Scotland business

Bowleven's Cameroon well reveals more oil

Bowleven oil installation
Image caption Bowleven said the find could be transformational.

Edinburgh oil explorer Bowleven has said it has found more oil at a well off the coast of Cameroon.

The company said most of the hydrocarbons were found in the deeper parts of the Sapele-1 well in the Douala Basin.

The increase in the estimates from the African operation sent Bowleven's share price higher.

The company said the Sapele-1 well had the "potential to be transformational".

Bowleven runs its Cameroon operations through its wholly-owned subsidiary EurOil Ltd.

Kevin Hart, chief executive of Bowleven, said: "2010 has been an exciting year for Bowleven. As we enter 2011 the ground-breaking Sapele-1 exploration well continues to excite and highlights the potential of the Douala Basin."

He added: "The momentum is continuing to build in our operations in Cameroon and 2011 promises to be our busiest year yet with an extensive exploration and appraisal programme planned."

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