Bowleven Underscores Exploration, Operational Highlights for 2008



Bowleven has provided information on recent operations since the last update on March 28, 2008.

HIGHLIGHTS

  • First oil discovery on Etinde Permit; IF-1r well tested an average of 3,371 bopd from upper Isongo section.
  • Oil in place for IF discovery initially estimated to be between 76 mmbbls and 249 mmbbls mean.
  • Likely future upwards resource revision over other existing Isongo discoveries due to recognition of additional thin bed pay in IF.
  • Potential to upgrade IE field resource base due to high LPG content of gas; project sanction anticipated end 2009.
  • Enhanced and expanded prospect inventory across Etinde Permit.
  • P50 resources for EOV increased from 7.4 mmbbls to 12.4 mmbbls of oil.
  • FPSO contract incorporating option and commercial terms for EOV development signed with Fred Olsen; first oil anticipated Q1 2010.


Kevin Hart, Chief Executive, said, "We are delighted with the excellent progress being made across Bowleven's entire asset base. The recent oil discovery on MLHP-7 re-enforces the quality of our exploration acreage whilst the resource upgrades on EOV and Etinde augur well for future development activities and the resulting production and cashflow generation."
 


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