Calgary -
Bow Energy Ltd. (“Bow or the Company”) (BBLS:TSXV) is pleased to announce that its wholly owned subsidiary, Bow Energy Pte. Ltd., has appointed Mr. Sarshar Ahmad as Vice President Exploration, effective April 3, 2017.
Sarshar Ahmad is an explorationist with over 20 years of experience in the upstream oil and gas industry. He was an integral part of the exploration and development team at Canadian Natural Resources Ltd. Mr. Ahmad brings with him extensive experience in the acquisition, evaluation and assessment of exploration blocks and development plays, geological expertise in drilling operations and integration of new technology to improve efficiency of oil and gas upstream operations. Mr. Ahmad has Masters degree in Geology from the University of Oslo.
The Corporation has granted an aggregate of 2,100,000 incentive stock options under its stock option plan to Mr. Sarshar Ahmad, Mr. Alexander McAulay (Chief Financial Officer) and Mr. Robert Tjandra (Director). Each option entitles the holder thereof to purchase one Common Share in the capital of Bow for a period of five years at a price of $0.12 per share. The stock options are not transferrable. The common shares issued upon exercise of the stock options will be subject to a four month resale restriction from the date of grant.
About Bow Energy Ltd.
Bow’s two Indonesian oil and gas assets are: (a) 50% net working interest in Langsa TAC, an offshore field with production from 2 wells; and (b) through its subsidiary Renco Elang Energy Pte. Ltd., a 44.48% net working interest in South Block A, an onshore block located in North Sumatra. The North Sumatra basin is one of the most productive hydrocarbon regions in Indonesia with over 80 known oil and gas fields. Bow’s subsidiary Renco Elang Energy Pte. Ltd. is the operator of South Block A.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Bow Energy Ltd.
Mohammad Fazil, President and CEO
Telephone: +1 (403) 613-7310
Statements in this press release may contain forward-looking information including, operating costs, administrative costs, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Bow. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Bow does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
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