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.
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
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
-
ChatGPT turns three: what’s next for the ‘AI era’?Three years after its launch kickstarted the age of AI, ChatGPT and its maker OpenAI are driving the stock market. But concerns are growing over whether OpenAI will be able to turn its AI dominance into profit.
-
What to do with old £1 coinsThe old one pound coin was demonetised in 2017, but there are still millions out there in the UK. Here’s what to do if you find an old £1.
