Arrow Energy: Shell To Exercise Tipton West JV Rights
July 19 2009 - 6:11PM
Dow Jones News
Arrow Energy Ltd. (AEO.AU) said Monday that Royal Dutch Shell
PLC (RDSB.LN) has indicated that it plans to exercise its
preemptive right to take up a share of the Tipton West assets
recently bought by Arrow from Beach Petroleum (BPT.AU).
In a statement, Arrow Energy said Shell will pay Arrow A$99
million to buy a further 12% stake in the Tipton West project.
Shell will also reimburse Arrow for 30% of any contingent
payments, or up to A$21 million, that Arrow makes to Beach under
the terms of the sale agreement between the two.
"This letter of intent marks another step in progressing the
joint venture between Arrow and Shell as we mature our field
development plans for first liquefied natural gas output at
Gladstone by 2012," Arrow Energy's Australian head Shaun Scott
said.
After completion of the deal, the Tipton West joint venture will
be 70% owned by Arrow and 30% owned by Shell.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093;
lyndal.mcfarland@dowjones.com
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