Beach Sells Coal Seam Gas Assets To Arrow For Up To A$400 Million
03 April 2009 - 10:20AM
Dow Jones News
Beach Petroleum Ltd. (BPT.AU) Friday said that it has agreed to
sell its 40% share of the Tipton West coal seam gas project in
Queensland state to Arrow Energy Ltd. (AOE.AU) for up to A$400
million.
Arrow, which already owns 42% of Tipton West, will pay Beach
A$260 million cash and A$70 million in Arrow shares upfront.
An additional A$40 million will be paid to Beach pending the
booking of additional reserves, another A$15 million if Arrow
supplies gas to any liquefied natural gas project by the end of
2016, and another A$15 million if any of those projects produces at
least one million tons of LNG per annum by the end of 2017.
On completion of the deal, 12% of Tipton West will be made
available under preemptive rights to Royal Dutch Shell (RDSB.LN),
Arrow said.
By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957;
ross.kelly@dowjones.com
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