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Brisbane, Nov 3, 2010 (ABN Newswire) - Bow Energy Limited (
ASX:BOW) (PINK:BOWYF) are pleased to announce commencement of drilling of the Barta North-1 well located 4.2 kilometres west-south-west of the Cuisinier-1 producing oil field which is continuing to produce at approximately 400 barrels of oil per day.
Given the strong oil flow rates of Cuisinier1, the ATP 752P Joint Venture agreed to test a nearby step out structure comprising the Barta North-1 well location. ATP752P is operated by Santos Ltd (ASX:STO).
In addition to the Barta North-1 well, the Joint Venture has approved the further appraisal of the Cuisinier oil field. The Cuisinier Appraisal-A well will be drilled as a 450 metre step out to Cuisinier-1. The Cuisinier Appraisal-A will be drilled immediately following the Barta North-1 well. Both Barta North-1 and Cuisinier Appraisal-A are scheduled to be drilled prior to year end 2010.
Bow is fully carried for the drilling costs of both wells and will retain 15% of the Barta Block after farmin work is completed.
Commenting on the commencement of additional oil wells, Bow's CEO John De Stefani said: "Given the pleasing sustained oil production rate from Cuisinier-1 well, we are keen to progress further appraisal and development in vicinity of the Cuisinier oil discovery. Cash flows from the oil projects will supplement the company's very promising Bowen and Surat basin coal seam gas projects."
ASX:BOW) (PINK:BOWYF) are pleased to announce commencement of drilling of the Barta North-1 well located 4.2 kilometres west-south-west of the Cuisinier-1 producing oil field which is continuing to produce at approximately 400 barrels of oil per day.Given the strong oil flow rates of Cuisinier1, the ATP 752P Joint Venture agreed to test a nearby step out structure comprising the Barta North-1 well location. ATP752P is operated by Santos Ltd (
ASX:STO).In addition to the Barta North-1 well, the Joint Venture has approved the further appraisal of the Cuisinier oil field. The Cuisinier Appraisal-A well will be drilled as a 450 metre step out to Cuisinier-1. The Cuisinier Appraisal-A will be drilled immediately following the Barta North-1 well. Both Barta North-1 and Cuisinier Appraisal-A are scheduled to be drilled prior to year end 2010.
Bow is fully carried for the drilling costs of both wells and will retain 15% of the Barta Block after farmin work is completed.
Commenting on the commencement of additional oil wells, Bow's CEO John De Stefani said: "Given the pleasing sustained oil production rate from Cuisinier-1 well, we are keen to progress further appraisal and development in vicinity of the Cuisinier oil discovery. Cash flows from the oil projects will supplement the company's very promising Bowen and Surat basin coal seam gas projects."
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About Bow Energy Limited
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.
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