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ATP 752P is adjacent to commercial oil fields and infrastructure in the Cooper-Eromanga Basin, according to Bow managing director Ron Prefontaine.
“The 18 prospects and leads identified to date in the permit which have in excess of 100 million barrels of total recoverable oil potential,” Prefontaine said.
Avery also has a phase two option to increase to 50% equity by drilling two additional wells in the permit.
On completion of the farm-in, Bow will be fully carried through the seismic program and drilling of five exploration wells.
Bow will retain a 25% direct working interest in the permit. Operator Victoria Petroleum will also have 25%, with Avery holding the remaining 50%.
ATP 752P is to be granted following a successful conclusion of a Right to Negotiate (RTN) Agreement with traditional owners. The process commenced on November 1 with the advertising of the required notices.
Assuming the RTN agreement can be reached quickly, drilling in ATP 752P could start as early as the second quarter of 2006, according to Bow.
