AIM-listed British company Bowleven plans to drill "two appraisal wells highlighting the significant upside potential identified on the intra Isongo reservoir" on its Etindé permit, offshore Cameroon, a report on the company's year ended on 30 June 2015 revealed. According to Bowleven CEO, Kevin Hart, these wells will be completed "as soon as possible in 2016".
The British oil and gas firm is highly optimistic about this project considering that it already has a $40 million (22 billion FCFA) available budget for the drilling and testing works.
Despite the hardship most exploration and production firms currently go through due the global drop in prices of crude oil, Bowleven says "it took the time to examine (its) current base cost to ensure that it fits its current planning as well as (its) strategic goals".
Bowleven held 75% of the Etinde permit, a set of three offshore blocks covering 2,316 km2 in Cameroon. However, the British group later inked a stake-sale agreement with Russian Lukoil and New-Age, transferring them 50% of its stakes. This operation was approved by a Presidential decree signed on February 6, 2015.
(Business In Cameroon)