BowLeven Plc Bomono Operational Update (6927C)
January 21 2015 - 2:00AM
UK Regulatory
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RNS Number : 6927C
BowLeven Plc
21 January 2015
21 January 2015
Bowleven plc ('Bowleven' or 'the Company')
Bomono Operational Update
Bowleven, the Africa focused oil and gas exploration group
traded on AIM, announces an update on its two well exploration
drilling programme on the Bomono Permit.
At the Zingana well site civil engineering activities have been
completed and the first surface casing string has been driven in
place. Civil engineering activities continue with the preparation
of the second well site, Moambe.
Under the lump sum drilling contract, AODL is responsible for
the provision of the rig, equipment and ancillary services. AODL is
now assembling the rig which will be integrity tested prior to
commencing drilling operations. The first well, Zingana, is now due
to be spudded in February 2015 following some minor logistical
issues which have now been resolved.
Further operational updates will be provided once drilling
commences.
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 through
exploration led organic growth. Bowleven holds equity interests in
three blocks in Cameroon, with one block located offshore in
shallow water and two onshore. An application for a new PSC over
two offshore blocks has been submitted. All of these blocks are
operated by Bowleven.
On 24 June 2014, Bowleven announced that the Group had entered
into a conditional farm-out agreement to sell an aggregate 40%
(post government back-in) operated interest in the Etinde Permit,
Cameroon to LUKOIL and NewAge (or their nominated affiliates). On
completion of the farm-out transaction operatorship of the offshore
Etinde Permit in Cameroon will transfer to NewAge.
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.
Glossary of Terms:
The following are the main terms and abbreviations used in this
announcement:
AIM the market of that name operated by the London
Stock Exchange
AODL Africa Onshore Drilling LDC, a wholly-owned
subsidiary of Africa Fortesa Corp Ltd, and
the entity which has entered into the rig contract
with Bowleven in respect to the Bomono Permit
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
Etinde Permit the Etinde Exploitation Authorisation (EA)
Area. The Etinde EA, granted on 29 July 2014,
covers an area of approximately 461km(2) (formerly
block MLHP-7) and is valid for an initial period
of 20 years
EurOil EurOil Limited, an indirectly wholly owned
subsidiary of Bowleven plc, incorporated in
Cameroon
LUKOIL LUKOIL Overseas West Project Ltd, a subsidiary
undertaking of OAO LUKOIL
NewAge New Age (African Global Energy) Limited
PSC production sharing contract
This information is provided by RNS
The company news service from the London Stock Exchange
END
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