Bowleven Gears Up for Etinde Drilling Campaign

Bowleven announced its interim results for the six months ended December 31, 2009.


  • Etinde farm-out transaction with Vitol E&P Limited (Vitol) approved by SNH and Ministry; Presidential decree awaited
  • Group cash balance at December 31, 2009 approximately $110 million, no debt
  • Vitol initial carry ($100 million gross) provides additional flexibility
  • More than fully funded for planned 2010 work program; with the prospect of additional funds should Vitol exercise its option
  • Initialed SPA for the disposal of the Group's entire interest in EOV Permit; government acknowledgment pending


Resource base

  • P50 contingent resources for the Group 217 mmboe (gross)
  • IE/IF appraisal drilling on Etinde targeting transfer of > 100 mmboe (gross) from resources to reserves

Etinde exploration and appraisal

  • Jackup rig contracted for Etinde drilling campaign of up to four wells; in Cameroon awaiting mobilization
  • Drilling to commence beginning May 2010 with appraisal well on IE gas/condensate field
  • MLHP-5 exploration well to follow, targeting multiple stacked objectives, including Cretaceous target
  • Cretaceous prospect estimated to have unrisked P90 to P10 oil in place of 104 million to 3.7 billion barrels
  • Scheduled IF oil appraisal well; timing and location dependent on seismic program
  • Acquisition of marine 3D seismic over Etinde to commence May 2010

Bomono exploration

  • Acquisition of 2D seismic over Bomono, onshore Cameroon, commenced March 2010

Kevin Hart, Chief Executive, said, "These are exciting times at Bowleven. The team deserve a lot of credit for all the technical evaluation and operational planning to date. Our first two wells are drill ready and the rig, now contracted, is in Cameroon awaiting mobilization. The next 12-18 months are key to the evolution of the company as we endeavor to convert resources to reserves and explore the significant further exploration potential on our acreage."