Bowleven, the Africa focused oil and gas exploration group traded on AIM, has announced that the IM-5 well drilling offshore Cameroon has now reached the Middle Isongo primary objective of the well and has encountered liquids-rich hydrocarbon-bearing pay in both this and the Intra Isongo reservoir objectives based on the results of drilling, core analysis, wireline logs, fluid samples and pressure data.
The well, which was designed to appraise the reservoir and fluid properties of the Middle Isongo and to explore the additional potential of the Intra Isongo, has reached TD of 3,430 metres MD. The forward programme is to set liner and conduct testing operations.
Kevin Hart, Chief Executive, said:
“We are very pleased with the results so far on the IM-5 well, which has confirmed the presence of liquids-rich hydrocarbons in both the Middle Isongo primary objective and the potentially significant Intra Isongo discovery. We eagerly await the results of the forthcoming testing. The Group is intensely focused on delivering the key requirements that will enable the final investment decision for the Etinde development to be made. With the validation of sufficient gas volumes to meet the requirements of the proposed fertiliser plant, our efforts continue on finalising the gas sales heads of terms with Ferrostaal and obtaining the Exploitation Authorisation from the government.”
February 22, 2013