Petroleum Africa
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Wednesday, November 11, 2015
2016 should see Bowleven in a very busy state. The company is expected to commence drilling to further appraise the potential of the Intra Isongo reservoirs offshore Cameroon, as well as evaluating early phase exploration activities in Kenya and Zambia.
The company also plans to complete an extended well testing program at its Bomono Permit in Cameroon, in order to determine well deliverability, and will consider further investment opportunities, albeit with a “disciplined approach.”
Kevin Hart, chief executive of Bowleven plc, commented in a company statement: “Following completion of the Etinde farm-out we are well positioned with a strong financial foundation to deliver on our strategic objectives…The sustained low oil price has created a challenging environment for exploration and production companies and we have taken the time to examine our current cost base to ensure that it is right-sized for current plan, and our strategic objectives.”
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