Bow Energy Ltd
(ASX:BOW) has boosted its 3P gas reserves by 256 per cent in the past year and says it is on target to achieve increased gas reserves by the end of 2011.
The oil and gas explorer has advised that in addition to increasing its 3P reserves target to 6,200 petajoules, its primarily focus will be to deliver commercial gas flows across multiple gas fields, this being a prerequisite in achieving its 2P reserves target of 1,250 petajoules by the end of next year.
The new targets follow a recently completed $48.4 million capital rising, supported by new and existing Australian and international investors.
Speaking at the company's annual general meeting, chairman Howard Stack said a $30 million share purchase plan will give its shareholders the opportunity to purchase Bow shares at the same price paid by institutional investors.
Mr Stack also said gas is a part of of Australia's cleaner energy future, and Bow is in a position to capitalise on the rapidly growing trend, in addition to the international demand for LNG exports to the Asia Pacific region.
Bow Energy reported a net profit of $6.8 million in the full year to 30 June 2010.
