Bow will earn a 20% participating interest in the ATP 608P Remainder Block by contributing 20% to the drilling of the next well, while Oilex will earn a 20% participating interest in ATP 805P by contributing 20% to the drilling of the Donga-3 well. Oilex will be the operator for both wells.

Following a review of the Rookwood and Remainder Block of ATP 608P in the Surat Basin, Oilex decided to acquire an interest in ATP 805P, immediately east of the ATP 608P Remainder Block.

Bringing these two blocks together covers an interpreted migration pathway trend from the deeper Surat Basin through ATP 805P into the Pinnacle prospect area on ATP 608P.

Oilex has booked a rig for drilling these two wells during August-September, and has an option to drill an additional well in ATP 608P if required.

In the ATP 608P Remainder Block, a 1520m deep drill test of a four-way closed structure with Jurassic and Triassic sandstone targets is planned for August-September. The two prospects currently identified – Pinnacle and Pinnacle West – have a combined unrisked recoverable oil potential of 12 million barrels.

In ATP 805P, Oilex and Bow intend to spud Donga-3 immediately after the coming well in ATP 608P.

Donga-3 is a 1590m deep test of a four-way closed structure with Jurassic and Triassic sandstone targets. The well has been sited to intersect the primary Triassic sandstones 25m updip from Donga-1 and 13m updip from Donga-2, which recovered light sweet crude oil and water when drilled in 1965 and 1979 respectively.

The Donga prospect has up to 3 million barrels of unrisked recoverable oil potential with two other prospects currently identified along trend, having a combined unrisked recoverable oil potential of 8 million barrels.

Interests in ATP 608P Remainder will be: Oilex NL 46.75%, Victoria Petroleum 24%, Bow Energy Ltd 20%, and Private Interest 9.25%.

Interests in ATP 805P will be: Bow Energy Ltd 80%, and Oilex NL 20%.