THE WALL STREET JOURNAL
AUGUST 18, 2009, 9:43 P.M. ET
MELBOURNE (Dow Jones)–Arrow Energy Ltd. (AOE.AU) said Wednesday that the company has completed the sale of a 12% stake in the Tipton West Joint Venture to a unit of Royal Dutch Shell PLC (RDSA), subject to approvals.
Shell paid Brisbane-based Arrow A$49.5 million, half of the purchase price of A$99 million, to obtain a further 12% of the joint venture, with the balance payable after third party and regulatory approval, the company said in a statement.
Shell also will reimburse Arrow for 30% of any future contingent payments, or up to A$21 million, that the company makes to Beach Petroleum Ltd. (BPT.AU) under the terms of the Arrow/Beach Tipton West sale agreement, Arrow said.
After the completion of the transaction, ownership of the joint venture is 70% Arrow and 30% Shell, the company said.
-By Andrew Harrison, Dow Jones Newswires; 61-3-9292-2095; [email protected]
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