- UK oil and gas exploration and production company has been delighted at the discovery on the Entinde permit in Cameroon that returned encouraging results.
The confirmation of Bowleven's West African acreage containing oil and gas has surged the company's shares by 16% thus adding millions of pound sterling to its oil and gas market capitalisation.
Edinburg-based firm announced that initial drill stem test results from the IF-1r oil discovery was impressive.
Bowleven said that test of the IF-Ir well off Cameroon had flowed light, sweet oil at 3,371 barrels a daily.
"I am delighted by the high productivity demonstrated by the Upper Isongo reservoir sands during this test. The IF-1r oil discovery continues the success of our exploration drilling in Cameroon and further emphasises the quality of the Etinde permit and the highly prospective nature of the region," said Kevin Hart, the chief executive of the company.
He said this first oil discovery on the permit is a significant event for both Cameroon and Bowleven since it confirms the presence of oil in addition to the previously discovered gas and condensate resources on Bowleven's acreage.
The company will be focusing on further interpretation of the IF-1r well results as well as assess the extent of its accumulation and the implications for the entire permit of this exciting new play.
Since the end of 2004, shares in Bowleven had been on a rollercoaster ride. Share price has shot up from `62 pence to 31 pence in the past 12 months.
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