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
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
-
Will UK inflation rise ahead of BoE meeting?August’s inflation report will be published at 7am on Wednesday, 17 September, one day before the Bank of England’s next rate-setting meeting
-
Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
