Douala, Cameroon Africa. November 2010 (news.cameroon-today.com)  –
CAMEROON OIL AND GAS: SHARE PRICES OF BOWLEVEN SPIKE ON CAMEROON RIG POSITIVE NEWS UPDATES.

Positive news from the current Cameroon offshore oil drilling rig program operated by BowLeven PLC (Public, LON:BLVN), an oil and gas explorer casused the companies shares to spike by upto 6.5 percentage point on thursday November 25 2010 at the London stock exchange.

DeepSea Oil Rig – Bowleven Cameroon Gulf of Guinea Operates such Rig

In all BowLeven PLC has exploded over 400 percent since the beginning of this year as investors are excited about the prospects of BowLeven’s activities in the estuaries of the Gulf of Gunea on the west African coast. The stock, BLVN, closed at 338.00 +20.50 (6.46%) GBX marking an all time high for the company.

In an update to investors, Bowleven described its findings the Sapele-1 exploration well in Cameroon as “better than expected”, “transformational” and “net hydrocarbon pay of 6 to 8 metres in high quality reservoir sands”.

This is due to the reports of evidence of hydrocarbons at the level of the deep omicron layers of the site. The Sapele-1 exploration well are five vertically stacked reservoirs. Within the next twenty to thirty days, Bowleven is expected to drill down into the fifth Cretaceous layer of the well.

Kevin Hart, chief executive of Bowleven, said that although “further evaluation and appraisal are required”, he was optimistic.

“The additional pay encountered in the Miocene section provides further support to our view that the omicron discoveries are potentially transformational,” he said.

Peter Hitchens, analyst at Panmure Gordon, estimates that the deep omicron target could have 50 million barrels of oil and noted “downside risks are reduced”.

bowleven Cameroon Douala Oil gas explorer

Richard Griffin of Evolution Securities said the findings represented an “incremental positive” and “continues to improve the resource base on block MLHP-5 which will be at the forefront of the company’s drilling campaign for the next 12 to 18 months”.