Brisbane, Sep 21, 2010 (ABN Newswire) - Bow Energy Limited (ASX:BOW) (PINK:BOWYF) wish to provide an update to the market regarding discussions between Bow Energy and Liquefied Natural Gas Ltd (ASX:LNG).
As disclosed on 2 August 2010, Bow has been in discussions with the Board and management of LNG Ltd regarding a number of potential commercial arrangements. Bow now wishes to advise the market that it is no longer in discussions with LNG Ltd and that any discussions held were inconclusive.
Bow continues to pursue its stated strategy of progressing multiple channels to monetise its considerable gas resources including progressing opportunities in power generation, domestic gas supplies and export LNG. Bow will keep the market informed of all material developments.
Bow Energy Limited (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.
Contact
John De Stefani CEO - Commercial Bow Energy Limited Tel: +61-7-3238-6300 www.bowenergy.com.au
ASX:BOW) (
Bow Energy Limited
Liquefied Natural Gas Limited
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