Bow Energy to Drill Two Wells on Cooper Basin Permit ATP 752P
Bow Energy says that following endorsement of a Native Title Agreement by the Minister for Natural Resources, Mines and Water over Queensland permit ATP 752P, an offer of the permit has been accepted by the Operator with granting to take effect from August 1, 2006 for a 12 year term.
Several oil prospects with potential for high commercial oil flow rates have been identified adjacent to or in between producing oil fields in both the Wompi and Barta Blocks in ATP 752P. The first two farmin wells in the Wompi block and new infill seismic acquisition program in the Barta Block are now planned to commence in late September or early October 2006.
Bow is fully carried on a staged three well plus seismic acquisition to five well farmin exploration program in ATP 752P by Canadian listed Avery Resources. Bow will retain 25% to 35% direct working interest in the permit depending on at which stage Avery completes its' farmin.
Given the high oil prospectivity of the Wompi Block, the ATP 752P Joint Venture has decided to drill two firm plus two optional wells in the Block. Bow has a rig sharing agreement with Beach Petroleum to use Hunt Rig 2 to drill the two firm exploration wells in ATP 752P with several additional drilling options being available to Bow at its election.
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