Up 10% today any interest.

Oil and gas condensate discoveries at Sapele-3 exploration well

Sapele-3 exploration well, Block MLHP-5, Etinde Permit, Offshore Cameroon

Bowleven, the West Africa focused oil and gas exploration group traded on AIM, is delighted to announce the discovery of oil at the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon.

Highlights
11 metres of independently assessed net hydrocarbon pay intersected within upper part of Deep Omicron interval; up to further 11 metres (net) is currently interpreted as having either ahigh residual hydrocarbon or a hydrocarbon bearing response from logs.

Majority of reservoir located in two gross sand packages exhibiting high net to gross ratios and good quality reservoir; packages appear to correlate back to earlier Sapele wells.

Samples confirm excellent quality oil bearing sands encountered at current TD; intention to continue drilling to base of Deep Omicron interval.

Confirmed presence of oil in the Deep Omicron interval at Sapele-3 extends fairway significantly beyond current mapped area. Consequently, a significant upward revision to Deep Omicron volumetrics is now anticipated.

Additional gas/condensate discovery made in high quality reservoir at D1-r equivalent level; extent and size of discovery is worthy of further evaluation.


Sapele-3 drilling update

The Sapele-3 well is located circa 16 kilometres North West of Sapele-1 and circa thirteen kilometres North West of the D-1r wells. The well is drilling in water depths of approximately 30 metres.

The well was initially designed to target the shallower Miocene play including the reservoir interval previously encountered at D1-r. Due to optimised well design it has also been possible to deepen the well into what is the Deep Omicron equivalent interval encountered with previous Sapele wells.

Bowleven, as operator, provides updates for the reservoir intervals encountered at Sapele-3 below:

Deep Omicron interval (oil)
The well has encountered 11 metres of independently log evaluated hydrocarbon pay in high quality sandstone reservoirs within the Deep Omicron stratigraphic interval intersected by previous Sapele wells. In addition, a further 24 metres of net sand was encountered, of which up to 11 metres is currently interpreted as having either a high residual hydrocarbon or a hydrocarbon bearing response from logs. Further evaluation to determine whether this is pay or not is pending.

Wireline logs indicate that the majority of reservoir has been encountered within two distinct packages within the upper part of the Deep Omicron interval that can be correlated to the earlier Sapele discovery wells. The logs also indicate high net to gross ratios through these packages.

As the well is only two thirds of the way through the Deep Omicron interval and has encountered excellent quality oil bearing reservoir at current total depth (TD), the intention is to recommence drilling to the base of Deep Omicron. The presence of light oil at current TD has been confirmed by sampling. Testing plans will be assessed on reaching final TD.

The confirmed presence of oil in the Deep Omicron interval at Sapele-3, 16 kilometres from the original Deep Omicron discovery at Sapele-1, extends the currently mapped Deep Omicron fairway significantly Northwards into MLHP-6. Consequently a significant increase in current Deep Omicron in-place volumetrics is anticipated.

Miocene interval
At the shallower Miocene (D1-r) equivalent interval target, a 7 metre high quality sandstone was encountered with a 1 metre gas-condensate column. The extent and size of the discovery is worthy of further evaluation.


Additional information

Presentation slides relating to Sapele-3 are available on our website www.bowleven.com under the heading "Presentations"; the presentation is titled "Sapele-3 presentation - 14 October 2011".

Further announcements on drilling activities will be made as appropriate. Updated volumetrics will be provided in due course.

The joint venture partner, Vitol, elected not to participate in the drilling of the Sapele-3 exploration well. Consequently Bowleven, as operator, is drilling this well on a sole risk basis.

Kevin Hart, Chief Executive of Bowleven plc, 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."

From BarCap:

Fairway to heaven
The results of Sapele-3 constitute, in our view, a positive update for the oil prospectivity of
Bowlevens Block 5 and 6 offshore Cameron. The well has proven that the Deep Omicron
fairway, which includes a number of oil-bearing sands, extends 16km to the North of the
existing Sapele discoveries and beyond what the company considered to be the limits of
the fairway. Sapele-3 has penetrated two main zones. Although we believe that the uppermost
still requires a well-test to provide a definitive answer as to what type of hydrocarbon
fluid is present, the lower-most shows a typical light-oil response from the well-logs. This
is also supported by the pressure data and an oil sample, which the company has collected
at the bottom interval. Once the well results are integrated with the existing regional
dataset, we believe that volumes in place across the block could be revised upwards. In the
meantime, with a new price target of 405p, up from 385p, reflecting a higher confidence in
the volumes surrounding the new Sapele-3 discovery, we re-iterate our 1-OW rating.
Sapele-3, two main zones: Sapele-3 encountered two main zones, the Top and Middle
Omicron, both with a net thickness of 11m each and good reservoir properties. The company
is confident the bottom interval has several oil-bearing sands, given the log-response, the
pressure data and the oil sample collected. The log-interpretation of the top one, however, is
not definitive due to uncertainties of a key input parameter, the salinity of formation water.
A thinning cash position: Post Sapele-3, the company expects to have $60mn in cash,
assuming that the much delayed sale of the EOV field completes ($35mn). Give the companys
plans to undertake an additional phase of exploration in 2012 with up to four wells offshore
Cameroon, we expect Bowleven to require additional funds of at least $100mn to cover the
next 12 months of activities. This may be achieved through a farm-out to an industry partner
already operating in Cameroon, an equity issue or combination of the two.
Next catalysts: Bowleven has currently drilled two-thirds of Sapele-3; target depth is likely to
be reached over the next few days. At that point Bowleven may decide to perform a well-test,
whose results could be announced by the mid-Nov 11. This is likely to be the last exploration
newsflow for FY11. A follow-up campaign is currently scheduled to re-start in Q2 12, with two
exploration wells in Block 5 and 6 and two appraisal wells on the IE and IF discoveries.

