News

June 05, 2009

Bowleven Reviews Funding Options As CPR Points To Commercial Potential Of Cameroon Oilfield

A Competent Person’s Report appears to back Bowleven’s view that its IF oil discovery on the MLHP-7 block offshore Cameroon is a likely candidate for development. The report, from TRACS International Consultancy, points to a net contingent resource of 23.9 million barrels with possible upside of 94.3 million barrels. Bowleven currently holds 100 per cent of the permit with state oil company Societe Nationale des Hydrocarbures, having the right to back in for a 20 per cent participating interest in the development.

Of course, these are just contingent resources and require appraisal drilling to move into the reserves category.  TRACS rates the chance of success in appraisal drilling to be 65 per cent.

“The TRACS report confirms independently the excellent potential already identified by Bowleven's technical team,” said Bowleven chief executive Kevin Hart. “Our combined views suggest that further appraisal is definitely warranted and that a commercial development is very likely.”
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