Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces an update on exploration activities.
New Ventures, Zambia
Following participation in the recent Zambian license round Bowleven has been notified by the Ministry of Mines, Energy and Water Development that bids for exploration blocks 25, 28 and 29 have been successful. Following this notification, and as part of the formality of the award process, we have now applied for the Petroleum Exploration Licenses over these three blocks. Confirmation of award is expected from the Zambian Ministry in due course.
The three blocks lie in the extensive and under-explored Luangwa Rift Valley which last saw exploration activities in the 1980's. The Luangwa valley comprises a major north-east to south-west trending rift basin and regional evidence suggests that the critical elements of a petroleum system are present. The initial exploration period includes a minimum committed work programme estimated at approximately $500,000.