The Australian
Shell deal up $140m on currency move: Arrow Energy
Ross Kelly | September 12, 2008
ARROW Energy is to earn an extra $140 million from a deal with Royal Dutch Shell, due to currency movements.
As previously announced, a subsidiary of the global energy giant, Shell Exploration Company BV, has agreed to acquire 30 per cent of Arrows (ASX: AOE) interest in its Australia upstream tenements and a 10 per cent stake of Arrow International Pte.
Arrow said the value of the transaction has risen to up to $915 million. The increase in the value of the transaction is due to currency movements since the original memorandum of understanding was signed on June 2.
Both Shell and Arrow will now work together to deliver the value from our vast Australian coal seam gas interests as well as move forward with our international opportunities, Arrows chief executive Nick Davies said.
Arrow shares were up 1.34 per cent, or 4c, to $3.02, in early trading.
Dow Jones Newswires
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