LONDON (ShareCast) - Bowleven, an Africa-focused oil and gas exploration group traded on AIM, said Friday that the IM-5 well drilling offshore Cameroon has now reached the Middle Isongo primary objective of the well and has encountered liquids-rich hydrocarbon-bearing pay in both this and the Intra Isongo reservoir objectives.

The results have shown there are sufficient gas volumes to meet fertiliser plant requirements, the firm said, revealing that around 25 metres of log evaluated net hydrocarbon-bearing pay over a gross interval of approximately 33 metres was encountered in the Middle Isongo primary objective.

The data indicates hydrocarbon water contact (HWC) at approximately 3,360 metres measured depth, extending and deepening the hydrocarbon column intersected at IM-3 by 93 metres.

A further 20 metres of high quality sands were encountered directly beneath the HWC and approximately 70 metres of net hydrocarbon-bearing pay over a gross interval of approximately 80 metres has now been confirmed in the Intra Isongo following log evaluation, with hydrocarbon down to the base of the reservoir.

The company is now preparing for testing operations.

Kevin Hart, BowLeven's Chief Executive, said: "We are very pleased with the results so far on the IM-5 well, which has confirmed the presence of liquids-rich hydrocarbons in both the Middle Isongo primary objective and the potentially significant Intra Isongo discovery. We eagerly await the results of the forthcoming testing.

"The group is intensely focused on delivering the key requirements that will enable the final investment decision for the Etinde development to be made. With the validation of sufficient gas volumes to meet the requirements of the proposed fertiliser plant, our efforts continue on finalising the gas sales heads of terms with Ferrostaal and obtaining the exploitation authorisation from the government."

NR

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