BowLeven Plc Bomono Operations Update (2144L)
08 January 2016 - 6:00PM
UK Regulatory
TIDMBLVN
RNS Number : 2144L
BowLeven Plc
08 January 2016
8 January 2015
Bowleven plc ('Bowleven' or 'the Company')
Bomono Operations Update
Bowleven, the Africa focused oil and gas exploration group
traded on AIM, is pleased to announce the following update on
activities on the Bomono Permit, onshore Cameroon.
The extended flow testing programme at Moambe and Zingana is now
complete. The results to date continue to support plans for an
initial supply of around 5 to 6 mmscfd of gas for power generation
under a development scheme formulated with Actis and Eneo in
Cameroon.
As outlined in the Bomono Exploitation Authorisation Application
(BEAA) submitted to the Cameroon authorities in December 2015, this
initial development scheme is focused on the provision of feedstock
for power generation from the shallower gas-prone sands. The
block-wide evaluation of these sands and the additional potential
of the deeper sands that were also targeted with the wells are
ongoing.
The results of the combined tests provide the confidence
required to progress with the gas sales agreement and development
planning, consistent with plans to deliver initial near-term
production alongside the continuing evaluation of the acreage.
Further update announcements will be made in due course, as
appropriate.
Kevin Hart, Chief Executive, said:
"We are pleased with the results of the extended flow testing
programme at Bomono and are now looking forward to advancing gas
sales negotiations and development planning."
ENQUIRIES
For further information please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Simon Maine
Macquarie Capital (Europe) Limited (Nomad)
Jon Fitzpatrick 00 44 203 037 2000
Ken Fleming
Nick Stamp
Notes to Editors:
Bowleven is an African focused oil and gas exploration group,
based in Edinburgh and traded on AIM. Bowleven's strategy is
focused on creating and realising material value principally
through exploration led organic growth. Bowleven holds equity
interests in two permits in Cameroon, with one located offshore in
shallow water (operated by NewAge) and the other onshore (operated
by Bowleven).
Bowleven also holds an equity interest in an onshore block in
Kenya, operated by Adamantine Energy, and has been awarded three
blocks in Zambia, with applications on two blocks pending.
Notes to Announcement:
(1) The technical information in this release has been reviewed
by Ed Willett and David Clarkson, both qualified persons for the
purposes of the AIM Guidance Note for Mining, Oil and Gas
Companies. Ed Willett, Exploration Director of Bowleven plc, is a
geologist and geophysicist, a Fellow of the Geological Society
(FGS) and a member of the Petroleum Exploration Society of Great
Britain (PESGB) with over 28 years' experience in oil and gas
exploration and production. David Clarkson, Operations Director of
Bowleven plc, is a Chartered Engineer and Fellow of the Institution
of Mechanical Engineers with extensive oil and gas industry
experience.
(2) Bowleven has a 100% interest in the Bomono Permit.
(3) Actis is a private equity firm investing exclusively in
Africa, Asia and Latin America. In 2014, Actis acquired a 56% stake
in Cameroon's national electricity utility, ENEO. ENEO provides
over 900MW of generation and supplies electricity to more than one
million customers.
(4) Under a gas-to-power development scheme, a production rate
of 5 mmscfd would be expected to generate approximately 25MW of
power.
Glossary of Terms:
The following are the main terms and abbreviations used in this
announcement:
Actis Actis LLP
AIM the market of that name operated
by the London Stock Exchange
Bomono Permit the production sharing contract
between the Republic of Cameroon
and EurOil, dated 12 December 2007,
in respect of the area of approximately
2,328km(2) comprising former blocks
OLHP-1 and OLHP-2 onshore Cameroon;
or, as the context may require,
the contract area to which that
production sharing contract relates
Bowleven Bowleven plc (LSE:BLVN) and/or its
subsidiaries as appropriate
ENEO Eneo Cameroon SA, an Actis LLP affiliated
company
extended extended well/flow tests offer the
well/flow opportunity to gain reservoir and
tests/testing production data not available from
a traditional, short duration, well
drill-stem tests. The longer flow
period provides a greater radius
of investigation from the wellbore
which, depending on the nature of
the reservoir, can assist in identifying
reservoir boundaries and proving
up reserves
mmscfd million standard cubic feet of gas
per day
MW Megawatt; a unit of power equal
to one million watts
This information is provided by RNS
The company news service from the London Stock Exchange
END
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