Nov 09 - Preliminary Results Announcement

Source Company Web Site
Company Bowleven Plc 
Tags Financial & Operating Data
Date November 02, 2009

Bowleven plc announces its preliminary results for the year ended 30 June 2009.



  • Etinde PSC signed December 2008, setting economic basis for future developments. 
  • Equity fundraising in June 2009 raised approximately $113 million. 
  • Etinde farm-out transaction entered into with Vitol E&P Limited (Vitol) in August 2009; assignment approval anticipated by end 2009.
  • Current group cash balance approximately $120 million. 
  • Vitol initial carry ($100 million gross) provides additional flexibility.  
  • Funding in place for planned 2010 work programme.
  • Advanced discussions ongoing in relation to EOV.


  • P50 contingent resources for the Group increased to 217 mmboe (2008: 203 mmboe).
  • Completed GDF/SNH feasibility study adds momentum to the development of Cameroon gas resources.

Outlook & Objectives

  • Continuous exploration/appraisal programme with up to four wells on Etinde to commence H1 2010, including: 
  • IE and IF appraisal wells to confirm commercial viability;
  • High impact MLHP-5 exploration well to pursue cretaceous oil play;
  • Fourth well, target to be confirmed during 2010 work programme; and
  • Extensive 3D seismic acquisition and reprocessing on Etinde.
  • Progress IE and IF development projects to sanction; aim to upgrade resources to reserves. 
  • Drilling on Epaemeno planned with operator, Addax, in H2 2010. 
  • Commence Bomono 2D seismic in Q4 2009.
  • Continue to review farm-out opportunities to optimise exploitation of acreage.
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