Avery Resources Exercises Option to Farm-in to ATP 752P
Bow Energy says that Avery Resources (Australia) Pty Ltd, a wholly owned subsidiary of Avery Resources Inc has exercised its phase 1 option to drill three wells and acquire 100 km of seismic data to earn 30% interest in Cooper-Eromanga Basin permit ATP 752P. Avery has a phase 2 option to increase to 50% equity by drilling two additional wells in the permit.
On completion of the farmin, Bow will be fully carried through the seismic program and drilling of five exploration wells and retains 25% direct working interest in the permit.
ATP 752P is to be granted following a successful conclusion of a Right to Negotiate (RTN) Agreement with traditional owners. The process commenced on 1 November 2005 with the advertising of the required notices. Assuming the RTN agreement can be reached quickly, Bow believes drilling in ATP 752P could commence as early as the second quarter of 2006.
Bow's Managing Director, Ron Prefontaine, commenting on Avery exercising its option to drill, said, "Avery's aggressive exploration farmin program in ATP 752P clearly demonstrates the recognition of the excellent oil prospectivity of the permit. This is due to its location adjacent to commercial oil fields and infrastructure in the Cooper-Eromanga Basin and the 18 prospects and leads identified to date in the permit which have in excess of 100 million barrels of total recoverable oil potential.
Drilling activities within ATP 752P and other permits in the Cooper-Eromanga Basin and Surat Basin to be carried out by Bow Operations are planned to commence early in the second quarter of 2006. Bow Operations will also operate the Donga Oil Field in the Surat Basin. Completion of the Donga-3 oil discovery has been delayed until at least late January which is the earliest date a completion rig will be available."
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