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Brisbane, Mar 11, 2011 (ABN Newswire) - Bow Energy Limited (
ASX:BOW) (PINK:BOWYF) are pleased to report that the second appraisal well on the Cuisinier discovery, ("Cuisinier 3") will be cased as a potential Murta Oil production well. Cuisinier 3 is located in the onshore Cooper Basin, in Queensland, in Authority to Prospect 752P (ATP 752P). The well was drilled to a depth of 2040m and is located approximately 750m south of the initial Cuisinier discovery well ("Cuisinier 1"). Bow holds a 15% interest in ATP 752P.
At Cuisinier 3, the upper Murta sandstone, that is productive in the Cuisinier 1 discovery well, has 5 to 6.5 meters of net oil pay similar in quality to Cuisinier 1. The Cuisinier 1 well remains capable of oil rates in excess of 400 bopd with no water production to date. Results of the Cuisinier 3 well suggest the upper Murta oil bearing zone in the Cuisinier discovery has a minimum 19 meters of structural gross oil column, with further appraisal and step-out drilling warranted.
A second, deeper Murta sand zone at Cuisinier 3 indicates up to 3.7 meters of potential net oil pay with additional testing required to confirm this deeper zone. As previously reported, the Cuisinier 2 appraisal well, located northwest of the initial discovery, similarly encountered two deeper lower Murta sand zones each giving good oil shows. Completion and testing operations of the appraisal wells are expected to commence in late March / early April 2011.
Commenting on the results of the latest well, John de Stefani, CEO of Bow "Results from Cuisinier appraisal drilling have exceeded expectations and necessitates continued appraisal and development efforts on the field and further exploration efforts on the greater Barta Block".
ASX:BOW) (PINK:BOWYF) are pleased to report that the second appraisal well on the Cuisinier discovery, ("Cuisinier 3") will be cased as a potential Murta Oil production well. Cuisinier 3 is located in the onshore Cooper Basin, in Queensland, in Authority to Prospect 752P (ATP 752P). The well was drilled to a depth of 2040m and is located approximately 750m south of the initial Cuisinier discovery well ("Cuisinier 1"). Bow holds a 15% interest in ATP 752P.At Cuisinier 3, the upper Murta sandstone, that is productive in the Cuisinier 1 discovery well, has 5 to 6.5 meters of net oil pay similar in quality to Cuisinier 1. The Cuisinier 1 well remains capable of oil rates in excess of 400 bopd with no water production to date. Results of the Cuisinier 3 well suggest the upper Murta oil bearing zone in the Cuisinier discovery has a minimum 19 meters of structural gross oil column, with further appraisal and step-out drilling warranted.
A second, deeper Murta sand zone at Cuisinier 3 indicates up to 3.7 meters of potential net oil pay with additional testing required to confirm this deeper zone. As previously reported, the Cuisinier 2 appraisal well, located northwest of the initial discovery, similarly encountered two deeper lower Murta sand zones each giving good oil shows. Completion and testing operations of the appraisal wells are expected to commence in late March / early April 2011.
Commenting on the results of the latest well, John de Stefani, CEO of Bow "Results from Cuisinier appraisal drilling have exceeded expectations and necessitates continued appraisal and development efforts on the field and further exploration efforts on the greater Barta Block".
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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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