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.

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

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

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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