Cameroon: Bowleven Identifies Additional Hydrocarbon Pay at Sapele-1 Well

Bowleven, the West Africa focused oil and gas exploration group traded on AIM, announces that the Sapele-1 exploration well drilling in the Douala Basin, offshore Cameroon has encountered further log evaluated pay in the Miocene reservoir objective.

This pay is in addition to that encountered at the Lower and Deep Omicron discoveries announced on 9 November 2010.

Highlights

• Preliminary log evaluation indicates an additional 6 to 8 metres of net hydrocarbon pay beneath the previously logged section in Deep Omicron

• Total net pay across the Omicron discoveries now 31 to 43 metres

• Cross-cut event and the Cretaceous Epsilon Complex still to be drilled

• Preparing for testing and subsequent appraisal drilling/sidetrack(s) post completion of current well

Drilling update

The targets of the Sapele-1 exploration well, on block MLHP-5 in the Etinde Permit, are a series of vertically stacked reservoir objectives, from the proven Miocene fairway down to the deeper Cretaceous fairway proven to be prolific elsewhere in West Africa.

Since the announcement on 9 November 2010, the well, which is drilling in water depths of around 20 metres, has been deepened by a further 123 metres to a current total depth of 3,483 metres in order to find a suitable point to set casing before drilling ahead into the cross-cut event.

The initial results from this section indicate that the well has intersected additional net hydrocarbon pay of 6 to 8 metres in high quality reservoir sands with an average porosity of 21%.

Forward exploration and appraisal programme

It is now planned to drill to a target depth (TD) of approximately 4,450 metres to test further prospective horizons, including the deeper Cretaceous, a play untested within this part of the Douala Basin.

Drilling activity is expected to take a further 20 to 30 days (excluding testing). In the meantime planning for testing and appraisal drilling/sidetracking activities on the Omicron discoveries is underway. The forward plan will be reviewed by the joint venture on reaching TD.

The Company plans to issue an update announcement on reaching the target depth of the well or, as appropriate, on completion of logging activities.

Kevin Hart, Chief Executive of Bowleven plc, commented:

“Whilst we recognise that further evaluation and appraisal are required, the additional pay encountered in the Miocene section provides further support to our view that the Omicron discoveries are potentially  transformational. We look forward with anticipation to recommencing drilling and intersecting the deeper cross-cut event and Cretaceous Epsilon targets.”

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Source:Bowleven , November 26, 2010