Bow yesterday said following the Ministry for Natural Resources, Mines and Water endorsement of a Native Title agreement over ATP 752P, an offer of the permit had been accepted by the operator to take effect from August 1 for a 12-year term.
Several oil prospects with potential for high commercial oil flow rates had already been identified adjacent to, or in between, producing oil fields in both the Wompi and Barta Blocks within ATP 752P.
Bow said the first two farm-in wells in Wompi and a new infill seismic acquisition program in Barta should start in late September/early October.
Company secretary Duncan Cornish said given the high oil prospectivity of Wompi, the ATP 752P joint venture had already decided to drill two firm, plus two optional, wells.
Canadian-listed company Avery Resources is carrying Bow on a staged three-well, plus seismic acquisition, to a five-well farm-in exploration program, with Bow retaining a 25-35% direct working interest in the permit, depending at which stage Avery completes its farm-in.
Bow has a rig-sharing agreement with Beach Petroleum to use Hunt Rig 2 to drill the two firm exploration wells in ATP 752P, with several additional drilling options being available to Bow at its election.