Boweven CEO: “Results from the IM-5 well continue to please” (Cameroon)

Bowleven, the Africa focused oil and gas exploration group traded on AIM,has announced the preliminary results of the first test at the IM-5 appraisal/development well drilling offshore Cameroon.

A Drill Stem Test (DST) was performed on the Middle Isongo interval and preparations are now underway to test the Intra Isongo interval.

Highlights – Middle Isongo DST

  • Condensate-rich gas flowed on test confirming significant liquids content of gas.
  • Maximum flow rate of 23 mmscfd and 3,155 bcpd (total over 7,000 boepd) delivered on test demonstrating productivity at commercial rates from Middle Isongo.
  • High quality condensate (43 degree API) produced on test.

Testing update

The well, designed to appraise the reservoir and fluid properties of the Middle Isongo and to explore the additional potential of the Intra Isongo, was drilled to a TD of 3,430 metres MD in water depths of around 56 metres.

As previously announced, the well encountered approximately 25 metres of log evaluated net hydrocarbon-bearing pay in the Middle Isongo over a gross interval of approximately 33 metres.

The well has now successfully flow tested condensate-rich gas from a single 21 metre gross interval (14 metres net pay) perforated above the log-evaluated HWC encountered in the Middle Isongo. The interval flowed at a maximum rate of 23 mmscfd and 3,155 bcpd (total over 7,000 boepd) inferring a CGR of 136 bbls/mmscf. Further liquids (including LPGs) can be recovered via secondary processing. Further analysis of test data is required although it is our expectation that optimised Middle Isongo development well locations and completions are likely to lead to flow rates in excess of 30 mmscfd per well.

Forward plan

An update announcement will be released on completion of the forthcoming second DST which will be performed over the Intra Isongo sands. The IM-5 well will then be suspended as a future development well on completion of testing activities.

Further announcements on drilling activities will be made as appropriate.

Kevin Hart, Chief Executive, said:

“The results from the IM-5 well continue to please. We are encouraged to see the first DST result at IM-5 confirm the deliverability of liquid-rich hydrocarbons from the Middle Isongo reservoir interval at commercial rates in excess of our pre-drill estimates. This result bodes well for the planned phased development of Etinde. We now look forward to test results from the Intra Isongo.”

 

Press Release, April 2, 2013

 

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