Bowleven shares up on Cameroon find

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

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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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