Bowleven plc Preliminary Result of IM-6 well, Etinde, Cameroon (9380X)
August 15 2018 - 11:40AM
UK Regulatory
TIDMBLVN
RNS Number : 9380X
Bowleven plc
15 August 2018
15 August 2018
Bowleven plc
('Bowleven' or 'The Company')
Etinde Operational Update
Preliminary Result of IM-6 well, Etinde, Cameroon
Bowleven, the Africa focused oil and gas company traded on AIM,
is pleased to announce the completion of drilling of the IM-6
appraisal well at the Etinde block, Cameroon, to a total depth of
3,550 meters by the block's operator, New Age Cameroon Offshore
Petroleum SA ("NewAge").
The primary objective of the well, to delineate the wet
gas/water contact location within the intra-Isongo 410 sand
reservoir, has been achieved. The joint venture partners (the
"Partners") believe that sufficient pressure measurements appear to
have been taken, which alongside the well log data following
further analysis and reservoir modelling, will allow a revised
estimate of the condensate bearing wet gas/water reservoir volume
in the 410 intra-Isongo sandstone gas condensate discovery. The
Etinde field has discovered wet gas in place of c 0.9-1.1 tcf. The
IM-6 well was targeting an incremental 0.7 tcf of wet gas in place
from the 410 horizon.
Whilst there were several gas shows and indications of
condensate/light oil whilst drilling the 410 sand package, a
preliminary assessment of well log data and reservoir fluid samples
taken, indicate that the 410 sand package is largely water
saturated at the IM-6 location.
The secondary objective of the well was to explore two
additional potential reservoir formations above and below the 410
package: the shallower 510 sandstone formation and the deeper 310
sandstone formation.
Several low-level gas shows were seen when drilling the 510 sand
section. However, the well logging tool data and reservoir fluid
samples collected indicate that the 510 sand body is water
bearing.
The gas logging data collected in the 310 intra-Isongo showed
gas shows during drilling. Well log data and reservoir fluid
samples taken provide a good indication that, the Middle Isongo
sections in particular, are of interest as the two horizons both
show condensate rich reservoir fluid samples.
Following preliminary analysis of the well data, the decision
has been made not to test the sand packages drilled at the IM-6
location. The well is currently being made ready to be plugged and
abandoned.
On-going Appraisal Programme
Based on the assessment of the 510 sand package, the Partners
have decided not to proceed with the IM-7 well location as this was
intended to test any discovery in the 510 sandstone formation.
Instead, the drilling rig will be relocated to the backup location,
IE-4, which lies to the east of the IM-6 well and northwest of the
previously drilled IE-3 well. The IE-4 well will target a
previously undrilled sand package "Drillbit" of Intra-Isongo
origin, which is believed to be analogous to the 410 sand package
at the IM-5 location. Any discovery in this appraisal well, could
prove up or derisk a further 0.2 to 0.6 tcf of resources (Drillbit,
Bolt, Crowbar sites).
Eli Chahin, Chief Executive Officer of Bowleven plc,
commented:
"Whilst it is disappointing that the IM-6 well did not make an
additional commercial discovery, the data collected is vital in
further defining the existing 410 intra-Isongo discovery.
Specifically, after further analysis and reservoir engineering and
modelling, we expect to be able to accurately delineate the
location of the gas/water contact within the 410-wet gas reservoir
and firm-up the reservoir volume.
We now look forward to drilling the prospective IE-4 well which
offers the potential to provide an increase to our discovered
resource volumes, and derisk several other potential
prospects."
IM-6 Well Details
The well reached a total depth of 3,550 meters. The original
planned target depth was designated as being 50 meters of shale
below the lowest sand horizon in the 310 Intra-Isongo sand package.
This was estimated pre-spud at 3,340 meters. The lowest sand
horizon within the 310 package was slightly deeper than expected
and a revised target depth was set at 3,375 metres. However, at
3,370 meters a previously undetected sand body was encountered
associated with a significant gas show resulting in a pressure
spike to higher than well design tolerance.
To safeguard the well against any unforeseen well control
event(s) resulting from the high pressure, the reservoir interval
was plugged with cement and side-tracked to enable the reservoir
sections to be examined for logging and testing purposes in a safe
drilling environment. In light of the interesting gas show detected
at 3,370 metres, the Partners agreed to deepen the target well
depth to 3,550 metres to facilitate collecting data from the 3,370
metre sand horizon, whilst also investigating another prospect in
the upper section of the Middle Isongo sands. As both the pressure
and temperature at this depth are higher than the well was
originally designed for, the downhole design was reconfigured
accordingly.
Investor Conference Call:
Management will host a conference call for investors at 9.00am
(BST) on Tuesday 21 August 2018. Dial in details for the call are
shown below and participants should request to join the "Bowleven
plc Investor Call".
Dial in number: +44 (0)330 336 9105
Mr Tom Gunningham CEng MEI has reviewed the information
contained in this announcement. Mr Tom Gunningham, Reservoir
Engineering Consultant for the Group, is a Chartered Petroleum
Engineer with over 29 years of experience in the oil and gas
industry and is a member of the Energy Institute and Society of
Petroleum Evaluation Engineers.
ENQUIRIES
For further information,
please contact:
Bowleven plc
Eli Chahin, Chief Executive 00 44 131 524 5678
Celicourt Communications
Ltd
Mark Antelme 00 44 207 520 9261
Henry Lerwill
Stockdale Securities Ltd
(NOMAD and Broker)
Robert Finlay 00 44 207 601 6100
Antonio Bossi
David Coaten
Glossary
tcf trillion cubic feet (of gas)
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END
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