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Friday, May 24, 2013
Bowleven plc updated its operations in Cameroon on the Etinde Permit. The company said that following the successful testing of the Middle Isongo and Intra Isongo reservoirs, the IM-5 well was suspended as a future development/producing well and the Atwood Aurora jack-up rig was released from contract.
The company also reported on its gas sale plans. The first stage of the Etinde development project is based on supplying 70 Mmscf/d of dry gas to a proposed fertilizer plant in Cameroon. A detailed term sheet for the proposed sale of EurOil’s gas production from Etinde has been agreed among Ferrostaal, SNH, and EurOil. The term sheet includes an agreement on the applicable pricing mechanism. A formal signing ceremony, attended by senior officials from all parties and the German Chancellor’s G8 Personal Representative for Africa in the Federal Ministry for Economic Cooperation and Development was held this week at the SNH headquarters in Yaoundé.
The focus will now move to preparing and agreeing upon the detailed Gas Sales Agreement prior to FID. The group is targeting FID by the end of 2013.
The company is updating the original Etinde Exploitation Authorization Application (EEAA) to integrate the IM-5 well results. The original submission of the EEAA was made in November 2012 and Bowleven expects the revised EEAA to be formally submitted during June.
Kevin Hart, chief executive, said: “We are focused on the planned phased development of Etinde and the delivery of first production from the Permit, anticipated in 2016. The agreement of a gas sales term sheet with Ferrostaal is a keystep towards achieving this objective and the signing ceremony highlights the importance of this project for Cameroon, Bowleven and all stakeholders. The EEAA is in the process of being updated for the results of the successful IM-5 well and with this, alongside the progress on gas sales, we remain on track for FID and project sanction by the end of 2013.”
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