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Arrow Energy Says Currency Rates Boost Returns From Shell Deal

Bloomberg 

 

By Angela Macdonald-Smith

Oct. 16 (Bloomberg) — Arrow Energy Ltd., which in June agreed a $700 million sale of stakes in coal-seam gas ventures to Royal Dutch Shell Plc, said a decline in the Australian dollar has boosted local currency returns from the transaction.

The change in the exchange rates since the accord was reached has increased the value of an initial payment to be made by Shell by some A$130 million ($85 million) to about A$640 million, Brisbane-based Arrow Energy said today in a statement to the Australian stock exchange.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney atamacdonaldsm@bloomberg.net

Last Updated: October 15, 2008 18:13 EDT

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