bowleven Cameroon Douala Oil gas explorer
Yaounde, Cameroon Africa(Cameroon News) -
- The share prices of BowLeven increased the most in the past 6 Months as there were announcements of discovery of more oil in Cameroon.
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BowLeven Plc (BLVN), a U.K. oil explorer that has projects in Cameroon, registered maximum gains in the six months after drilling results in its Sapele-2 well off the Cameroonian coast indicated the presence of oil.
BowLeven increased by almost 16 percent to 330.75 pence in London, the largest jump since Nov. 11. It increased by 39.5 pence at 8:49 a.m. local time.
The company had undertaken drilling of the Sapele-2 well, which came across a total of 35 meters (115 feet) of hydrocarbon-bearing interval in the Omicron reservoir in the Douala Basin, the company which operates out of Douala said today in a statement. It will require to undertake more tests to determine the deposit’s resource potential.
“A welcome positive after the mixed initial results from Sapele-1 sidetrack, and we see a further recovery in shares ahead of the flow test update,” Phil Corbett, an analyst at Royal Bank of Scotland Group Plc, wrote in a report that was announced as an email.
BowLeven is now drilling into Block 5 in Cameroon, which may secure as much as 1 billion barrels of oil equivalent, BowLeven Chief Executive Officer Kevin Hart estimate in March.
