The Altostratus prospect contains four separate target horizons with recoverable oil potentials ranging from 3 to 5 million barrels up to 21-48 million barrels.

This is Perth-based Strike Oil’s first operated offshore well and is the first well ever for Bow, which was spun-off from Brisbane-based Arrow Energy’s conventional oil and gas interests, leaving Arrow free to specialise in coal-bed methane. Bow is to be separately listed on the ASX in early 2005.

Bow intends to complete a capital raising and ASX listing in coming months. Bow is currently undertaking a seed capital raising and will conduct an IPO raising for a minimum of $5 million in the New Year.