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Friday, 09 January, 2009, 13:40 GMT | more >>

Bow to take stake in Queensland block



By Upstream staff 

Bow Energy has signed a heads of agreement with Mosaic Oil to takea 50% stake in PL 15 in Queensland’s Surat-Bowen basin.

Under the agreement, Bow has until 31 August to exercise an option to earn the stake by funding the cost of a well that must be drilled within 12 months of the exercise fate.

Any additional exploration and planning work in the permit up to the completion of drilling will also be funded by Bow.

Mosaic will remain the operator of the permit though Bow will have the right to operate the arm-in well.

Bow managing director Ron Prefontaine said that the company may drill the farm-on well as part of its multi-well drilling programme in the Surat basin.

PL 15 contains the Boxleigh field and Boxleigh North-1 well, both of which are excluded from the farm-in.


Wednesday, 01 March, 2006, 01:27 GMT  | last updated: Wednesday, 01 March, 2006, 01:41 GMT

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