Bowleven set for busiest year ever

25th Jan 2010 07:55

Africa-focused oil and gas explorer Bowleven has signed up to lease a rig for its planned drilling campaign on the Etinde permit off the coast of Cameroon.Well locations have now been selected for the first two wells in the programme, IE-3 and the exploration well on MLHP-5. The exact location and timing of the IF-2 well will depend upon the outcome of the additional seismic activity on MLHP-7.The company is currently sifting through seismic activity data for the Etinde permit. The company has signed a letter of intent for a vessel to acquire 3D marine seismic on Etinde, including the IF field. Seismic operations are due to commence shortly on the Bomono Permit, onshore Cameroon, with drilling anticipated in 2011, the company added.An exploration well in the Epaemeno permit in Gabon has also been budgeted for in 2010.Cash balances at the end of 2009 were in the region of $110m, leaving Bowleven ‘well funded to undertake the extensive activities planned across its entire portfolio in 2010.’