21 December 2011 Chairman's Address to Scheme Meeting

As we advised shareholders at our AGM in November, 2011 had been a challenging and frustrating year in which to operate. Like many other businesses, we had to navigate the turbulence of the world economy and Australia's business environment, but over and above that we had to deal with the increasing regulatory pressures and public scrutiny on the Coal Seam Gas industry. In addition to these challenges the start of the year saw us contending with complications arising from the significant flooding that occurred in Queensland this year, and a significant slow down in the progressing of our plans.
The entire Bow team was, as you would expect, working hard to adjust its planning to overcome these new influences and challenges and maintain its standing as a formidable emerging player in the Australian energy sector, when after the close of business on 19th August 2011, Bow received an unsolicited, non