Bow Energy LtdBow Energy LtdEGM

John De Stefani CEO

24 June 201024 June 2010

1an S&P ASX300 and S&P ASX200 All Australian Index company Blackwater CSG Field

Disclaimer and Competent Expert

This document has been prepared by Bow Energy Limited (Bow). for the purpose of providing a company andtechnical overview to interested analysts / investors. Any statements, opinions, projections, forecasts or othermaterial contained in this document do not constitute any commitments, representations or warranties by Bowy , p yor its directors, agents and employees. Except as required by law, and only to the extent so required, directors,agents and employees of Bow. shall in no way be liable to any person or body for any loss, claim, demand,damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, theinformation contained in the document. This document includes certain statements, opinions, projections,forecasts and other material which reflect various assumptions The assumptions may or may not prove to beforecasts and other material, which reflect various assumptions. The assumptions may or may not prove to becorrect. Recipients of the document must make their own independent investigations, consideration andevaluation. By accepting this document, the recipient agrees that if it proceeds further with its investigations,consideration or evaluation of investing in the company it shall make and rely solely upon its own investigationsand inquiries and will not in any way rely upon the document. Bow recommends that potential investors consulttheir professional advisor/s as an investment in the company is considered to be speculative in nature.

Competent Person Statements

MHA ‐ The estimates of gas reserve and resources for the Comet Block (ATP 1025P) and Don Juan CSG Field (ATP 771P) has beenprepared by MHA Petroleum Consultants LLC (MHA) in accordance with the definitions and guidelines set forth in the 2007 Petroleumprepared by MHA Petroleum Consultants, LLC (MHA) in accordance with the definitions and guidelines set forth in the 2007 PetroleumResources Management System approved by the Society of Petroleum Engineers. The reserve statement has been compiled by MrTimothy L Hower Chairman of MHA, together with personnel under his supervision. Mr Hower, who has over 28 years industryexperience, and MHA have consented to the inclusion of the technical information contained in this announcement in the form andcontext in which it appears.

MBA – The estimates of gas in place estimates for the Norwich Park (ATP 1031P), Gunyah Block (ATP 1053P) and Bandanna Project (ATP

2

g p ( ), y ( ) j (805P) has been prepared by Mr Doug Barrenger of MBA Petroleum Consultants Pty Ltd (MBA). Mr Barrenger has more than 25 years ofexperience in the petroleum industry and 10 years of experience in the coal seam gas industry.

Bow – Other technical information contained herein is based on information compiled by the Company’s Chief Operating Officer, VicPalanyk, who has more than 15 years experience in coal seam gas.

Investment highlights

• An S&P ASX200 All Australian and S&P ASX300 Indexcompany committed CSG focuscompany, committed CSG focus

• Strategically located CSG acreage adjacent toestablished CSG projects

Key Statistics

280.6 Million Shares

Key Statistics

280.6 Million Shares• Current 3P gas reserves base of 2,360 PJ and

confident of getting to 6,200 PJ by end of 2011

• Strong cash position to deliver planned gas reserve

80.6 o S a es

Market Cap ≈ $330 m

80.6 o S a es

Market Cap ≈ $330 mg p p g

targets and Blackwater Power Project

• Clean asset base with 100% ownership interests inkey CSG tenements

Cash > $75 m

No debt

Cash > $75 m

No debtkey CSG tenements

• Farmed out oil assets with significant acreageholdings in Eromanga and Cooper basins

3

Company Overview – Bow’s team

Bow Directors:

H d St k (I d d t Ch i ) i d bli h iHoward Stack (Independent Chairman) – Experienced public company chairman

Ron Prefontaine (ED) – ex Arrow director, technical experience

Stephen Bizzell (NED) – current Arrow ED, commercial and corporate experiencep ( )

Nick Mather (NED) ‐ ex Arrow director, technical and commercial experience

i iSenior Executives:

John De Stefani (CEO) – ex power generation, managing the business

Vic Palanyk (COO) – ex QGC, Anglo, responsibility for operational targetsy ( ) Q , g , p y p g

Peter Harbison (CFO) – ex Arrow, financial management responsibility

Dusan Pribilovic (Engineering GM) – ex Origin, manages gas fields and operations

S T b (E l i S i ) d l d llSam Taubert (Exploration Supervisor) – ex Origin, coordinates exploration drilling

