BowLeven Rises to 3-Month High After Cameroon Well Finds OilEduard Gismatullin
BowLeven Plc, a U.K. oil explorer in Cameroon, jumped to a three-month high in London trading after finding petroleum off the West African country.
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. on plans to supply gas to Ferrostaal AG from 2016 to make fertilizers.