EDINBURGH, UK – Bowleven subsidiary EurOil has discovered gas with its latest appraisal/development well in the Etinde concession offshore Cameroon.
IM-5 was drilled from mid-September 2012 to March 5, in a water depth of 56 m (184 ft), and reached TD of 3,430 m (11,253 ft). It encountered two reservoir intervals of condensate and gas-bearing sands with a total of 95 m (311 ft) of net pay in the Middle Isongo and Intra Isongo formations.
Production tests between mid-March and early April achieved flow of up to 23 MMcf/d (651,288 cm/d) of gas and 3,155 b/d of condensate from the Middle Isongo; and an average of 37 MMcf/d (1 MMcm/d) and 4,664 b/d from the Intra Isongo.
Combined maximum flow rates were 60 MMcf/d (1.7 MMcm/d) of gas and 7,819 b/d of condensate. Output may have been if a larger tubing size had been adopted. The well will be suspended for use as a future development/production well.
EurOil now estimates in-place hydrocarbon volumes at the IM field of 155 MMbbl of condensate and 1,050 bcf of gas.
Kevin Hart, CEO of Bowleven, said: “The IM-5 well has not only delivered a substantial increase in estimated hydrocarbon volumes, but it has also confirmed the presence of liquids rich hydrocarbons at the Isongo Marine field, a significant value driver for development plans on Etinde.
“In addition to proving that there are more than sufficient gas volumes present on a P90 basis to meet 70 MMcf/d [2 MMcm/d] dry gas requirements of the [planned] fertilizer plant, the IM-5 well has also de-risked considerable further prospectivity with significant volumetric upside on the block…The group remains focused on delivering the planned phased Etinde development and reaching a final investment decision, targeted by the end of 2013.”