BOWLEVEN, the West Africa focused oil and gas firm, has said it expects to start exploration drilling onshore Cameroon next month, writes Mark Williamson.
The Edinburgh-based firm said drilling will start on the first well on the Bomono licence, Zingana, in February following "some minor logistical issues which have now been resolved".
In December Bowleven said drilling operations were expected to commence on Bomono around the end of the year.
Yesterday the company, led by chief executive Kevin Hart, said civil engineering activities continue with the preparation of the second well site, Moambe.
The well will be the first drilled onshore Cameroon by Bowleven, which has focused activity in the waters off the country to date.
The bulk of the well costs will be paid by privately-owned Africa Fortesa Corp, in exchange for a 20 per cent stake in the licence.
Aim-listed Bowleven has funding in place to carry its agreed share of up to around $15m of the cost of the wells.
Bowleven is waiting to complete a $250m deal to sell a total 50 per cent interest in the Etinde permit off Cameroon, which it agreed in June.
The company is awaiting formal written notification and gazetting of a decree by Cameroon's president Biya approving the deal.
On 9 January Bowleven said the formal decree approving the assignment of interests in Etinde to Russia's LUKOIL and Cameroon's New Age had been signed by the president.
It noted then that formal written notification and the gazetting of the decree was the final condition of the Etinde farm-out.
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