Cameroon government will soon authorize a British firm, Bowleven which will operate in the country under EUROIL, to exploit gas at Etinde, off the coast of Cameroon.

According to the statement issued by the CEO of Bowleven, Kevin Hart, 'the evaluation of the wells drilled, IM-5 on the gas field at Etinde confirmed the presence of large reservoirs of gas and condensate.

The Director General of the National Hydrocarbons Corporation of Cameroon (SNH) has confirmed that 'the maximum flow reservoirs discovered is 60 million cubic feet of gas and 7,819 barrels of condensate per day of high quality.

The SNH is sure that the overall volume of hydrocarbons revealed by the evaluation of the well in Etinde, IM-5 is estimated at 155 million barrels of condensate and 1,050 billion cubic feet of gas.

"We are pleased with the positive results revealed by the IM-5. Given the large volume of hydrocarbons discovered, we would move quickly to the development phase in order to increase the level of domestic oil and gas “SNH Director explained.

'We are delighted to have reached this milestone in the development of Etinde project and have gone this way to obtain a license to operate', says the CEO of Bowleven in the statement.

The British company Bowleven has been present in Cameroon for 14 years and has experience in the field and they are looking forward for the government of Cameroon to issue them a 20 years period of operation license in the Etinde Project.

Kevin Hart recently signed an agreement with Ferrostaal and Petrofac, the largest oil services group from the United Kingdom to invest up to $ 500 million, or about FCFA 275 billion in its proposed development of Etinde deposit in exchange for a portion of future profits.