Petroleum Africa
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Thursday, November 14, 2013
Bowleven has seen significant progress in Cameroon over the past year or so on both the realization of value from its Etinde resource base, and the potential based on the exploration and appraisal program on its acreage. The company continued to make progress towards Etinde Stage 1 FID and submitted its Expanded Exploitation Application to the authorities, with approval pending.
The company revealed in its latest report that it remains on schedule for first gas in H2 2016 and its upstream project sanction integrated with the Ferrostaal fertilizer plant and the joint FID is now targeted by mid-2014.
Its highly successful IM-5 well delivered many positive implications for development optimization adding to the company’s resources and further appraisal potential. Bowleven said it saw a substantial increase in its P50 net contingent resources, taking its figures up to 263 million boe which is a 30% increase.
Kevin Hart, chief executive of Bowleven plc, said: “We are pleased with the considerable progress made on our path to development in Cameroon and in so doing, pursuing our stated objective of converting resources to reserves.
“The highly successful IM-5 well confirmed the presence of more than sufficient volumes of gas to meet the fertilizer plant’s requirements, eliminating any need for further appraisal drilling pre sanction. In addition it has added significantly to the group’s contingent resource base, delivered positive implications for Stage I development optimization, and revealed additional low risk exploration and appraisal potential in block MLHP-7.
“Progress is continuing towards FID for Stage I of the Etinde development. As part of this process, the EEAA, now expanded to take account of the well results and the clearer potential for additional gas offtake schemes, has been presented to the Cameroon authorities for review and approval is pending. With the fertilizer gas sales agreement (GSA) negotiations also well underway and with the Strategic Alliance with Petrofac in place, the upstream foundations required for FID are nearing completion. Delivery of first gas remains targeted for H2 2016 with project FID set to be concurrent with that of the fertilizer plant, targeted by mid-2014.
“As announced in a separate equity issue announcement, the company is seeking to raise funds, with $18.7 million already placed, subject to settlement, to allow it to progress FEED activities planned prior to Etinde FID. At FID, the Petrofac strategic alliance provides access to development funding with the immediate reimbursement of some prior IM-5 costs. While these financial resources are sufficient to deliver immediate targets, the addition of further financial flexibility remains a priority for the group. Consequently, active discussions are underway with a range of potential financial providers, and with a number of specific parties regarding potential farm-outs.”
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