Yaounde, Cameroon Africa. February 2011. (Cameroon News) – The latest oil find is anticipated to give the Edinburgh based Bowleven a much needed makeover.

Bowleven who chooses to refer to the discovery as “significant” is expecting that it could transform the face of the business.

The Edinburgh-based oil and gas explorer company is of the firm belief that the findings that explorations conducted from an oil field off the coast of west Africa made in the recent past could radically alter its future prospects.

Bowleven has been able to discover traces of oil and gas in its Sapele 1 exploration well, off the coast of Cameroon.

It has also rented a rig for further review of the oil field in which drilling is expected to kick off later this month.

It had to discontinue the drilling work on its latest well at nearly 5,000 metres, owing to “a rapid influx of very high pressure gas”.

Though this influx has compelled the company to stop the work that was progressing in that exploration the discovery is estimated to be “significant”.

An extensive drilling programme is now being proposed for the remaining part of this year, with the new rig budgeted at around £80,000 per day.

Kevin Hart, chief executive of Bowleven, said he was “delighted” to reveal the presence of oil, condensate and gas in the Sapele 1 well, “further highlighting the significance and potentially transformational nature of this play”.

He said the well “bodes well for an exciting and successful campaign in 2011″.

The company’s share price compared to the alarming rise it had indicated during the previous months was just a minor rise as the news, about the latest discovery was announced.
The shares of the company had almost doubled to its earlier price in the past few months.

Bowleven has been concentrating its exploration efforts on West Africa.