Under a farm-in agreement executed in March, Bow will earn a half stake in PL 15, excluding the Boxleigh Field sub blocks, by funding the cost to drill a well next year.

Bow told the Australian Stock Exchange this morning that it had identified eight prospects and strong leads, following a thorough review of the prospectivity of the block.

As a result, it has flagged the Jawsone-1 oil wildcat as the likely farm-in earning well.

The Brisbane-based company said the Jawsone Prospect was technically ready to drill and has the potential to contain 3.5 million barrels of oil-in-place.

Jawsone-1 will be included in a multi-well drilling program currently being planned by Bow for the Surat Basin. Drilling is expected to begin in the first half of next year, subject to rig availability.

Mosaic Oil told the ASX in a separate announcement that this deal continues its progressive farm-out strategy to accelerate exploration and

production in its Surat-Bowen lease areas.