Pickabooba South-1, 38 kilometres south-west of the NSW town of Casino, is the first of five wells that Bow will be participating in over the next two months.
Since hitting the bourse after its $6 million capital raising, the company has also hired former Tap Oil exploration manager Keith Martens as its exploration manager and set up a technical office in Perth.
In addition, Bow has conducted an acreage swap with Oilex, secured some Cooper-Eromanga Basin ground, and prepared to tackle some Carnarvon Basin prospects.
At Pickabooba South-1, Bow will have an 87.5% direct working interest in the well and surrounding permit and 100% of the conventional oil and gas interests in the adjacent tenement.
To protect the formation of Pickabooba South-1, the well will be drilled to 1,150 metres using air drilling techniques and take about 10 days to drill.
The primary target is the intra Ripley Road sandstone that flowed up to 460,000 cubic feet a day of high quality methane from Pickabooba 1, which is about four kilometres to the northeast.
The well has been deliberately sited off the absolute crest of the structure to intersect a seismic anomaly interpreted to indicate improved reservoir development within the primary target zone.
According to its report for the quarter ending June 30, Bow also firmed up the three million barrel potential Donga Prospect in the Surat Basin (ATP 805P) as a target and plans to drill a 1590 metre well this month.
The company also entered into a deal with Oilex where it swapped 20% of its ATP 805P with 20% of Oilex’s adjacent ATP 608P to bring an interpreted oil trend running through both leases into a joint drilling program with targets offering a combined 11 million barrels of oil potential. Oilex has contracted a rig and will operate the drilling.
Bow has also been planning the Gats-1 and Hestia-1 wells to test prospects with a combined 56 million barrels of oil potential in Carnarvon Basin permit WA 261P, located near the Stag Oil field. Bow has a 10% stake in that permit. Drilling is scheduled for late August.
The company also picked up ATP 794P in the Cooper-Eromanga Basin after entering into a landmark agreement with the ground’s traditional owners and has started a reprocessing program over the Moothandella prospect within the permit.
It also accepted the grant of 100% of ATP 809P in the Eromanga Basin.
