African oil and gas exploration group Bowleven has entered a drill-to-earn agreement with private company Africa Fortesa Corp (AFC) at the Bomono Permit in Cameroon
According to the agreement, AFC will earn a 20 per cent interest in the Bomono Permit in return for drilling two wells, it said.
The cost of drilling is expected to be nearly US$15mn and drilling is likely to begin end 2014, although the Cameroon government is yet to approve this deal, according to AFC.
The Bomono Permit consists of two former blocks – OLHP-1 and OLHP-2, in the onshore extension of the Douala Basin covering an area of 2,328 km to the North and North-West of Douala City.
Wells that were drilled in the 1950s and surface oil seeps and proven hydrocarbons in existing wells were discovered within the Bomono permit. Further explorations, mapping and volumetrics have revealed multiple prospects and leads with both tertiary and deeper cretaceous-aged targets, reports revealed.
AFC, through its wholly owned subsidiary, Africa Onshore Drilling, has drilled numerous successful wells onshore West Africa and in Senegal, a number of which are currently producing for gas-to-power