ASX Announceme n t

14 Septe m ber 2011

Opera t ions Update

Highlights

Bowen Basin CSG Fields

• Bow’s pilot production wells in the Blackwater CSG Field within the Rangal coal measures are showing encouraging production trends with several of them showing strongly increasing gas flows, increasing water flow rates and good down hole pressures (refer to production graphs below showing positive trends for two fracced verticals and one lateral well).

• These production pilots are spread across the gas reserves base at four separate geographical locations in Bow’s 100% owned Comet Block which is adjacent to Arrow Energy and QCLNG (BG led project) tenements.

• Bow’s 100% owned tenements contain over 5,000 PJ of certified gas reserves and contingent resources at various stages of certification, which include 2,480 PJ of 3P reserves and 605 PJ of contingent gas resource in the Comet Block and 1,916 PJ of contingent gas resource in the Norwich Park Block. The delivery of successful pilot wells is an important element for upgrade from 3P to 2P gas reserves.

• Bow has one of the largest uncontracted gas reserves in Queensland. These gas reserves are located 250 kilometres from four planned export LNG plants in Gladstone.

• Seismic data has been ulitised to identify up to nine new lateral (horizontal) drilling locations in the Blackwater CSG and Vermont CSG Fields.

ATP 752P