Bow Energy
Bow Energy raises $36 million in Share Purchase Plan
Bow Energy (ASX:BOW) has successfully raised over $36 million through a Share Purchase Plan, with the proceeds to advance the company's exploration and development activities.
The funds raised from the SPP will be used for the Blackwater Power Project and accelerate exploration and appraisal activities in the development of Bow’s coal seam gas assets across the Bowen and Surat Basins.
Bow managing director Ron Prefontaine said the significant amount of funds raised from the SPP highlighted the strong support for Bow’s growth strategy.
"The capital raising program comprising the institutional investment and SPP, along with the cash on hand, has provided Bow with over $95 million," Mr Prefontaine said.
"This will be utilised primarily to fund the Blackwater power project, initial gas field development and reserve upgrade programs across Bow’s quality CSG projects."
The final amount is subject to cheque clearances and application confirmations.
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[publish_date] => 2010-02-23 08:15:00
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[modified] => 2010-02-23 08:17:08
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[short_title] => Bow Energy continues Queensland coal seam gas drilling programs
[title] => Bow Energy continues Queensland coal seam gas drilling programs
[stock_tickers] => ASX:BOW
[sef_title] => bow-energy-continues-queensland-coal-seam-gas-drilling-programs--5143.html
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[full_text] => Australian-listed exploration company Bow Energy (ASX: BOW) has provided a progress report on the drilling programs currently underway in the Blackwater CSG Field and the Norwich Park CSG Project located in the west of Gladstone, Queensland.
The initial 2P appraisal drilling program of the Blackwater CSG field consists of nine wells in the western shallower regions of the field. The results of the first three appraisal wells and adjacent core holes BW‐3 and BW‐4 located in the area have been submitted to MHA, Bow’s independent certifier.
During the morning trade, shares in the company increased slightly to $1.09.
Bow has now drilled six of the nine well program with BWP‐7 reaching a depth of 453 metres and intersecting 17.8 metres of coal in the Rangal Coal Measures, the thickest encountered to date in the field.
The top Rangal seam contained 8.7 metres of coal (more than double than elsewhere in the field) with initial analysis of testing indicating good permeability. Some permeability was also indicated in the next two Rangal seams.
Wet weather in the area has hampered drilling with the rig unable to mobilize to BWP‐8, the next planned 2P appraisal well, until later this week.
The commencement of long term production testing of two of the initial appraisal wells (BWP‐ 3 and BWP‐4) has also been hampered by wet weather. The Wild Desert rig #10 completion rig, which was to drill out and complete wells for pumping, is now scheduled to be mobilized to BWP‐4 this week. Given the high gas saturations and permeability of the coals in BWP‐3 and BWP‐4, and following the planned commencement of pumping from the wells early next month, Bow is predicting early gas breakout to occur during the next quarter.
Meanwhile, Bow has commenced the initial seven well 3P and 2P drilling program on the Norwich Park Project (ATP 1031) located immediately south of Arrow Energy’s primary Bowen Bowen basin project areas.
VM‐1 has drilled to a depth of 273 metres towards a projected total depth of 700 metres. The well has intersected 18.7 metres of coals to date with early gas desorption measurements indicating high gas contents. However, heavy rain has resulted in the drilling crew being demobilised until conditions are safe for drilling and minimum ground disturbance.
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[publish_date] => 2009-12-04 12:17:00
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[short_title] => Bow Energy signs construction contract for Blackwater Power Project
[title] => Bow Energy signs construction contract for Blackwater Power Project
[stock_tickers] =>
[sef_title] => bow-energy-signs-construction-contract-for-blackwater-power-project-3646.html
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[full_text] => Bow Energy (ASX:BOW) has announced the advancement of the Blackwater power project with the execution of the construction contract between Clarke Energy and Bow for the design and construction of the 30 megawatt power station at Blackwater in central Queensland.
Following the announcement, shares in the company increased 3c to $1.34.
Pending regulatory approvals, the targeted completion date is first quarter 2011.
Bow chief executive of commercial John De Stefani said the construction contract’s execution was a key milestone with Clarke Energy providing 10 gas powered GE Jenbacher generators, each producing approximately 3 Megawatts.
During construction, the project will create up to 200 jobs, with further staff required for its operation and maintenance upon completion.
“Funding for the Blackwater power project will come from Bow’s current capital raising program, where we have already had strong support from over 20 new institutional investors." Mr De Stefani said.
