Bowleven, the West Africa focused oil and gas exploration group listed on AIM, is pleased to announce that it has successfully completed its planned testing programme on the IE-3 appraisal well on the Etinde Permit, offshore Cameroon. The testing programme comprised multiple drill stem tests (DST) over various reservoir intervals.
The objective of the IE-3 well was to appraise the extent and communication of the upper Isongo reservoir updip of the previous wells drilled on the IE field and also to target the additional exploration potential of the deeper Isongo reservoirs.
The well encountered in excess of 134 metres (439 feet) of gross hydrocarbon columns with 40 metres (132 feet) of net hydrocarbon pay distributed over multiple pay zones, five of which were subsequently tested. In addition, two further zones of interest were not tested. Reservoirs encountered in the well include a combination of blocky sands and thin bed pay. Sand quality varied although the majority exhibited good porosity and permeability.
The results for DST 4 and 5 indicated the presence of rich gas condensate in the upper Isongo sand formation. DST 4 confirmed the high deliverability of the Isongo reservoirs and demonstrated a rich condensate yield of 262 bbl/mmscf. DST 5 tested less well developed reservoirs which were believed to be in pressure communication with those encountered on IE-2z. Whilst gas and condensate on DST 5 were initially successfully flowed to surface on test, well head pressure fell rapidly. The reason for this is being investigated.
The multiple additional deeper oil and gas bearing reservoirs identified require further evaluation but are very encouraging from the perspective of an overall commercial development of the area. Indications of possible pressure depletion were observed during DST 2 and 3. The extent and implication of this requires detailed further analysis of the recorded data.
Further evaluation is required before the implications for the IE field area and the surrounding acreage can be fully interpreted. The discovery of more oil in the north of our Etinde acreage is very positive. Integration of extensive well test data and further evaluation of volumetrics are ongoing which will also help in assessing the potential upside identified on the acreage. The test results have increased the overall likelihood of a commercial development of the IE field area.
The rig will now be moved to the Sapele-1 exploration well location on MLHP-5, Etinde Permit, Cameroon. A further announcement will be made on commencement of Sapele-1 operations. Given the multiple hydrocarbon bearing reservoirs encountered during IE-3, a further appraisal well is anticipated during the current multi-well drilling campaign on Etinde.
Bowleven is expected to announce its preliminary results for the year ended 30 June 2010 on 9 November 2010.
Kevin Hart, Chief Executive said:
“The test results from IE-3 are an exciting start to our multi-well drilling campaign on Etinde. It is highly encouraging to have encountered multiple gas condensate and oil bearing sands. Given the positive test results and the potentially wider implications for our Cameroon acreage further evaluation and appraisal work is planned. The rig will now move to MLHP-5 to drill the high impact exploration well, Sapele-1, which will access multiple targets including the deeper cretaceous, to further evaluate the significant exploration potential of the Douala Basin.”