Conventional Oil Projects
The Company’s conventional petroleum portfolio is mainly oil focused. The highest profile projects are in the Queensland sector of the Cooper-Eromanga Basin and the Surat-Bowen Basin. Bow’s interests in conventional oil and gas are held directly by Bow or through Bow’s wholly owned subsidiaries Ocellaris Oil Pty Ltd and Seqoil Pty Ltd or a combination of these entities.
Cooper-Eromanga Basin Oil
ATP 752P Barta Block (Bow 15% after farm-out completed) is in the Cooper-Eromanga Basin and contains the Cuisinier-1 Murta oil discovery, estimated by Santos, the operator, to begin production early third quarter 2009 at 200-300 BOPD. Bow’s share of the costs on one additional optional farm-out well, if drilled, and 3D seismic in the Barta Block will be met by joint venture partners under farm-out arrangements. A 103 km2 3D seismic program acquired over the greater Cuisinier structure was completed in May 2009. This may be followed by an appraisal and development drilling program designed to increase production from the oil field.
ATP 752P Wompi Block (Bow 15% after farm-out completed) is located near the Tickalara-Jackson pipeline. The joint venture recently completed a 200 km2 3D seismic program. Near field exploration drilling targets may be chosen from this data and the Company’s share of the costs on up to four optional farm-out wells, if drilled, in this block will be met by joint venture partners under farm-out arrangements.
The Company also has an inventory of prospects and leads in its Central Eromanga oil project areas.
Surat-Bowen Basin Oil
In the Surat-Bowen Basin in south central Queensland, the Company is producing oil at low rates from its 65% owned Rookwood Oil Field located in ATP 608P. Adjacent to this oil field, a 2D infill seismic acquisition program was completed in May 2009, as part of the Mosaic Oil NL (Mosaic) staged farmin program involving seismic acquisition and options available to Mosaic to drill additional earning wells in Bow’s southwest Surat tenements. This exploration program is aimed at finding new oil fields near to existing oil production.