LONDON (ShareCast) - Africa-focused oil and gas company Bowleven said Wednesday it made a potential discovery at its IM-5 well in Cameroon.

The well has intersected a gross reservoir interval of about 80 metres, based on logging while drilling (LWD).

A preliminary analysis of provisional net pay is estimated between 52 and 56 metres, indicating a net to gross of about 70%.

Initial indications suggested the presence of liquids rich hydrocarbons, although further evaluation is required.

Further logging and testing will be needed to confirm reservoir quality and hydrocarbon content and type.

The IM-5 appraisal/development well, located approximately one kilometre south of the IM-3 well location, has an estimated target depth of 3,475 metres and is drilling in water depths of around 56 metres.

Following operational delays, the wll has now reched a depth of 3,330 metres.

“We are highly encouraged with the results so far on the IM-5 well which to date has confirmed our pre-drill seismic interpretation,” Chief Executive, Kevin Hart, said.

Shares rose 11.81% to 70.75p at 14:10 Wednesday.

RD

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