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Date: Tuesday 02 Sep 2008
LONDON (ShareCast) - Shares in West African focused oil firm Bowleven flew off the shelf after it said it expects to upwardly revise existing resources at the Isongo discoveries.
The group, which explores oil and natural gas in Cameroon, said it had discovered oil at its Etinde Permit IF-1r well estimated to be worth between 76m and 249 barrels.
"The recent oil discovery on MLHP-7 re-enforces the quality of our exploration acreage whilst the resource upgrades on EOV and Etinde augur well for future development activities and the resulting production and cashflow generation," said chief executive Kevin Hart.