A drilling update from Bowleven (BLVN) this morning has confirmed further drilling success at its Cameroon Sapele 1 well. They have now drilled to a current target depth of 4,539 metres and has drilled through the Cross-cut event and into the Cretaceous.Estimates of oil in place have increased from 40 -290 million barrels to 65 to 430 million barrels in the Deep Omicron, mean 217 million barrels.
Also further upside possible by the look of it, "it is believed that the well has encountered additional sands at the current TD. Further Cretaceous targets have also been identified and consequently, drilling is planned to continue upon completion of current logging activities."
Looks like the last minute spread bet punt will start to pay off this morning. Should ease the tension/anticipation of waiting for news from Xcite Energy, which has no RNS out today as yet.
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