Confirmation Arrow Energy to Acquire Bow Energy

Press Release
Monday, September 26, 2011

Australia’s Arrow Energy Holdings Pty Ltd confirmed that it has entered into a Scheme Implementation Agreement with coal seam gas company Bow Energy Ltd under which Arrow has agreed to acquire all of the shares in Bow for a cash consideration of A$1.52 per Bow share. The offer values Bow at A$535 million.

 
Bow Board members have unanimously recommended shareholders vote in favour of the offer, in the absence of a superior proposal and subject to an independent expert concluding that the offer is in the best interests of Bow shareholders.
 
The offer allows Bow shareholders to realize the value of their Queensland coal seam gas (CSG) assets, and is subject to customary conditions including regulatory and Court approvals, and Bow shareholder approvals.
 
Arrow is a 50-50 joint venture CSG company owned by subsidiaries of Royal Dutch Shell plc and PetroChina.
 
The acquisition of Bow contributes to Arrow’s opportunity to expand each of the two trains of its proposed LNG project in Queensland from 4.0 mtpa currently planned.
 
Through the support of its shareholders, Shell and PetroChina, Arrow has the technical capabilities, capital backing, major project experience and LNG marketing ability to facilitate the sustainable growth of Queensland’s CSG and LNG industry.
 
Bow is expected to hold a shareholder meeting in December to allow shareholders to vote on the offer. Subject to approvals, the transaction is expected to be implemented in January 2012.
 
Supported by its sizable gas reserves, the Arrow LNG project continues to make good progress. In August, Arrow awarded contracts for the Front End Engineering and Design phase of its downstream development, and earlier this month Arrow issued a tender for the design of a six kilometre tunnel to transport gas and other utilities between Gladstone and Curtis Island.
 
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

MN 100: Caterpillar Marine

Neumühlen 9 22763 Hamburg/Germany Tel: (713) 895-1449 Email: cat_power@cat.com Website: www.marine.cat.com Managing Director: Nigel Parkinson The Company: Caterpillar

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

Finance

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1626 sec (6 req/sec)