Bowleven hails success of Cameroon well tests
SHARES in Africa-focused oil and gas explorer Bowleven rose yesterday after the latest positive update from its test well off the coast of Cameroon.
The Edinburgh-based company said that it would need the drill fewer wells than anticipated to develop the field after flow tests beat expectations.
An update by Cameroon’s national oil company, Bowleven’s partner in the Etinde prospect, said that the IM-5 well’s two reservoirs had combined maximum flow rates of 60 million cubic feet of gas and 7,819 barrels of condensate a day.
The rates could have been higher using wider tubing, it said, and the condensate was of “high quality”.
The prospect is estimated to contain 155 million barrels of condensates and 1 trillion cubic feet of gas.
Bowleven plans to become a major player in Cameroon’s oil industry, paying for further exploration from $60 million (£39m) due to be paid out by contractor Petrofac as part of a $500m investment that will see it pump gas from Etinde to power a nearby fertiliser plant.
Bowleven chief executive Kevin Hart said: “We are delighted with the overall results from IM-5 well, which have surpassed our expectations.
“Due to the high deliverability of the reservoirs, we are confident that we will be able to reduce the number of wells required to supply the planned fertilizer plant.
“The IM-5 well has not only delivered a substantial increase in estimated hydrocarbon volumes, but it has also confirmed the presence of liquids rich hydrocarbons at the Isongo Marine field, a significant value driver for development plans on Etinde.”
He said the well also suggested other fields in the area may prove richer than forecast.