Bowleven (LON:BLVN) , the West Africa focused oil and gas exploration group, has kicked off drilling operations on the Etinde permit, offshore Cameroon. The multi-well programme has begun with the IE-3 appraisal well in Block MLHP-7 in the Rio Del Rey Basin. The jack-up drilling rig, the Noble Tommy Craighead, is on location and the well is expected to spud on or around May 7, 2010 and take 60 days to reach its 2,800m target depth. Bowleven holds a 100% stake in the Etinde permit and wants to use the IE-3 well to further appraise and confirm commerciality of the existing IE gas/condensate field. The well is intended to appraise the extent and communication of the main reservoir Isongo sands updip of the previous wells drilled. In addition, it will also penetrate the shallower Biafra gas accumulation and target additional deeper Isongo sand reservoirs.
The company said that if successful, the well should promote the rapid development of the IE field for condensate production through gas recycling. The previous appraisal well, IE-2Z, tested 31 million standard cubic feet f gas per day (mmscfd) and 3,730 barrels of condensate per day (bcpd). Kevin Hart, Bowleven’s chief executive, said: “The commencement of drilling operations on Etinde marks the beginning of an exciting and potentially transformational period for the company with multiple wells and seismic planned across the acreage. The first well in the campaign, the IE-3 gas/condensate appraisal well, and the later IF-2 oil appraisal well both support Bowleven's overarching objective of moving hydrocarbons from discovered resources to proven reserves. In addition, following the IE-3 appraisal well, we intend drilling a high impact exploration well on MLHP-5 with the goal of further evaluating the significant exploration potential of the Douala Basin.”
Shares in Bowleven dipped by 0.2% to 126.75p on the news but have see a sustained rise from 90p since the start of the year. Apart from its licences in Cameroon, Bowleven holds a 100% equity interest in both the East Orovinyare offshore block in Gabon, which contains an existing oil discovery that it is seeking to develop, and the Epaemeno Block, which comprises 1,340 sq km of onshore exploration acreage.
