Bowleven, the West Africa focused oil and gas exploration group traded on AIM, has seen its share price jump almost 50% after its announcement that it has discovered oil at the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon.
The samples confirm excellent quality of oil bearing sands and there is a confirmed presence of oil in the Deep Omicron interval at Sapele-3 which extends significantly beyond the current mapped area.
Kevin Hart, Chief Executive of Bowleven, commented: “We are excited with results so far at Sapele-3. The Deep Omicron interval continues to deliver and the confirmed presence of oil and good quality reservoir at this location further emphasises the significance of this play within the Douala Basin.
“All four Sapele wells drilled have now encountered oil within the Deep Omicron interval, thus reinforcing the geological model and highlighting the overall development and exploration potential of the fairway.
“This well has also now shown that the Deep Omicron interval extends considerably beyond the currently mapped area which has significant implications in terms of both volumetrics and prospectivity potential on both block MLHP-5 and MLHP-6. In addition, the gas condensate discovery at the D1-r interval is promising and warrants further evaluation.
“The results at Sapele-3 represent another step towards our overarching strategy of converting resources to reserves whilst highlighting the extensive exploration potential in the basin. We look forward with eager anticipation to the further drilling planned at Sapele-3.”