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Shell May Offer A$3.3 Billion for Arrow Energy Shell May Offer A$3.3 Billion for Arrow Energy, Review Says

By Gavin Evans

March 8 (Bloomberg) — Royal Dutch Shell Plc has offered about A$3.3 billion ($3 billion) for Arrow Energy Ltd. to take control of the company’s gas assets in Australia’s Queensland state, the Australian Financial Review reported, without saying where it got the information.

Shell is offering about A$4.50 a share for its Brisbane- based partner in a coal seam gas project in Queensland, the newspaper said. Arrow wouldn’t comment on the offer, which may have been made Friday, the Review said. Arrow Energy shares closed at A$3.48 on March 5, valuing it at A$2.6 billion.

Shell, which has a 30 percent stake in Arrow’s Queensland project and a 10 percent interest in its international unit, was concerned by Arrow’s plans to sell down its coal-seam gas assets to fund development of the Fisherman’s Landing liquefied natural gas project near Gladstone, the Review said.

To contact the reporter on this story: Gavin Evans at [email protected]

Last Updated: March 7, 2010 14:54 EST

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