BowLeven rose 5.9 percent to 80.5 pence, the highest closing price since Nov. 13. The shares are up about 23 percent this year, valuing the Edinburgh-based company at 237.3 million pounds ($362 million).
The IM-5 well, in the Etinde permit off Cameroon, “has encountered liquids-rich hydrocarbon-bearing pay,” BowLeven said today in a statement. It reached a target depth of 3,430 meters (11,250 feet), drilling through two reservoirs.
The well is located in the MLHP-7 block, where the Scottish explorer is also working with London-based Petrofac Ltd. (PFC) on plans to supply gas to Ferrostaal AG from 2016 to make fertilizers.
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