Bowleven Plc. Group Operations Update in Africa

Bowleven Plc. Group Operations Update in Africa

Bowleven, the Africa focused oil and gas exploration group traded on AIM, is pleased to announce the following update on activities:
Highlights
• Drilling operations commenced on IM-5 appraisal/development well on block MLHP-7, Etinde
• Draft Etinde exploitation authorisation application submitted to Cameroon authorities
• Gas sales term sheet for proposed fertiliser plant in advanced stages of negotiation
• Discussions ongoing with preferred bidder on Bomono farm-out
• Extensive and highly prospective exploration acreage position obtained onshore Kenya
• Group cash balance at end August 2012 circa $140 million
Kevin Hart, Chief Executive, said:
“We are pleased with the progress we have made on the proposed initial phase of the hub and spoke development plan for Etinde. The submission of a draft exploitation application and the commencement of drilling operations on the IM-5 appraisal/development well are key steps on the overall path to development.
We are also delighted to add a significant acreage position in Kenya to our existing exploration portfolio in Cameroon. This new acreage affords the Company exposure to an exciting new hydrocarbon province for a minimal capital commitment.”
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