$50m gas-fired power station near Emerald

BLACKWATER: Exploration company Bow Energy yesterday announced plans to build a $50 million power plant about 5km south-west of Blackwater.

In announcing capital-raising goals, the company’s chief executive (commercial), John De Stefani, said the new power plant would be supplied by coal seam gas from Bow’s fully owned Blackwater field.

This would provide early financial returns from the company’s strategically located gas assets, Mr De Stefani said.

He said it would generate low-emission electricity supplied to the national grid for domestic and industrial users.

“This will give Bow near-term cash flow while we further increase our currently uncontracted reserves and evaluate longer-term supply opportunities both for export and other domestic gas markets.”

Managing director Ron Prefontaine said about 20 workers would be employed during construction and this was the first stage of big things to come.

“The plan is to commercialise the potential of the gas field for other applications,” Mr Prefontaine said.

Welcoming Bow’s investment, Central Highlands Mayor Peter Maguire said the project would be a major boost for jobs and economic growth in the Blackwater and Emerald region.

“Queensland’s Central Highlands region continues to show strong economic growth, and we welcome this considerable investment by Bow Energy in the region’s future development,” he said.

“The project is set to generate new jobs during construction and jobs when brought into production in 2011.

“It will provide a new source of clean energy for industrial, mining and domestic users.”

Bow said the capital raising would include an institutional placement of 32 million shares at $1.25 per share to raise $40 million and a share-purchase plan (“SPP”) underwritten to $10 million which would be offered $1.25 per share.

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