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Monday, November 17, 2014
Bowleven laid out its key objectives for the next year in a recent release, the first being the completion of the Etinde farm out to Lukoil and NewAge. The completion of the farm out also extends to supporting and assisting the JV with the planning and execution of a two carried appraisal well drilling campaign.
Making progress in achieving the FID for the Etinde development is also one of Bowleven’s key objectives for the coming year.
The company is planning to drill two wells on its Bomono Permit in Cameroon and ascertain commercial viability. Over in Kenya, Bowleven will complete the acquisition, processing, and interpretation of 2D on Block 11B, pending the decision to enter the second exploration phase.
Kevin Hart, Chief Executive of Bowleven plc, said: “We have made steady progress during the year in delivering a number of key milestones as we work towards converting resources to reserves and creating new value through further exploration and appraisal activity.
“The EA award was a significant achievement and this, together with completion of the Etinde farm-out will allow the expanded joint venture to work together to progress development plans, further appraise the Intra Isongo reservoir interval and realize the considerable potential of Etinde. We are pleased to have received Ministerial approval of the assignment and transfer of operatorship and we now await the gazetting of the Presidential decree to formally close the deal. We look forward to working with our new partners to optimize the best gas solutions for all stakeholders.
“Following the Etinde farm-out, coupled with near term drilling plans on Bomono, the Group expects to participate in four potentially significant exploration and appraisal wells over the next twelve months. Additionally, seismic activity on Kenya block 11B and new acreage in Zambia also bring early stage exploration interest to the portfolio. This activity will be fully funded by our strong balance sheet following completion of the Etinde farm-out transaction.”
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