Bowleven Strikes Oil at Appraisal Offshore Cameroon

Bowleven announced 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 based on the results of drilling, core analysis, wireline logs, fluid samples and pressure data.

The well, which was designed to appraise the reservoir and fluid properties of the Middle Isongo and to explore the additional potential of the Intra Isongo, has reached TD of 3,430 meters MD. The forward program is to set liner and conduct testing operations.

Validation of sufficient gas volumes to meet fertilizer plant requirements.Samples obtained during logging confirm the presence of liquids-rich hydrocarbons in the Intra and Middle Isongo intervals.Approximately 82 feet (25 meters) of log evaluated net hydrocarbon-bearing pay over a gross interval of approximately 108 feet (33 meters) encountered in the Middle Isongo primary objective.Log evaluation indicates hydrocarbon water contact (HWC) at approximately 11,024 feet (3,360 meters) MD, extending and deepening the hydrocarbon column intersected at IM-3 by 305 feet (93 meters), with total column height intersected by the two wells of 476 feet (145 meters).A further 66 feet (20 meters) of high quality sands were encountered directly beneath the HWC.Approximately 230 feet (70 meters) of net hydrocarbon-bearing pay over a gross interval of approximately 262 feet (80 meters) now confirmed in the Intra Isongo following log evaluation, with hydrocarbon down to the base of the reservoir.Preparing for testing operations.

The primary objective of the IM-5 appraisal/development well was to appraise the reservoir and fluid properties of the Middle Isongo sands. The secondary objective of the well was to investigate the additional potential of the Intra Isongo exploration prospect, a potentially extensive amplitude supported channel system potentially comprising both structural and stratigraphic trapping elements. The well was also designed to intersect the Upper Isongo sands and confirm that these were present at this location and water-bearing as prognosed.

Since Bowleven's previous IM-5 drilling update announcement on 30 January 2013, the well, which is drilling in shallow water depths of around 184 feet (56 meters), has been drilled to a depth of 11,253 feet (3,430 meters) MD. Logging activities have been performed and core was acquired as planned in the Middle Isongo reservoir interval.

Bowleven, as operator, provides the following updates on the reservoir sections intersected:

The well has intersected a log evaluated gross hydrocarbon interval of approximately 108 feet (33 meters). The net pay is estimated to be approximately 82 feet (25 meters). Log evaluation indicates that a HWC has been encountered at approximately 11,024 feet (3,360 meters) MD, extending and deepening the hydrocarbon column encountered at the IM-3 well by 305 feet (93 meters). A further 66 feet (20 meters) of reservoir quality sands were encountered beneath the HWC and the well was still in sand at TD.

Core analysis and fluid samples acquired during operations confirm the presence of liquids-rich hydrocarbons. Initial sample analysis suggests a liquids to gas ratio in the region of 150 bbls/mmscf.

The well has intersected a log evaluated gross hydrocarbon interval of approximately 262 feet (80 meters) in reservoir sands which correspond to the seismic event identified pre-drill. The net pay is estimated to be approximately 230 feet (70 meters). No HWC was encountered.

Fluid samples acquired during logging activities confirm the presence of liquids rich hydrocarbons. Initial sample analysis suggests a liquids to gas ratio in the region of 200 bbls/mmscf.

The well has intersected approximately 105 feet (32 meters) of high quality reservoir sands in the Upper Isongo. As predicted, log evaluation indicates these sands are water-bearing at this location. Sand thickness and quality were consistent with pre-drill expectations.

The plan is to set liner prior to testing. The testing program is currently being finalized.

Updated volumetrics for the Middle and Intra Isongo will be generated following completion of the well (including testing) and the integration and evaluation of well and seismic data. Based on preliminary analysis an increase in both the P90 and P50 volumes is anticipated.

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