Despite an RNS, stating that Bowleven (BLVN) had started on the Sapele-1 sidetrack Sapele-1ST in the Douala Basin, offshore Cameroon, the shares fell 3p to 331p. The aim of Sapele-1ST is to appraise the Deep Omicron oil discovery encountered in the Sapele-1 exploration well. The well is to be drilled to an estimated vertical depth of circa 3,682 metres (4,761 metres measured depth) approximately 2 kilometres from the Deep Omicron oil discovery in the original vertical well. Drilling is expected to take approximately 40 to 50 days. Bowleven also announced that The Vantage Sapphire jack-up rig has now been contracted and the Sapele-2 well will spud around mid March 2011.
Xcite Energy (XEL) dropped 11.5p (3.5%) to 326p after this morning's news that the reserves report would be available at the end of March rather than early in the month. See earlier post: http://contrarianinvestoruk.blogspot.com/2011/02/xcite-energy-reserves-report-delayed.html
On a more positive note, Sirius (SXX) continued its rebound, rising 5% to 13.4p as realisation returns that the stock was oversold on the fall out from last week's Libyan crisis. Copper company, Weatherly (WTI) also rose 4.4% to 12.88p on strong metal prices. Even Rockhopper (RKH) managed a small gain to finish at 233p.
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