Shell, PetroChina bid for Arrow gets court approval

Rick Wilkinson
OGJ Correspondent

MELBOURNE, July 30 -- Australia’s Federal Court has approved the $3.5 billion (Aus.) acquisition of Brisbane-based coal seam gas producer Arrow Energy Ltd. by Royal Dutch Shell PLC and PetroChina.

Arrow shareholders had overwhelmingly supported the all-cash proposal during an extraordinary general meeting on July 14. Each share of Arrow was priced at $4.70 (Aus.).

The shareholders also will receive a single share of Dart Energy Ltd. for every two shares of Arrow they hold. Dart now holds Arrow’s 90% interest in Arrow International among other assets.

The court’s approval has been lodged with the Australian Securities and Investments Commissions on July 30 and Arrow shareholders will receive the cash for their shares on Aug. 6.

Shell Australia Chairman Russell Caplan said Shell and PetroChina will bring LNG expertise and deep access to markets as well as the capital needed for the large-scale, long-life integrated CSG-to-LNG project proposed for Gladstone using the gas resources originally proved up by Arrow in the Surat and Bowen basins of Queensland.

Caplan added that the joint venture with PetroChina will become an important growth asset for Shell and help meet growing demand for cleaner energy in Australia and international markets.

The 50-50 JV will own Arrow’s CSG assets and domestic power business as well as Shell’s individual CSG assets in the region and its interest in the planned LNG plant on Curtis Island near Gladstone.

Related Articles

Escalera Resources to form Albania joint venture

04/03/2014 Escalera International Co. LLC, a subsidiary of Escalera Resources Co. (formerly Double Eagle Petroleum Co.), has signed a memorandum of understand...

AFPM: Petrochemical industry needs skilled workers

04/02/2014 The current boom in shale resource development has sparked an urgent need in the petrochemical industry for technically skilled workers to build, o...

Devon completes Canadian conventional assets sale

04/02/2014 Devon Energy Corp., Oklahoma City, has completed the sale of its Canadian conventional assets to Canadian Natural Resources Ltd. for $3.125 billion...

Ultra Petroleum selects senior vice-president

04/01/2014 Ultra Petroleum Corp., Houston, has appointed Brad Johnson to succeed William Picquet, who will retire from the company at the end of the month, as...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected