stockanalysis 1 dollar target, page-22

Hi Moneytree

Although I did make an aside about the possibility of a takeover approach I do not believe anything would be likely to happen until after the reserve certification gets underway and there is substantially more exploration spend. I understand your comments about the tightly held top 40%. However, I personally do not think that would be a serious impediment to a takeover (eventually). I say that because of the close relationship that BOW already has to Arrow and as you say Oilex is not going to stand in the way.

If they can prove up some decent reserves, I would be amazed if Arrow did not take a very close look and I believe a paper offer from Arrow could be well received by existing shareholders. But, of course that is fanciful at this early stage of BOW's CSG exploration process.

Watching closely to see the progress of drilling and I firmly believe the outlook for BOW and its partners in relation to the Don Juan project is a rosey one.

regards
DF