Bowleven updates Cameroon operations

Bowleven, the Africa focused oil and gas exploration group traded on AIM, has announced its preliminary results for the year ended 30 June 2018.

HIGHLIGHTS

Operational

Etinde, offshore Cameroon

  • Ongoing operator evaluation of development options, including scope for early-stage development plans that align with the Government’s preferred offtake solutions.
  • Two carried appraisal well locations agreed with our partners targeting additional in-place volumes of gas and associated liquid resource; drilling commenced in May 2018 using Vantage’s Topaz Driller. Programme completed in October 2018.
  • The drilling results have provided an incremental resource uplift and will allow the JV partnership to better understand the asset ahead of development.

Bomono, onshore Cameroon

  • In the absence of a financially compelling small scale domestic development project, it is likely that the licence for this asset will terminate in December 2018.

Corporate

  • Group cash balance at 30 June 2018 of $63 million; no debt. No outstanding work programme commitments.
  • Investment of $19 million in publicly traded limited partnership interests and debt.
  • Under the Etinde transaction, access to $25 million at FID.
  • Significant reduction in general and administration (G&A) cost.

Outlook

Key objectives are to continue to deliver on our revised strategy in FY2019 which includes:

  • Ongoing focus maintaining the reduction in G&A costs in FY2019.
  • Ensuring our capital is rigorously guarded to maximise value of every dollar invested for our shareholders.
  • Working with our partners on Etinde development options with the aim of Etinde project FID in FY2019.

Eli Chahin, Chief Executive Officer of Bowlevenc, said:

‘The completion of the Etinde appraisal programme, for which Bowleven was fully carried, is the latest milestone in the process of understanding and monetising our core asset.  The successful delineation of the gas/water contact and the potential resource uplift has further derisked Etinde as we work with our partners to identify the best development option. Our focus in 2019 will be in further progressing Etinde whilst maintaining a robust balance sheet and lean corporate structure to deliver maximum value for shareholders.’

Source: Bowleven

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