Shares in explorer Bowleven (Other OTC: BWLVF - news) rally 8.9 percent after announcing its IM-5 well in offshore Cameroon has found of liquids-rich hydrocarbons in Middle and Intra Lsongo reservoir objectives.
"It's always good news to hear of liquid being found as opposed to gas, which is more expensive to get out of the ground and transport," Mike van Dulken, head of research at Accendo Markets, says.
"The liquid/gas ratios look attractive, even more so when gas is sufficient enough to meet proposed fertilizer plant's requirements and so can be used locally."
Bowleven's shares are back around 3-month highs and closing in on 9-month highs of 91 pence.
"Testing to follow and updates on flow rates have potential to both maintain interest in the shares," van Dulken, said
Reuters messaging rm://david.brett.thomsonreuters.com@reuters.net
