Bowleven makes new discovery off Cameroon Coast

Bowleven, the West Africa focused oil and gas exploration company, says it has found more hydrocarbons at its Sapele-3 well off the coast of Cameroon.

This well was aimed at what is called the "Epsilon Complex" an area where Boweleven has already dug three successful wells. The firm claims tests indicate this complex is "oil bearing".

Observers of the oil and gas sector will know that "oil bearing" by no means implies certainty of production as there is a huge difference between finding oil and "commercialising" it.

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Nevertheless Sapele-3 has now been "suspended", which in oil industry jargon means the company intends to go back to it, test it and may turn it into a full development well.

Commenting on the find Bowleven's chief executive Kevin Hart said: "The next key step is to evaluate this well data and plan an optimal test programme for the Deep Omicron and Epsilon intervals."

Bowleven shares were up 6% shortly after the open, at 4p.

BS