BowLeven Signs Production-Sharing Contract Onshore Cameroon

BowLeven has secured a production-sharing contract for new blocks onshore Cameroon and has extended to September 2009 the exploration period on the Etinde Permit.

The company has also received consent from the Gabon government for farm-out of 50% operated interest in Epaemeno PSC to Addax Petroleum Epaemeno.

The BowLeven subsidiary, Euroil Ltd, has been awarded a new licence in onshore Cameroon. A production sharing contract has been completed for the Bomono permit, comprising Blocks OLHP-1 and OLHP-2 and extending to approximately 2,328 km2 in the Douala/Kribi Campo Basin. The Bomono permit, which contains numerous active oil seeps, has not been actively explored since the 1980s.

The last wells, which were drilled in the 1950s (without the benefit of modern seismic), proved gas and condensate in the permit, but were unable to address the significant oil potential that the Company believes to be present.

In other news, BowLeven has appointed Merrill Lynch International as a joint corporate broker to work alongside Hoare Govett Limited.