Advertisement

BowLeven advances on positive results from IM-5 well in Africa

BowLeven's shares advanced on Tuesday after the oil and gas company announced positive results from the first test of the IM-5 appraisal and development well, offshore Cameroon, Africa.

BowLeven's shares advanced on Tuesday after the oil and gas company announced positive results from the first test of the IM-5 appraisal and development well, offshore Cameroon, Africa.

The group said a drill stem test at the well, part of the Middle Isongo prospect and Etinde permit, found condensate-rich gas.

Advertisement - Article continues below

The test showed a maximum flow rate of 23m standard cubic feet per day (mmscfd) and 3,155 barrels of condensate per day (bcpd).

The well, designed to appraise the reservoir and fluid properties of Middle Isongo and to explore the additional potential of the Intra Isongo, was drilled to a target depth of 3,430 metres in water depths of around 56 metres.

"The results from the IM-5 well continue to please," said Chief Executive Kevin Hart.

"We are encouraged to see the first drill stem test result at IM-5 confirm the deliverability of liquid-rich hydrocarbons from the Middle Isongo reservoir interval at commercial rates in excess of our pre-drill estimates. This result bodes well for the planned phased development of Etinde. We now look forward to test results from the Intra Isongo."

RD

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020