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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

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."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.