Arrow Energy Recommends A$3.44 Billion Shell, PetroChina Offer
22 March 2010 - 10:42AM
Dow Jones News
Arrow Energy Ltd. (AOE.AU) said Monday it agreed to sell the
bulk of its Australian assets to Royal Dutch Shell PLC (RDSB) and
PetroChina Co. (PTR) for A$3.44 billion.
Arrow said it will keep its international operations and
holdings in small Australian companies Apollo Gas Ltd. (AZO.AU),
Bow Energy Ltd. (BOW.AU) and Liquefied Natural Gas Ltd. (LNG.AU)
and list them separately on the Australian Stock Exchange through a
new entity called Dart Energy Ltd.
Dart Energy will also hold onto A$45 million in cash currently
held by Arrow, it said.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
ross.kelly@dowjones.com
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