Managing Director Ron Prefontaine said that the $36 million was part of a total $95 million raised by institutional investment, share purchase plan and cash on hand, and would be used to fund the acceleration of initial gas field development and reserve upgrade programs across Bow’s CSG projects.
Bow recently proposed a 30 megawatt gas-fired power station, to be located near the Blackwater CSG Field, which will require approximately 2 petajoules per annum (PJ/a) of gas, to be supplied from the Blackwater field.
The company is also looking into the development of a 140 kilometre pipeline joining the Blackwater field to the existing Queensland Gas Pipeline at Moura.
In addition, Bow Energy has increased its 2010 3P coal seam gas (CSG) reserves target by 45 per cent to 2,750 PJ.
The reserves were upgraded from 1,900 PJ following successful drilling the Blackwater CSG Field.
Bow is scheduling up to 52 exploration, appraisal and production wells during 2010 in the Bowen and Surat basins. The company is still targeting 2P reserves of 450 PJ by the end of 2010.