Portfolio

Bow has a portfolio of low risk exploration assets located in Australian's premier on shore basins, the Bowen-Surat and Cooper-Eromanga and the flanks of Australian's premier offshore basin, the Carnarvon Basin. Bows ‘frontier' area is the Clarence-Moreton Basin located in south-east Queensland and northern New South Wales, one of the fastest growth areas in Australia.

Carnarvon Basin
Cooper-Eromanga Basin
Bowen-Surat Basin
Clarence-Moreton Basin

Bow targets proven Petroleum Basins - Location of Bow Energy Ltd assets in Australia

Carnarvon Basin – Shallow drilling near oil and gas Fields

Bows eastern Carnarvon Basin areas are in shallow water with shallow drilling targets. Four high impact wells are planned over the next six months starting with Altostratus-1. The Altostatus-1 test is in TP/17 and operated by Strike Oil. The prospect has 52 to 118 million barrels of oil potential in four separate target zones. Bow is earning 10% interest in TP/17 and an option for 10% equity in adjacent EP 421 and TP/19.

Late in December, Bow is participating in the Cooper prospect in the Exmouth Gulf in the southern Carnarvon Basin which has the potential to contain up to 23 million barrels of oil.

In the second quarter of 2005, two wells are planned in WA 261P where Bow is to be assigned a 10% interest by Arrow (subject to Arrow shareholder approval). The wells will test the Vesta prospect with 20 million barrels of oil potential and the Gats prospect with 33 million barrels of oil potential. Both wells will be operated by Apache.

Bow's Cooper - Eromanga Basin Acreage Spread

Onshore Bow will have a huge acreage spread over the northern and southern flanks of the Cooper Basin and the overlying Eromanga Basin where oil and gas fields have been discovered including several wells with oil recoveries in Bow acreage. After completing its farmin obligations and purchasing Occelaris Oil, Bow will have 50% equity in ATP 752P, 25% equity in the Barcoo Block of ATP 589P, 20% equity in ATP 736P, 20% equity in ATP 737P and 20% equity in ATP 738P.

Bow has identified a multitude of oil prospects and leads with commercial oil potential, some with over 50 million barrels of oil potential located adjacent to or between producing oil fields.

Surat Basin – Rivals the Perth Basin for Profit per Barrel

There have been live oil shows and recoveries of oil within Bows permits in the eastern Surat Basin. The permits are located on trend with the Moonie Oil, the largest oil field in the Surat Basin, in an area where net profit per barrel of oil discovered rivals the Perth Basin.

Clarence-Moreton Basin – Bows ‘frontier' area

Bow has three permits in the Clarence-Moreton Basin. In southeast Queensland Bow has 100% of ATP 644P (non CSG – subject to Arrow shareholder approval) where conventional gas was discovered in a CSG core hole, Mt Lindesay-1. The well could not be tested properly with the coring rig and Bow plans to drill in the area using a conventional in 2005.

Bow has 100% of the non CSG assets in PEL 432 and adjacent permit PEL 445 (subject to Arrow shareholder approval) located in northern New South Wales. Sparse drilling to date in the Clarence-Moreton Basin has resulted in several non-commercial gas flows including a gas flow in one of Bow's permit. Bow has identified a drilling prospect with 35 BCF of gas potential, Pickabooba South, located in PEL 432 adjacent to a well that encountered gas. A seismic line across the prospect had has seismic attributes suggesting the presence of gas. Bow plans to drill the Pickabooba South-1 prospect in the first half of 2005. Bow has identified the potential for a number of prospects on trend with Pickabooba South.