Cameroon: Bowleven Pleased With IE-3 Appraisal Results

Bowleven, the West Africa focused oil and gas exploration group listed on AIM, announces that the IE-3 appraisal well has reached a final depth of 3,048 metres.

The Company has run a suite of wireline logs and has taken samples and pressure data. The information collected indicates that the well has encountered multiple hydrocarbon bearing reservoirs comprising both gas condensate and light oil.

The objective of the IE-3 well was to appraise the extent and communication of the upper Isongo reservoir updip of the previous wells drilled on the IE field and also to target additional deeper Isongo reservoirs.

The early indications from the well are positive. The well result indicates that we have encountered gas condensate in the upper Isongo sand objective in communication with and extending structurally updip of the highest known gas in IE-2z. In addition, logging and sampling of the deeper prognosed secondary objectives have identified further potentially significant multiple stacked reservoirs containing light oil and gas condensate pay.

Further detailed analysis, including test data, is now required to fully evaluate the impact for our reserves base and to reduce the remaining risks around the development of the IE field area. The Company is now preparing to conduct a multiple test programme of up to four drill stem tests. Following testing the intention is to move the rig to the MLHP-5 exploration well location (Sapele-1).

Further announcements will be made on completion of the full test programme.

Kevin Hart, Chief Executive said:

“We are very pleased with results obtained so far from the IE-3 appraisal well. The initial log evaluation is very encouraging as it confirms the upper sands are in pressure communication with IE-2z and highlights the presence of light oil and gas condensate at multiple additional horizons. Further evaluation is required, including testing, but the results to date are promising in the context of the IE field development area and for our Cameroon acreage as a whole.”

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Source: Bowleven, July 15, 2010: