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Bowleven Plc (LSE:BLVN), an AIM traded oil & gas exploration company with operational focuses in West Africa, announced on Thursday further discoveries at its Sapele-3 exploration well off the coast of Cameroon. The company’s shares were down 1.4% at 11:47 am GMT to 73p.
In the statement released, the company announced that the well drilling in the Douala Basin, offshore Cameroon was drilled to a total depth of 4,480 metres. After the discovery was made deeper in the well, the company decided to suspend it for future re-entry. The temperature in the Paleocene level exceeded the rating of the available equipment, prompting the company to defer further testing and wait until an optimal testing program can be run across both intervals of the well.
Chief Executive Comments
Kevin Hart, the Chief Executive Officer of Bowleven commented on the news:
“Sapele-3 has been a successful well, our fourth consecutive well in the Douala Basin to encounter significant hydrocarbon intervals at multiple levels. The discoveries made in the Epsilon Complex and shallower Tertiary intervals, representing a total of 19 metres of net hydrocarbon bearing pay, have at each level extended considerably the previously defined play fairway boundaries. The extensive data acquired during drilling operations will contribute significantly to the derisking of appraisal locations and inform future development and exploitation planning.”
The next key step is to evaluate this well data and plan an optimal test programme for the Deep Omicron and Epsilon intervals.”
Details on the Sapele-3 Well
The well is located offshore of Cameroon in the Douala Basin, sitting in a water depth of approximately 30 metres. Bowleven announced that they had found oil in the well at the Deep Omicron and D-1r intervals on 14 October 2011 and that they intended to continue searching deeper.
In a 1 November 2011 announcement, Bowleven stated that sampling in the Deep Omicron level revealed hydrocarbon sands throughout the 11 metre section and that they intended to drill ahead into the Paleocene Epsilon Complex.
Today, the company announced the discovery of 8 metres of hydrocarbon materials within the Epsilon interval. The drilling results indicated that the sands found were likely to contain oil.
Testing Suspended
Though Bowleven has made a successful discovery, testing of the well has been suspended until next year, as the current rig cannot withstand the high temperatures found in the deeper Epsilon intervals. According to the statement, the company could have proceeded with testing on the Omicron level, however continued activity at that level could risk compromising the Epsilon level hydrocarbons.
Bowleven intends to pursue a work programme in 2012 including three appraisal wells and an exploration well on the Etinde permit. The rig is expected to commence operations for the company in the second quarter of 2012, according to the news release.
References
↑ Bowleven News Release
