Bow Boosts Blackwater 3P Certified Gas Reserves by 15%

Bow announced an additional 213 petajoules (PJ) 3P certified reserves for its Blackwater CSG Field located approximately 250km
west of Gladstone, Queensland. The upgrade represents a 15% increase in reserves for the Blackwater CSG Field from 1,383PJ to 1,596PJ thereby increasing Bow's total net 3P Reserves to 2,574 PJ.

The additional 213 PJ 3P certified reserves was sourced from the deeper south western section of the Blackwater CSG Field. Independent consultants MHA Petroleum Consultants, LLC (MHA) have now certified 2,467 PJ of 3P reserves and 2,014 PJ 2C resource across two of Bow's three 100% owned Bowen Basin tenements.

Pilot Production Programs Continues at Blackwater

Bow continues to trial several well completion techniques in the Blackwater CSG Field. The first 'four spot' well pilot has successfully fracture-stimulated the targeted zones. The wells in this pilot are expected to be completed in the next few weeks. A further 'four spot' well pilot is scheduled to be fracture stimulated later this month. Both 'four spot' pilots are planned to be completed, with pumping equipment and ready for production, subject to successful production flow testing, prior to the end of this year.

The first lateral (horizontal) pilot well in Blackwater CSG Field has commenced drilling initially into an eight meter coal seam target in the Rangal coal measures. This is the first of two lateral wells planned for drilling and completion prior to the end of this year. Both completion methods have been successful in yielding commercial gas flows in other nearby Bowen Basin CSG producing fields.

Commenting on the reserve upgrade, Bow's CEO, John De Stefani, said, "The latest reserves from Bow's 100% owned Blackwater CSG Field together with the adjacent Comet CSG Field provides Bow with over 3 Tcf of gas resource and reserves in one permit. This huge resource base has provided Bow with significant gas supply opportunities for power generation, supply to domestic gas markets and LNG facilities in Gladstone."