bowleven Cameroon Douala Oil gas explorer
Yaounde, Cameroon Africa(Cameroon News) – BowLeven’s drilling partner Vitolhas decided not to partner any more with the sapele -3 well off Cameroon.
BowLeven Plc (BLVN), the Scotland based oil exploration who was into a synergy with Vitol SA at Cameroon’s Etinde permit, said the Swiss company would not longer be supporting in drilling the Sapele-3 well.
“Vitol has elected not to participate in the drilling,” Edinburgh-based BowLeven said today in a statement, without giving a reason. “Consequently BowLeven, as operator, has proposed drilling this well on a sole risk basis.”
The partnership deal at Etinde has been valid since the past two years after Swiss company Vitol decided to purchase a 25 percent stake in the permit that was under the name of BowLeven and offer investment for its exploration. BowLeven will employ the Sapphire Driller rig at Sapele-3, after the vessel finished a series of tests at Sapele-2, it said.
Tests at Sapele-2 indicated a peak flow rate of 2,738 barrels of oil equivalent a day, including high-quality light oil, BowLeven said in the press release. The company’s shares increased to as high as 5.1 percent in London, the highest in the last seven weeks, and traded up 3.3 percent at 270 pence as of 9 a.m. local time.
