Bowleven starts Cameroon drilling

By The Newsroom
Published 14th Sep 2010, 22:21 BST
Updated 15th Sep 2010, 23:47 BST
OIL EXPLORER Bowleven yesterday announced it had begun drilling the Sapele-1 well, the firm's only exploration prospect during its current campaign offshore Cameroon.

The well is expected to take 70-80 days to complete.

If significant hydrocarbons are to be found it is likely to be in deeper regions of the well, about 40 days into the drill.

Analysts estimate that success there could add more than 320p to the firm's share price.

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Kevin Hart, chief executive, said the exploration well had "significant implications" for the firm: "This is an exciting time for Bowleven.

"The Douala Basin is an emerging hydrocarbon bearing province and Bowleven's Cameroon acreage is well positioned to access this opportunity. "

Shares in the firm rose 2.6 per cent to 165.75p.