The company has suspended its Donga-4 well in the Surat-Bowen Basin after a swab test failed to find hydrocarbons.
Bow said the test recovered 27.5 barrels of fluid that was interpreted as mostly completion and drilling fluid, despite a small recovery of oil from a test when the well was initially drilled in late 2006.
The results suggest the reservoir is tight or compartmentalised and is unlikely to flow at commercial rates on its own, Bow added.
Bow will now analyse the fluid samples to determine if formation water is present, and monitor the well over the coming months for fluid build-up and the presence of hydrocarbons.
Pending results of the fluid analysis and the monitoring of the well, Bow said it might consider reservoir stimulation options in the future.
Bow has an 85% stake in ATP 805P and Victoria Petroleum has the remaining 15%.