Scotland business

Bowleven shares up on Cameroon find

Oil workers drilling off the coast of Cameroon
Image caption Bowleven has been concentrating on its West African exploration sites, including the Etinde permit

Oil explorer Bowleven's share price climbed by more than 5% after the company said it had encountered "liquids-rich" hydrocarbons off Cameroon.

The Africa-focused firm made the find while drilling at its IM-5 well under the Etinde permit.

A testing programme is being carried out to evaluate the discovery.

Bowleven holds significant stakes in onshore and offshore exploration acreage in Cameroon.

The Edinburgh-based company holds a 75% interest in the Etinde Permit, which is located across the Rio del Rey and Douala basins.

It also holds a 100% stake in the Bomono Permit, which is based in the Douala Basin.

Bowleven chief executive Kevin Hart said: "You never quite know what you have got until you get all the information finally in and correlated.

"But I suspect it is probably the best well we have drilled in the seven years we have been active."

In November, Bowleven and Petrofac announced a strategic alliance to help "unlock the potential" of operations in Cameroon.

Under the arrangement, Petrofac will invest up to $500m to develop the Etinde assets.

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