Bow sells non core asset for $12.5m and extra interests in Surat Basin tenements November 4, 2009

Bow Energy Limited (ASX: BOW)  has entered into an irrevocable binding agreement to sell its interest in ATP 574P, located in Queensland’s Surat Basin, to Victoria Petroleum NL (Vicpet).

The consideration is:

• $8 million in cash;
• 13 million fully paid shares in Vicpet (market value as at close of trade on 3 November 2009 approx. $4.5m); and
• Vicpet’s interests in Surat Basin tenements ATP 608P (including 24% in Stratton Block and 30% in Rookwood Block) and ATP 805P (15%). Bow’s ownership in ATP 608P and ATP 805P will increase to 94.6% and 100% respectively.

Click here to view the full announcement.

For further information, please contact:

John De Stefani
CEO – Commercial
Tel: +61 7 3303 0675

Ron Prefontaine
Managing Director
Tel: +61 7 3303 0675