Blackwater CSG Field

Report Card

1500PJ

NET 2P RESERVES (PJ)

7000PJ

NET 3P RESERVES (PJ)

TARGET

1000

1250

1500

TARGET

4000

5000

6000

7000

TARGET

250

500

750TARGET

YTD2 360PJ

2000

3000

4000

Nil YTD114 PJ0

250

2008 2009 2010 2011

Nil

2,360PJ

0

1000

2008 2009 2010 2011

• Bow has delivered growth based on a solid, tangible foundation 

• Real prospects of further rapid growth based on Bow’s quality

5

• Real prospects of further rapid growth based on Bow’s quality CSG assets and strong demand for its gas

Focused Strategies

Ambitious explorer to integrated energy company

Aggressively grow upstream gas reserves and production

Progress multiple development paths to market:

Domestic power generation: Blackwater Power Project withoptional modular upscaling; opportunity to replicate inNorwich Park and/or undertake larger scale integratedNorwich Park and/or undertake larger scale integratedgeneration developments

Domestic gas supply for industry: significant demand forDomestic gas supply for industry: significant demand for long term gas

Export LNG market in Gladstone: either by way of GSA or via 

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p y ydirect or indirect equity participation

Leverage end to end value chain

Value chain delivers higher overall gas price returnValue chain delivers higher overall gas price return

Currently own 100% gas reserves and power station

Objective to own development assets value addingObjective to own development assets, value adding contracts and highly strategic infrastructure assets, either on Bow’s account or in JV

Planning development of major gas pipeline from Bowen Basin to Gladstone for potential gas supply to domestic i d i l d d LNG jindustrial users and proposed export LNG projects

Continue to deliver shareholder growth

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Continue to deliver shareholder growth

Infrastructure to Markets

Victoria Fund Mgt Gas pipeline

Bow Proposed PipelineMoranbah Gas Project / /

Comet and Norwich Park Projects

Bow Proposed Pipeline• Key access to domesticand export markets

• ≈ 250km from Blackwater• Route surveyed

(Arrow/Shell/AGL)

j y• EIS process to begin

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CSG projects with GIP Potential of over 13.8 Tcf

C t CSG Fi ldNorwich Park Projects

PROPOSED EXPORTBlackwater CSG Field

0 50Miles

Bow’s proposed gas 

pipeline

Comet CSG Fieldj

6.5 Tcf GIP

EXPORT LNG

FACILITIES

Blackwater CSG Field

Proposed Arrow/AGL Pipeline

4.8 Tcf GIP

Bow Energy Permit

Gas Pipeline

Pipeline

Gunyah Project 1 8 Tcf GIPGas Pipeline

Possible Gas Pipelines

Major Road

Town/City

Qld Gas PipelineBandanna Prospect

0.4 Tcf GIP

1.8 Tcf GIP

LOCATION

Don Juan CSG Field0.3 Tcf GIP

Revised 2010 and 2011 Gas Reserve Targets

Current End 2010 End 2011

Project(all 100% unless stated otherwise)

Certified Reserves Reserve Targets Reserve Targets

3P Reserves(PJ net to Bow)

2P Reserves(PJ net to Bow)

3P Reserves(PJ net to Bow)

2P Reserves(PJ net to Bow)

3P Reserves(PJ net to Bow)

2P Reserves(PJ net to Bow)Bow) Bow) Bow) Bow) Bow)

Blackwater CSG Field (Comet Block)*  1,382 59 1,750 200 1,750 450

Comet CSG Field (Comet Block)**  871 ‐ 871 100 1,000 200

Norwich Park Projects (3 prospects) 1 200 100 2 500 400Norwich Park Projects (3 prospects)  ‐ ‐ 1,200 100 2,500 400

Gunyah Project (ATP 1053) ‐ ‐ 200 ‐ 600 100

Bandanna Project (ATP 805) ‐ ‐ ‐ ‐ 200 ‐

Don Juan Project (55%) 107 55 107 55 150 100

* A further 435PJ of 2C resource was certified in the Rangal and Burngrove Coal Measures** A f th 439PJ f 2C tifi d i th R l d B C l M

Don Juan Project (55%) 107 55 107 55 150 100

Total Reserves (net PJ to Bow)  2,360 114 4,128 455 6,200 1,250

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** A further 439PJ of 2C resource was certified in the Rangal and Burngrove Coal Measures