"We are ahead of schedule on our gas reserves targets, and with the advancement of the Blackwater power project, Bow will be on schedule to achieve early financial returns from this project.”
De Stefani said the power station would require about 2 petajoules (PJ) of gas per annum to be supplied from Bow’s nearby Blackwater CSG Field which has 1,340 PJs of 3P reserves certified to date.
The electricity sales from the power station will provide Bow with ongoing cash flow while appraising and production testing the field for the supply of larger gas markets.
The Blackwater CSG field is located in Bow’s 100% owned Comet Block within the Bowen Basin and is about 230 km west of the eastern seaboard port of Gladstone where several large CSG to LNG export facilities are planned.
Clarke Energy managing director Greg Columbus said the company was confident of delivering the project on schedule due to its experience with many similarly designed power projects in Queensland and also internationally.
“Clarke Energy has installed over 1,300MW of gas power worldwide since 1995, with over 300 MW of this in Australia alone including the installation of the similarly sized Daandine Power Station near Dalby for Arrow Energy Limited, Queensland in 2006,” Mr Columbus said.
“Our many years of experience have made us one of the leaders in this CSG industry in the fast‐growing Eastern Australia energy market, and we anticipate another successful installation, working closely with Bow Energy’s proven technical and management team.
“The new power station will serve as a model for Bow for other projects such as near the 100% owned Norwich Park block. This is another high potential Bowen Basin block which Bow interprets has similar CSG potential as the Comet Block and where an initial 3P drilling program is to start next week.
“To date our strategy has delivered substantial growth in shareholder value, and we are on track to achieve further gains due to our anticipated upgraded gas reserves and delivering the Blackwater power project."
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[short_title] => Bow Energy increases gas reserve targets at Comet and Norwich Park, QLD
[title] => Bow Energy increases gas reserve targets at Comet and Norwich Park, QLD
[stock_tickers] =>
[sef_title] => bow-energy-increases-gas-reserve-targets-at-comet-and-norwich-park-qld-1276.html
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[full_text] => Bow Energy Limited (ASX:BOW) has announced a substantial increase in Bow’s Coal Seam Gas (CSG) reserve targets with 1,900PJ of 3P and 450PJ of 2P certified reserves targeted by the end of 2010.
The significant increase in CSG reserve targets is supported by Bow’s 100% owned Comet block (ATP 1025P) and Norwich Park block (ATP 1031P) where a combination of more favourable technical results from the recently completed Comet block desktop study and recent information on gas flows from the Fort Cooper and Rangal Coal Measures in areas adjacent to Bow’s blocks in the Bowen Basin achieved by other operators.
Managing Director, Ron Prefontaine commenting on Bow’s increased gas reserve targets stated, “I believe the increased targets are realistic and achievable since they are strongly supported by recent gas flows near our Bowen Basin blocks and our internal review of technical information relating to our blocks.”
Last week Arrow Energy Ltd (Arrow) announced their first gas flows from the Fort Cooper Coal Measures in the Bowen Basin and high gas flow rates in excess of 1 million cubic feet per day in the Rangal Coal Measures in the South Walker CSG project located north of Bow’s Norwich Park Block. These gas flows were from coal seams previously interpreted as having low gas flow rate capability.
Bow’s Norwich Park block is on trend and has similar coal measures as Arrow’s Moranbah and South Walker CSG projects and Bow plans to accelerate the exploration and appraisal drilling program in this block with drilling scheduled to commence in June 2009. The initial minimum 6 well coring program is designed to certify 3P reserves in multiple coal measures targets including Moranbah, Rangal and Fort Cooper Coal Measures and depending on the results, production pilot programs may commence later in the year in this block.
For the Comet block, Bow recently announced initial gas reserve certification of 174 PJ of 3P reserves and 297 PJ of 2C gas resources for the Rangal Coal Measures over a portion of the interpreted prospective area of the Comet Block. Bow is now scheduling up to a minimum eight well coring program starting early May 2009 over the greater Comet Block targeting the Rangal and Fort Cooper Coal Measures plus a comprehensive production pilot program aiming to substantially increase 3P and 2P reserves.
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[publish_date] => 2009-02-06 00:00:00
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[short_title] => Bow Energy finds encouraging CSG shows in first Canaway well
[title] => Bow Energy finds encouraging CSG shows in first Canaway well
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[full_text] => Bow Energy (ASX:BOW) has announced the completion of Pebble Hill‐1 coal seam gas (CSG) well at a total depth of 387m and intersected a total of 5.72m of net coal observed mostly in the deeper section of the hole. All of the deeper sampled coals were observed to be liberating gas and will be sent for comprehensive gas desorption analysis.
