Bowleven makes find in onshore Cameroon

LONDON, July 24, 2015 – Bowleven has struck hydrocarbons at its Zingana wildcat on the onshore Bomono block in Cameroon. More details on the find are pending until the UK independent interprets data from wireline logs.

The discovery well was drilled to a depth of 1,720 metres and is located around 20 kilometres northwest of Douala. The rig will now move on to the Moambe wildcat to drill the second of the two wells the company has initially planned for the block.

Zingana and Moambe are targeting the oil and gas potential the company has recognised in Bomono’s Paleocene sands. The 2,328-square-kilometre block is believed to contain 100 million-200 million barrels of oil in the deeper D and E sands, and 283 mcm-2.27 bcm (10 bcf-80 bcf) in the shallower B and C sands.

Bowleven holds 100-percent equity in the Bomono block. As the company sits on $155 million cash reserves and no debt, a strong financial position unique within the current upstream market, the results of this discovery are set to influence the company’s future investment strategy.

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