Following a detailed appraisal of its IM-5 well located within the Etinde concession off the coast of Cameroon, BowLeven (BLVN) has confirmed that it contains enough gas to satisfy the proposed commercialisation option, which is to feed a fertiliser plant that is being developed by German engineering group Ferrostaal. The plant is estimated to require 70m cubic feet of gas per day for at least 10 years.
The Africa-focused oil & as explorer has now drilled down to the Middle Isongo geological layer, which was the primary objective of the well, and has encountered “liquids-rich hydrocarbons” in both this and the Intra Isongo reservoirs. The identification of a potentially large volume of gas/liquids within Intra Isongo could be interpreted as something of a bonus for BowLeven shareholders, as it wasn’t the primary target. Nevertheless, the appraisal of IM-5 has effectively extended the hydrocarbon-bearing column previously identified by drilling at IM-3 by 93 metres; meaning the total column height intersected in the two wells drilled to date is 145 metres. That certainly points to a large resource in prospect.
