BowLeven Has Tested IE 2 well successfully

BowLeven Has Tested IE-2 Well Successfully

BowLeven 03-03-2007

BowLeven says that the IE-2 appraisal well, drilled in the E Field, Block MLHP 7 of the Etinde Permit in Cameroon, has successfully tested gas and condensate from the Isongo formation. The well flowed at a stabilized rate of 30 mmscfd and 3800 bpd through a 60/64 inch choke with a flowing well head pressure of 2126 psi. The rate of flow was constrained due to the capacity of the test equipment. Comments

The well will now be suspended as a possible future producer. The GSF Adriatic VI rig will then be moved a short distance to Block 5 of the Etinde Permit to drill a higher risk exploration prospect in the sparsely explored Douala Basin.

Following this second well it is likely that the rig will return to Block 7 and drill an exploration prospect which is located up dip from the adjacent E Field.

Further information on the drilling program will be issued in due course.

Commenting on the test result Kevin Hart, BowLeven's CEO, said

"Whilst further evaluation is required to determine the extent of the IE Field and associated reserves, the result of the IE-2 well has been very encouraging, especially as flow rates were constrained by the test equipment.

The high liquids ratio and excellent deliverability combined with the Field's close proximity to both the Bioko Island LNG facility and the Limbe Power Station, should materially enhance the chance of a commercially viable development" Comments