Arrow Energy confirms agreement to acquire Bow Energy

Under the agreement, Arrow will acquire all the shares for a cash consideration of AUD$1.52 ($1.48) per Bow share.

The acquisition values Bow at A535m ($522m), and will allow Bow shareholders to realize the value of their Queensland CSG properties.

Through the acquisition of Bow, Arrow will be able to expand each of the two trains of its proposed LNG project in Queensland from 4mtpa currently planned.

The transaction is subject to customary conditions including regulatory and Court approvals, and Bow shareholder approvals, and is expected to be implemented in early 2012.

Arrow is a 50-50 joint venture owned by subsidiaries of Royal Dutch Shell and PetroChina.

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