiatives at its future company-changing oil prospects offshore Cameroon.

As the company announced its interim results report for the six months ended December 31 2010, the company stated that their immediate attention would be dedicated to the winding up of the Sapele-1 sidetrack well and testing programme to review the Deep Omicron oil discovery, finishing of the Sapele-2 appraisal well targeting Lower and Deep Omicron fairways, and drilling more exploration and appraisal wells targeting Tertiary and Cretaceous prospects in the Douala Basin offshore Cameroon.

The company had put together US$112 million through an equity auction in November 2010 and had closed the first half with a cash balance of US189 million and no debt.

Pretax losses in the first half came to US$15.7 million, against a US$1 million profit of the previous year, indicating that there has been a tremendous increase in the drilling operations.

Drilling operations on the Sapele-1ST (sidetrack) and Sapele-2 appraisal wells is being carried out exactly as per schedule, and Bowleven is totally financed for the current drilling programme on its Etinde permit offshore Cameroon.

Chief executive Kevin Hart said: “We are delighted with progress made towards our overarching objectives of exploring the significant potential of the Douala Basin and converting resources to reserves on Etinde.

“Operational activity in Cameroon will continue at pace. …we look forward to pursuing the multiple opportunities our acreage has to offer,” he added.

Bowleven has full stakes in the Etinde Permit and Bomomo Permit in Cameroon and has recently inked a synergy agreement with the Government of Equatorial Guinea to look into a project to export gas from Cameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea.