Bowleven to drill wells in 2016

The British oil and gas operator Bowleven intends to drill two "appraisal well targeting the significant upside potential identified in the interval of the reservoir intra Isongo" on its Etinde permit, located in the offshore of Cameroon.

This was a report of the company for the end of year June 30, 2015. According to Kevin Hart (pictured), CEO of Bowleven, this drilling will be carried out "as soon as possible in 2016".

British petro-gas firm appears even more optimistic in achieving this goal as its CEO announced that Bowleven already has a budget of $ 40 million, or about FCFA 22 billion for the conduct drilling and completion of subsequent tests.

Despite a difficult environment for exploration and production companies, partly because of lower world crude oil, Bowleven claims to have "taken the time to consider (its) current cost base to ensure that it is the right size for the current plan and (its) strategic objectives."

Remember, Bowleven holds 75% Etinde permit, a set of three offshore blocks covering 2,316 km2 in Cameroon. The company subsequently entered into a share purchase agreement with the Russian Lukoil and New Age to sell a total 50% to interest operators.