The shallow-water well, located in Block MLHP-7 of the offshore Etinde permit, was designed to appraise the reservoir and fluid properties of the Middle Isongo sands.
It has now been drilled to a total depth of 3430 metres and encountered liquids-rich hydrocarbon-bearing pay over a gross interval of about 33 metres in this primary objective, Bowleven said on Friday.
IM-5 has a secondary objective to investigate the additional potential of the Intra Isongo exploration prospect, as well as a third aim of intersecting the Upper Isongo sands to confirm these were present at this location and water-bearing as prognosed.
At the end of January, the company reported the probe intersecting a gross interval of about 80 metres in the Intra Isongo reservoir. The net pay has been estimated at about 70 metres.
The well had also intersected about 32 metres of high quality reservoir sands in the Upper Isongo.
Bowleven chief executive Kevin Hart said on Friday the company would now eagerly await the results of an upcoming testing programme that was currently being planned.
“The group is intensely focused on delivering the key requirements that will enable the final investment decision for the Etinde development to be made,” he said in a statement.
Bowleven anticipated an increase in both proven, probable and possible reserves, and proven and probable volumes following the integration and evaluation of well and seismic data.
“With the validation of sufficient gas volumes to meet the requirements of the proposed fertiliser plant, our efforts continue on finalising the gas sales heads of terms with Ferrostaal and obtaining the exploitation authorisation from the government,” Hart added.
*Danica Newnham, Upstreamonline