what fantastic news - should hit 150 today imo gla

In the
meantime, with a new price target of 405p, up from 385p, reflecting a higher confidence inthe volumes surrounding the new Sapele-3 discovery, we re-iterate our 1-OW rating.

was walked down far too much

Help Bowleven
www.bowleven.com
Bowleven holds a 100% interest in the Etinde Permit and Bomomo Permit in Cameroon and has entered into a co-operation agreement with the Government of Equatorial Guinea to investigate a project to export gas from Cameroon to the gas liquefaction plant on Bioko Island on Equatorial Guinea.

Bowleven also holds a 100% interest in the EOV offshore block in Gabon, which contains an existing oil discovery that it is seeking to develop, and a 50% equity interest in the Epaemeno Block, onshore Gabon and sits adjacent to a number of recent discoveries in surrounding blocks.


.Full Bowleven profile here
BowLeven rallies on Cameroon oil find
9:00 am by Sergei Balashov The Sapele-3 well has encountered 11 metres of log evaluated hydrocarbon pay in high quality sandstone reservoirs within the same interval intersected by previous Sapele wells BowLeven (LON:BLVN) saw its share price increase by over 20 percent this morning after its Sapele-3 well on the Etinde permit offshore Cameroon discovered oil and gas condensate.

Importantly, the well has shown that the Deep Omicron interval extends considerably beyond the currently mapped area, which BowLeven says has significant implications for the prospectivity potential of both block MLHP-5 and MLHP-6.

The Sapele-3 well has encountered 11 metres of log evaluated hydrocarbon pay in high quality sandstone reservoirs within the same interval intersected by previous Sapele wells.

In addition, the well encountered a further 24 metres of net sand, of which 11 metres is currently interpreted as having either a high residual hydrocarbon or a hydrocarbon bearing response from logs.

BowLeven is set to evaluate the interval to determinate whether it is hydrocarbon pay.

Sapele-3 has also made a promising gas condensate discovery at the D1-r interval, which warrants further evaluation.

The well is currently two thirds through the Deep Omicron interval and since the reservoir quality at the current total depth is excellent, BowLeven has decided to restart drilling to the base of the interval.

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, said chief executive of BowLeven Kevin Hart.

The well was initially designed to target the shallower Miocene play, but due to optimised well design it has also been possible to deepen the well into what is the Deep Omicron equivalent interval encountered with previous Sapele wells.

BowLeven noted that as its joint venture partner Vitol has elected not to participate in the drilling of the Sapele-3 exploration well, it is drilling the well on a sole risk basis.

Investors cheered the update, sending shares in BowLeven up 23 percent to trade at 92.5 pence, giving the company a market cap of 199.9 million.

fantastic end to the week - still going strong!!

They need another 100m!!!! Question is, at what price, assuming they go cap in hand to shareholders?

hc - this is true which is why i sold half my holding at 108 this morning - i think a lot of people have over looked this point - i am again looking for weakness here to get back in - nice business LOL!

but expecting some dilution here and now sp has risen that might be sooner than we thought maybe

on the bbc!!

http://www.bbc.co.uk/news/uk-scotland-scotland-business-15305482

still edging north

look like gonna stay strong to the bell - great stuff!! monday will bounce again imo
i would not want to be outta blvn this weekend LOL

&

14th October 2011

RBS BowLeven PLC 14/10/11 13:40

Retains

Buy Buy

250.00 250.00

GBP

Citigroup BowLeven PLC 14/10/11 11:30

Retains

Buy Buy

247.00 247.00
GBP

Evolution Securities BowLeven PLC 14/10/11 11:27

Reiterates

Buy Buy

400.00 225.00

GBP

kerrrrrrrrrrchinnnnnnnnnnnnnnnnnnggggggggggggggggggggggggggggggggggggggg

gibby, well done, my brother took an early entry today.

thanks dc - hope you had a good day too
i am also pleased to see rmp / rrl returning nearer to where they should be - great day there too today - great end to he week - in fact a great week - hope things good for you also

Thanks gibby

you are welcome

yeeeeeeeeehaaaaaaaaaaaaaaaaa 120 nearly here

6 v 1
not even reched the last hour yet
dont forget mondayyyyyyyyyyyyyyyyyyyyy

yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

LOL LOL LOL 120+ breached - great week!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

wonder if i can have the half i sold for 108 back!! lol