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Brisbane, July 30, 2010 (ABN Newswire) - The Directors of Bow Energy Limited (
ASX:BOW) (PINK:BOWYF) provide clarification on current certified gas reserves over the Comet Block (ATP 1025P).
Based on internal estimates, gas reserves of approximately 286PJ of 3P and 7PJ of 2P within three leasehold lots located in the Comet Block are still awaiting native title extinguishment.
Bow has an exclusive right to carry out an administrative process which, when complete, will allow these reserves to be included in MHA Petroleum Consultants, LLC. (MHA) reserve statement. The process of clearing native title over these leasehold lots is in progress and considered a routine procedure.
The native title assessment in respect of these reserves does not impact development of the Blackwater Power Project or any other gas marketing or development initiatives under review.
Bow remains confident of and is on track to achieve its end of 2010 targets of 4,130PJ of 3P and 455PJ of 2P gas reserves.
Bow has also confirmed that there are no similar lots affected by native title in Norwich Park (ATP1031P), the location of recent drilling success indicating a large gas field potential.
ASX:BOW) (PINK:BOWYF) provide clarification on current certified gas reserves over the Comet Block (ATP 1025P).Based on internal estimates, gas reserves of approximately 286PJ of 3P and 7PJ of 2P within three leasehold lots located in the Comet Block are still awaiting native title extinguishment.
Bow has an exclusive right to carry out an administrative process which, when complete, will allow these reserves to be included in MHA Petroleum Consultants, LLC. (MHA) reserve statement. The process of clearing native title over these leasehold lots is in progress and considered a routine procedure.
The native title assessment in respect of these reserves does not impact development of the Blackwater Power Project or any other gas marketing or development initiatives under review.
Bow remains confident of and is on track to achieve its end of 2010 targets of 4,130PJ of 3P and 455PJ of 2P gas reserves.
Bow has also confirmed that there are no similar lots affected by native title in Norwich Park (ATP1031P), the location of recent drilling success indicating a large gas field potential.
About Bow Energy Limited
Bow Energy Limited's (ASX:BOW) (PINK:BOWYF) is an S&P ASX 200 All Australian Index and S&P ASX 300 Index Company. The company’s primary business is the discovery and commercial production of Coal Seam Gas (CSG) and conventional oil fields, with projects in several of Australia’s producing basins.
The company is focused on expanding its CSG reserves, with eight CSG projects located within the highly prospective Bowen and Surat Basins of Queensland, and developing production for domestic and export natural gas customers.
The company has GIP potential across its CSG projects of over 13.8 Tcf and to date has certified net gas reserves of 2,360 petajoules (PJ) of 3P and 114 PJ of 2P. A record drilling program is underway for 2010, targeting year-end reserves of 4,128 PJ of 3P and 455 PJ of 2P.
Bow is currently developing the Blackwater Power Project, Bow’s 100% owned 30 megawatt power station near Blackwater, central Queensland, which is scheduled for commissioning by the end of the first quarter 2011.
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