Our History

2015

  • Farm-out of two-thirds of the Group’s interest in Etinde to LUKOIL and NewAge completed on 16 March 2015 (Bowleven Group’s remaining interest on Etinde- 20%). The proceeds comprise:
    • $165 million cash received at completion;
    • Approximately $5 million working capital adjustment received;
    • Up to $40 million (net) carry for two Etinde appraisal wells, including testing;
    • $15 million cash received in September 2016; and
    • $25 million cash contingent upon and to be received at Etinde development project FID.
  • Two exploration wells (Moambe and Zingaga) were drilled at Bomono, both encountered hydrocarbons. Exploration Authorisation Application submitted to Cameroon authorities in December 2015 to enable development progression.
  • Kenyan authorities granted a one-year extension to the initial exploration phase of Block 11B to 26 May 2016, at which point the licence expired

2014

  • Agreed to farm-out two-thirds of the Group’s interest in the Etinde Permit to LUKOIL and NewAge for a combined total consideration of approximately $250 million.
  • Secured the award of the Etinde Exploitation Authorisation (EA) in July 2014. Award of the Etinde EA gives Bowleven and its joint venture partners, development and exploitation rights over the EA area (formerly block MLHP-7) for an initial period of 20 years with the option to renew for a further 10 years.
  • The exploration PSC over former blocks MLHP-5&6 expired on 22 December 2014.
  • Cameroon authorities granted a one year extension to the Bomono exploration licence to 12 December 2015.
  • Rig contract signed for a two well exploration drilling programme on the Bomono Permit.
  • Kenyan authorities granted a 9 month extension to the initial exploration phase of block 11B to 26 May 2015.

2013

  • IM-5 appraisal/development well (MLHP-7) tested condensate-rich gas from both the Middle and Intra Isongo intervals confirming commercial production rates and significant liquids content of gas; combined max flow rate of 60 mmscfd and 7,819 bcpd (total over 17,800 boepd).
  • Significant Intra Isongo discovery (70 metres net pay) at IM-5 highlights new material exploration/appraisal play.
  • Updated IM field volumetrics post IM-5 well indicate more than sufficient gas volumes to meet fertiliser plant requirements.
  • Gas sales term sheet for proposed fertiliser plant in Cameroon agreed with Ferrostaal.
  • Zingana-1 well site prepared pending commencement of exploration drilling operations (Bomono)
  • Acquisition of an extensive block-wide FTG survey on Kenya block 11B completed.
  • Awarded three exploration blocks in Zambia with applications for two blocks pending.

IM-5 well April 2013

2012

  • Etinde development plans progressing – formal Etinde Exploitation Authorisation Application (EEAA) submitted to Cameroon authorities.
  • Alliance agreement signed with Petrofac; potential access to up to $500 million towards Stage I development of Etinde and to Petrofac expertise. The alliance agreement was subsequently terminated following completion of the Etinde farm-out to LUKOIL and NewAge in 2015.
  • Farm-in to exploration acreage in Kenya (50% Block 11B).
  • Feedgas MOU signed with Ferrostaal for proposed fertiliser plant in Cameroon.
  • Planning for a 'hub and spoke' development of Etinde Permit underway.
  • Independent assessment validates Bowleven’s Sapele Deep Omicron in-place fairway volumes (MLHP-5).

Kenya farm-in, September 2012

2011

  • Sapele-3 well (MLHP-5) significantly extended the Deep Omicron fairway.
  • 2 Sapele appraisal wells (Sapele-1ST and Sapele-2; MLHP-5) tested oil from the Deep Omicron interval.
  • Extensive deeper prospectivity at Paleocene and Cretaceous levels; hydrocarbons encountered at Sapele-1 and Sapele-3 (MLHP-5).
  • 3D 4C OBC development seismic acquired over the IE and IF fields (MLHP-7).

Sapele drilling, April 2011

2010

  • Sapele-1 exploration well (MLHP-5) discovers liquids rich hydrocarbons in the Lower Omicron and Deep Omicron Miocene aged intervals.
  • IE-3 appraisal well (MLHP-7) tested cumulative max. rate of c.23k boepd from 5 zones; oil encountered at IE.
  • Substantial seismic operations conducted over Etinde (3D) and Bomono (2D); extensive seismic database now acquired over Cameroon acreage. Significant exploration potential identified in the Douala Basin.
  • Farm-out of 25% interest in Etinde completed (Bowleven Group 75%).

IE-3 well August 2010

2009 + earlier

  • 2008: First oil discovery on Etinde Permit; IF-1r well tested an average of 3,371 bopd. 
  • 2008: Etinde Permit PSC terms (blocks MLHP-5,6 and 7) agreed with Cameroon government. 
  • 2007: Bomono Permit PSC awarded by Cameroon government.
  • 2007: Successful IE-2 appraisal well (MLHP-7) and D1-r exploration well (MLHP-5).
  • 2006/7: Kevin Hart appointed CEO. In-house technical/exploration team formed including Ed Willett (appointed Exploration Director in 2007).  
  • 2004:  Bowleven plc listed on AIM.

Seismic acquisition Summer 2009