Bowleven Oil and Gas Plc is an oil and natural gas exploration and production company incorporated in the United Kingdom and operating in Cameroon and Gabon. The aim of the company is to focus on Africa, particularly the Gulf of Guinea, investing in exploration and development of hydrocarbon resources. Bowleven has been trading on the Alternative Investment Market of the London Stock Exchange since 2004.
Bowleven holds assets in Gabon and Cameroon. Both nations are stable and comparatively developed, and both have substantial onshore and offshore hydrocarbon reserves.
In Cameroon, Bowleven has three blocks in the offshore Etinde area, covering about 2,314 square kilometres and ranging from shallow waters to 70 metres in depth. Additionally, Bowleven holds two blocks in the onshore Bomono Permit area. Numerous surface oil seeps have been observed in this area but it remains almost completely unexplored by modern technology.
In Gabon, the company has an offshore East Orovinyare block, a known oil field located approximately 6 miles offshore. Inland, Bowleven holds a substantial Epaemeno block. The area was surveyed in the 1980s and seismic data is being re-analyzed with up-to-date analysis. The block is promising as it lies on trend with productive fields.
Bowleven began the year fully funded for all 2010 projected operations. The main focus for 2010 has been moving forward toward monetization of the Etinde areas, with a major exploratory drilling programme beginning in March. In August 2010 Bowleven announced that tests at its IE-3 well in Entinde had shown multiple gas condensate and oil bearing sands, increasing the likelihood of successful commercial development of the area.
Shares of Bowleven Oil and Gas (BLVN) are listed on the London Stock Exchange’s Alternative Investment Market and were at 168.75 p as of 29 October 2010.