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Arrow, Shell Seal a Venture

The Wall Street Journal Home Page

Arrow, Shell Seal a Venture

September 15, 2008; Page C8

SYDNEY — Arrow Energy Ltd. said it has sealed its joint venture deal with Royal Dutch Shell PLC and that the value of the transaction had increased by 140 million Australian dollars (US$115 million) due to currency movements.

After signing a memorandum of understanding in June, a unit of the global energy giant, Shell Exploration Company BV, has reached a definitive agreement with Arrow to acquire 30% of Arrow’s Australia upstream tenements and 10% of its Asian assets.

Arrow and Shell plan to mine coal seam gas and transport it to a proposed plant in Queensland, where it will be transformed into liquified natural gas for export.

The value of the transaction has risen to A$915 million because of currency movements since the memorandum was signed June 2, Arrow said.

“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,” Arrow Chief Executive, Nick Davies said in a statement.

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