During its preliminary results and operational update for the year ended 30 June 2016, Edinburgh-based Bowleven said that the Scottish oil explorer was making progress on developing its Cameroonian assets despite its losses widening by $40m in 2015/2016, Energy Voice reported.
The company said two appraisal well locations had been decided with its partners on the Etinde play in Cameroon as they target extra volumes of about 2Tcf of gas from Etinde. Bowleven holds 20% interest in the licence, Lukoil has 30%, SNH with 20% while NewAge holds the operatorship and 30% of Etinde, according to Ecofin Agency.
The London-listed firm said exploration wells had been completed and subsequently suspended on its Bonomo license onshore Cameroon. Additionally, Bowleven was in talks with Cameroon authorities over the award of a provisional exploitation authorization (PEA) for Bonomo.
This comes as the company has relinquished frontier exploration acreage in Kenya and Zambia as part of plans to tighten its portfolio. Furthermore, its cash balance at the end of October was about $99m, while administrative expenses have been cut by almost a quarter. However, losses from continuing operations for the year to June 30 widened to $129m from $90m in the previous fiscal year 2014/2015.