Bowleven shares rise on Cameroon well results

19th Apr 2013 08:45

Bowleven's shares rose Friday after the Africa-focused oil and gas group announced significant flow rates from its IM-5 well at the Etinde Permit in Cameroon. 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 found to have a total combined maximum flow rate of 17,800 barrels of oil equivalent per day. The company said condensate-rich gas flowed on tests from Middle and Intra Isongo intervals confirming commercial production rates and liquids content of gas.The well, located on Block MLHP-7, was drilled to a total depth of 3,430 metres in water depths of around 56 metres."We are delighted with the overall results from the IM-5 well which have surpassed our expectations," said Chief Executive Kevin Hart. "The flow rates that have been achieved on test demonstrate substantial well deliverability from both the Middle and Intra Isongo intervals and further strengthen the foundation for the planned phased development of Etinde."RD