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).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
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."
RD
-
House prices are falling in London but how does it compare to the rest of the UK?Advice The capital remains the most expensive part of the UK to buy a property, but it isn’t being as badly hit by the housing market slump. Where are London house prices heading?
-
Will a Santa Rally provide festive cheer for investors this year?
News Equities often get a seasonal boost during December - will there be a Santa Rally in 2023?