Blackwater CSG Field Pilot wells and next stage 2P upgrade program

Bow’s Initial 2P well program

Bow’s next phase permeability

Proposed power station location

Bow’s existing core holes

Certified 2P Reserve area

BW1BWP8

test wells (2P program)

3P and 2C Reserves Area

(5% of the target area)

Substation and

BWP1 Flare

BW3

BW7

BW2BWP5

BWP7

BWP3

transmission lines

Blackwater Township

BWP2

BWP4

BW5BWP11

BWP1

BWP2

BW4 BW6

4 km1382 PJ3P

435 PJ2C

Deep coalsInterpreteddown-diplimit of field 11

BWP6

Blackwater Power Project – Field Development

CM-3

Bow’s 100% Comet CSG Field

871PJ 3P Gas 

LEGENDBow PermitExisting Gas PipelineProposed Gas Pipeline

Certified

Bow Freehold Land30MW Blackwater Power Station &

BW-1

BWP 8

30MW Blackwater Power Station & future hub for field development

Bow’s 12 well CSG pilot and feedstock for

LOCATION

Proposed gas pipeline to Gladstone

BW-2

BWP-8

BW-7BWP-7

Curragh Coal Mine Substation Proposed transmission 

line and gas pipeline 

and feedstock for Blackwater Power station

to Gladstone

BW-2

BW-3BWP-5

BWP-4

Bow’s 100% Blackwater CSG 

Field

path66kV transmission 

line connection point

BWP-2

BWP-10

BWP-11

Blackwater

e d1,382PJ 3P and 59 2P 

Gas Certified

Blackwater Substation 5 km

ATP1025 Boundary

Blackwater Power Project Utilising a proven power generation model

Bow’s  Blackwater 30MW Power project will mirror Arrow’s Daandine Project 

Cli t C it L ti O ti l

Pictures are of Arrow Energy’s Daandine Project

Client Capacity Location Operational

Arrow Energy 27.4MWe Export Capacity33.0MWe Installed Capacity Daandine, QLD December 2006

Manufacturer Packager Type Primary fuel

GE Jenbacher Clarke Energy (Aust) Pty Ltd 11x 3.0 Mwe JGS 620 GS‐S.L Coal Seam Gas

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COMET CSG FIELD 2P Drilling Program Underway

ATP 1025

Rangal Coal OutcropCM-2 core hole19m of coalDAF Gas Contents 15-19m3/tTD = 672m

WellBow’s Blackwater CSG Field

Burngrove Coal OutcropTD = 672m

CM-1 core hole22m of coalDAF Gas Contents 10-17m3/tTD = 750m

Bow’s Comet CSG Field

Bow Energy core holes

CMP-1 2P hole

CMP-2 2P hole

Bow Energy 2P holes

CM-3 core hole27m of coalDAF Gas Contents 13-22m3/tTD = 575m

Bow’s Blackwater CSG Field

CMP-3 2P hole

5 km

Norwich Park Prospects (Bow’s 100%) GIP Potential of 6.5 Tcf – Drilling underway

VERMONT PROJECTPrimary targets - Fort

Cooper & Moranbah CM

DYSART PROJECTPrimary target - Rangal CM

Secondary target - Fort Cooper & Moranbah CM

DY-3

VM-1

VM 2Bow Core Hole

Over 52 metres of gassy coals 

Vermont Project

Dysart Project

VM-2

VM-3

NW-1

Regional fault

Rangal CM Outcrop

Proposed Bow Core HoleOver 77 metres of gassy coals

Over 62 metres of gassy  coals

Norwich Project

NW-2

NORWICH PROJECTPrimary target - Rangal CM

Secondary target - Fort Cooper & Moranbah CM

NW-3

10 kmLOCATION

Bow Energy – Strategic Summary

Largest uncommitted gas reserves in QueenslandLargest uncommitted gas reserves in Queensland  

8 CSG projects with 6,200 PJ end 2011 3P gas reserves target

100% ownership of key CSG acreage100% ownership of key CSG acreage 

Multiple development paths to market

Bow following disciplined focused strategic path to growth

Building a leading CSG company

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Bow’s on Target

CSG DrillingRest breakCementing

17www.bowenergy.com.auPermeability testing

Starting to log well

Installing an electric drive head