Bowleven reported the discovery of oil at the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon.

Highlights •11 meters of independently assessed net hydrocarbon pay intersected within upper part of Deep Omicron interval; up to further 11 meters (net) is currently interpreted as having either a high residual hydrocarbon or a hydrocarbon bearing response from logs. •Majority of reservoir located in two gross sand packages exhibiting high net to gross ratios and good quality reservoir; packages appear to correlate back to earlier Sapele wells. •Samples confirm excellent quality oil bearing sands encountered at current TD; intention to continue drilling to base of Deep Omicron interval. •Confirmed presence of oil in the Deep Omicron interval at Sapele-3 extends fairway significantly beyond current mapped area. Consequently, a significant upward revision to Deep Omicron volumetrics is now anticipated. •Additional gas/condensate discovery made in high quality reservoir at D1-r equivalent level; extent and size of discovery is worthy of further evaluation. Sapele-3 Drilling Update The Sapele-3 well is located circa 16 kilometers north west of Sapele-1 and circa thirteen kilometers north west of the D-1r wells. The well is drilling in water depths of approx. 30 meters.

The well was initially designed to target the shallower Miocene play including the reservoir interval previously encountered at D1-r. Due to optimized well design it has also been possible to deepen the well into what is the Deep Omicron equivalent interval encountered with previous Sapele wells.

Bowleven, as operator, provided updates for the reservoir intervals encountered at Sapele-3 below:

Deep Omicron interval (oil)

The well has encountered 11 meters of independently log evaluated hydrocarbon pay in high quality sandstone reservoirs within the Deep Omicron stratigraphic interval intersected by previous Sapele wells. In addition, a further 24 meters of net sand was encountered, of which up to 11 meters is currently interpreted as having either a high residual hydrocarbon or a hydrocarbon bearing response from logs. Further evaluation to determine whether this is pay or not is pending.

Wireline logs indicate that the majority of reservoir has been encountered within two distinct packages within the upper part of the Deep Omicron interval that can be correlated to the earlier Sapele discovery wells. The logs also indicate high net to gross ratios through these packages.

As the well is only two thirds of the way through the Deep Omicron interval and has encountered excellent quality oil bearing reservoir at current total depth (TD), the intention is to recommence drilling to the base of Deep Omicron. The presence of light oil at current TD has been confirmed by sampling. Testing plans will be assess on reaching final TD.

The confirmed presence of oil in the Deep Omicron interval at Sapele-3, 16 kilometers from the original Deep Omicron discovery at Sapele-1, extends the currently mapped Deep Omicron fairway significantly northwards into MLHP-6. Consequently a significant increase in current Deep Omicron in-place volumetrics is anticipated.

Miocene interval

At the shallower Miocene (D1-r) equivalent interval target, a 7 meter high quality sandstone was encountered with a 1 meter gas-condensate column. The extent and size of the discovery is worthy of further evaluation.

Chief Executive Kevin Hart commented, "We are excited with results so far at Sapele-2. The Deep Omicron interval continues to deliver and the confirmed presence of oil and good quality reservoir at this location further emphasizes the significance of this play within the Douala Basin. All four Sapele wells drilled have now encountered oil withing the Deep Omicron interval, thus reinforcing the geological model and highlighting the overall development and exploration potential of the fairway. This well has also now shown that the Deep Omicron interval extends considerably beyond the currently mapped are which has significant implications in terms of both volumetrics and prospectivity potential on both block MLHP-5 and MLHP-6. In addition, the gas condensate discovery at the D1-r interval is promising and warrants further evaluation.

"The results at Sapele-3 represent another step towards our overarching strategy of converting resource to reserves while highlighting the extensive exploration potential in the basin. We look forward with eager anticipation to the further drilling planned a Sapele-3."

Tags: Bowleven