22 March 2010 07:29 [Source: ICIS news]
SINGAPORE (ICIS news)--Arrow Energy has accepted an improved Australian dollar (A$) 3.5bn ($3.2bn) bid from a Shell and PetroChina joint venture (JV) for its assets in ?xml:namespace>
Arrow’s board members had recommended on Monday that its investors accept the bid after Shell and Petrochina raised their offer by 6% to A$4.70/share from the initial offer of A$4.45/share, made in early March.
The JV is a 50:50 partnership between Shell and Petrochina, the two companies said in a joint statement.
Coal seam gas, a naturally occurring gas which has been trapped in coal beds by water and ground pressure, can be extracted by drilling into coal seams and converted into liquefied natural gas (LNG) thereafter.
The deal would allow Arrow’s shareholders to “continue to participate in a portfolio of earlier-stage development assets in Australia and the broader Asian region," Arrow chairman John Reynolds said in a statement to the Australian Stock Exchange (ASE).
The transaction was now awaiting regulatory approval from
The Shell-PetroChina JV would also own Shell’s Queensland CSG assets and its site for a proposed LNG plant on
“The proposal would create jobs and generate additional economic activity for
Malcolm Brinded, executive director of Shell’s international upstream business unit, added: “The new joint venture will be an important growth asset for Shell, and help meet growing demand for cleaner energy in
($1 = A$1.09)
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