Douala, Cameroon Africa. (Cameroon News) – Bowleven’s Sapele-1 exploration has led to more findings of hydrocarbons.
Bowelevens sapele – I explorations well drilling in the Douala Basin, offshore Cameroon has been able to spot more hydrocarbon-bearing pay in both the Tertiary and Cretaceous layers fulfilling the objectives according to the findings of drilling, wireline logs, and samples taken from reservoir fluid and pressure information.
The well has been designed to determine multiple layered objectives that belong to the Tertiary to Cretaceous age.
Wireline log assessment proves that every one of the five objectives are hydrocarbon-bearing with net pay made sure in three, on the basis of reservoir fluid samples collected.
The well is presently drilled to a current total depth (TD) of 4,539 meters and the objective is to henceforth deploy liner and drill on, depending on the various approvals obtained, on closure of logging activities undertaken presently.
Salient aspects of BowLeven Cameroon Oil and Gas Excavation:
- Every one of the five target objectives have been found to be hydrocarbon-bearing from log assessment with net pay positive in three post samples.
- Improved oil in-place forecasts for Deep Omicron; P90 to P10 now 65 to 430 mmbbls.
- Cross-cut objective was indicated positive in 4 meters of log assessed net hydrocarbon pay.
- Gas condensate was found in Epsilon Complex confirming Cretaceous prospectivity; beyond play fairway significantly offshore.
- More Cretaceous reservoir potential determined;
- Sapele-1 drilling will resume one the logging activities happening presently are completed.
- Epsilon Complex volumetrics to be made up to date after integration and assessment of extensive well data is completed.
- Undertake preparations for testing followed by appraisal drilling/sidetrack activity.
- Group cash at December 31, 2010 circa $190 million; positioned adequately to finance forward work program.
Drilling update of BowLeven Cameroon Oil and Gas Excavation:
bowleven Cameroon Douala Oil gas explorer
The Sapele-1 exploration well location, on block MLHP-5 in the Etinde Permit, was undertaken with the motive to intersect more than one independent exploration targets from the proven Miocene fairway further below to the deeper Cretaceous fairway from a basic location.
One requirement that had to be fulfilled before the task was undertaken was to fix a number of the targets be intersected at sub-optimal depths. Simultaneously, while the well has made positive findings pertaining to the prefixed targets as hydrocarbon-bearing, this is assumed to have taken place at the extremities of Lower and Deep Omicron and the Cretaceous Epsilon Complex.
Since November 25, 2010, the well, which is being excavated by the Noble Tommy Craighead in shallow water depths of around 20 meters, has been drilled to a present TD of 4,539 meters and has drilled through the Cross-cut event and into the Cretaceous.
A core aim of the Sapele-1 well was to secure proof for the concept of the Cretaceous play offshore Douala Basin.
The well has now provided positive results indicating the presence of reservoir and hydrocarbons in the Cretaceous, offshore Douala Basin, and as a consequence would also move further below beyond the Cretaceous play fairway significantly offshore.
The updated information for these reservoir sections that have been excavated recently are outlined below:
Cross-cut event of BowLeven Cameroon Oil and Gas Excavation
DeepSea Oil Rig – Bowleven Cameroon Gulf of Guinea Operates such Rig
The well has intersected a log assessed gross hydrocarbon interval of close to 18 meters in what are assumed to be medium quality interbedded reservoir sands.
The provisional net pay is expected to be approximately 4 meters, with an average porosity of 17%.
Epsilon Complex of BowLeven Cameroon Oil and Gas Excavation
The well has intersected a log assessed total hydrocarbon interval of close to 9 meters from medium to high quality reservoir sands. The Cretaceous net pay that the tests have come across to date is expected to be close to 4 meters, with an average porosity of 13%. Fluid samples obtained during logging operation positively indicate the occurrence of lean gas condensate as reservoir fluid.
It is also assumed that the well has come across more sands at the current TD. Additional Cretaceous targets have also been determined and subsequently, drilling is proposed to resume after closure of current logging activities.
Initial in place estimates of BowLeven Cameroon Oil and Gas Excavation
Oil and gas Plant
After more net pay at Deep Omicron Bowleven’s (as operator) have been found in-place volumetrics on a P90 to P10 range have been modified upwards to 65 to 430 mmbbls (updated mean 217 mmbbls).
These numbers will depend mostly on revision happening presently after more assessment and additional appraisal drilling. Owing to the stratigraphic nature of the Omicron findings, more appraisals will be needed and is being proposed.
Modified volumetrics for the Epsilon Complex will be determined after completion of the well and the integration and assessment of the extensive well information obtained.
Sapele-1 forward program of BowLeven Cameroon Oil and Gas Excavation
Wireline logging operations are presently happening across the Cross-cut and Epsilon Complex intervals.
Once it is closed, it is proposed to keep on drilling, provided that the mandated approvals and deals with the joint venture partner, deeper into the Cretaceous.
The proposed plan to move on will be assessed in detail by the joint venture partner once the drilling attains the modified target depth and on closure of logging operations.
Meanwhile, preparations for testing Sapele-1 are ongoing and any testing will happen only once drilling and logging operations are completely finished.
Due to the stratigraphic nature of these discoveries more detailed assessment and appraisal will be needed to find out how the findings can be sold or to determine the commercial value of the test results.
Side by side to what is happening, proposed plans are also being laid out for sidetrack/appraisal activities and setting up of these plans are already underway.
The activities based on the plans being fixed will however happen only once the testing programs near completion.
More updated information will be given on the findings of the drilling activities to the media and the press as soon as the management feels it to be appropriate enough to do so.
Financial position of BowLeven Cameroon Oil and Gas Excavation
bowleven Cameroon Douala Oil gas explorer
The Group has in hand $190 million cash with a zero debt status as of the data obtained on December 31, 2010.
This however does not include the approximately $35 million proceeds that they expect to secure from the sale of EOV. It has also been determined that the group is funded sufficiently well enough to undertake the huge sized program that it has planned for 2011 across the span of its operations.
Kevin Hart, Chief Executive of Bowleven, commented,
“2010 has been an exciting year for Bowleven. As we enter 2011 the ground-breaking Sapele-1 exploration well continues to excite and highlights the potential of the Douala Basin. Whilst further evaluation and appraisal are required, the Sapele-1 well has the potential to be transformational.
The discovery of oil at Sapele-1 in high quality Miocene reservoirs and in shallow water depths is significant in terms of both acreage-wide prospectivity and potential future development.
The Cretaceous result also validates the play within this part of the Douala basin and has potentially significant implications for the overall prospectivity of the Etinde Permit. Furthermore, the Sapele-1 well will have a pivotal role in calibrating and de-risking the multiple exploration prospects identified across Etinde.
The momentum is continuing to build in our operations in Cameroon and 2011 promises to be our busiest year yet with an extensive exploration and appraisal program planned.”
However it is now for the Cameroonians to wait and watch out as to what these technical information and numbers holds in store for them and as to how Bowleven is able to translate the benefits of the findings to them.