The well is located in ATP 560P in southwest Queensland and is the first well of a two‐well CSG exploration program aimed at exploring the potential of the Winton Formation coals on the large Canaway Ridge structure. The structure, which is approximately 80km long, extends over two permits. Bow has 100% of the shallow CSG rights in the ATP 560P block that contains the southern part of the Canaway Ridge.
Following the drilling of Pebble Hill‐1, the rig will move to the Hobson‐1 location in ATP 794P, where Bow has a 65% interest and Victoria Petroleum has a 35% interest. Drilling at the Hobson‐1 well is expected to start within the next 2‐3 days.
Bow’s CEO ‐Petroleum Paul Lipski said, “Early results of Pebble Hill‐1 have been encouraging. The initial well results have confirmed the presence of gassy coals in the highest mapped point in the south central part of this large structure. This is as positive step forward in defining a large area of interest in a potential new CSG province controlled by Bow.”
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[publish_date] => 2009-01-16 00:00:00
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[short_title] => Bow Energy spuds coal seam gas well
[title] => Bow Energy spuds coal seam gas well
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[sef_title] => bow-energy-spuds-coal-seam-gas-well--0670.html
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[full_text] => Bow Energy has announced that exploration drilling has commenced on its Canaway Ridge Coal Seam Gas (“CSG”) exploration prospect located in the Cooper‐Eromanga Basin with the spudding of Pebble Hill‐1 well on Thursday 15 January 2009.
Bow’s CEO of Petroleum, Paul Lipskisaid, “The eastern Cooper‐Eromanga Basin has similar geology to the Surat‐Bowen Basin, Australia’s main CSG basin, located to the east”.
Bow’s new coal seam gas target is located on the Canaway Ridge in south‐western Queensland. The Canaway structure is large, approximately 80 km long, and extends over two permits, ATP 794P (Bow 65% interest) and ATP 560P (Bow 100% interest in the shallow CSG rights).
Two exploration core holes will be drilled in the Canaway program, Pebble Hill‐1 well now spudded on ATP 560P and Hobson‐1 well to be spudded later this month on ATP 794P. The aim of these wells is to determine if the area has the potential to be a new coal seam gas province.
Deeper conventional petroleum wells drilled previously on this large structure had intersected shallow coals at ideal CSG depths of 250 to 500 metres with the wells showing gas associated with the coals. An areal closure of 441 square kilometres has been mapped at the target Winton Formation level. The mapped closure has the potential to contain 411 PJ of gas resource (333 PJ net to Bow).
“This drilling program in a new CSG exploration area compliments Bow’s CSG plays in the Surat Basin (Don Juan Joint Venture) and Bowen Basin (Comet, Norwich Park and Gunyah blocks),” Mr Lipski said.
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[publish_date] => 2008-12-18 00:00:00
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[short_title] => Bow Energy share price takes off
[title] => Bow Energy share price takes off
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[sef_title] => bow-energy-share-price-takes-off-0582.html
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[full_text] => The Bow Energy (ASX:BOW) share price was 44 per cent higher over the last trading day. The company was not aware of any information that might explain the rise.
The company did note as a possible explanation the recent coporate actiivity in the coal seam gas sector including yesterday's announcement of the acquisition for $370 million by AGL Energy (ASX:AGK) of certain coal seam gas assets (with 175PJ of 2P reserves) from AJ Lucas Group (ASX:AJL) and Molopo Australia (ASX:MPO). The company said this reconfirmed the value being placed on coal seam gas reserves by domestic and international energy companies.
Bow Energy has stated Proved and Probable (2P) reserves of 200PJ in 2009 and 500PJ in 2010. Bow's coal seam assets include the Don Juan Project (55% holding) and three Bowen Basin blocks.
Bow Energy was trading at 24 cents.
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Other Bow Energy news
-
23/02/10 Bow Energy continues Queensland coal seam gas drilling programs
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04/12/09 Bow Energy signs construction contract for Blackwater Power Project
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21/04/09 Bow Energy increases gas reserve targets at Comet and Norwich Park, QLD
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06/02/09 Bow Energy finds encouraging CSG shows in first Canaway well
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16/01/09 Bow Energy spuds coal seam gas well
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18/12/08 Bow Energy share price takes off
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