Bowleven steps up pace in Cameroon

28th Mar 2011 08:13

Aim-listed oil explorer Bowleven is stepping up its exploration and development programme at its potentially hugely lucrative oil prospects offshore Cameroon."Operational activity in Cameroon will continue at pace. The near term focus is on appraising the extent of the Sapele-1 Tertiary oil and gas condensate discoveries. The Sapele-1ST and Sapele-2 wells are already underway and are progressing on schedule," chief executive Kevin Hart said. "In addition, the multi-well forward programme also envisages block MLHP-7 appraisal drilling, further Tertiary drilling on block MLHP-5 and a return to the Cretaceous, a play that has the potential to transform the Douala Basin and Bowleven," he added.Bowleven raised $112m though a placing in November and had cash of $189m at the end of December. Losses in the six months to December totalled $15.7m, against a profit of $1m as the firm stepped up its drilling activity.Shares in Bowleven have almost tripled over the past year as the potential of its Douala Basin acreage has become clearer.