OilVoice - Arrow Energy Receives Non-binding Conditional Proposal

Arrow Energy Receives Non-binding Conditional Proposal

Monday, March 08, 2010

Arrow Energy Limited announces that it has received a non-binding indicative and conditional proposal ('Proposal') from a company jointly owned by Royal Dutch Shell and PetroChina.

Under the Proposal Arrow shareholders would receive consideration of $4.45 cash per share plus a share in a new entity comprised of Arrow's international business. Arrow has previously announced its intention to conduct an Initial Public Offering (IPO) of its international business.

At this stage the Arrow Board recommends shareholders take no action in relation to their Arrow shares.

Arrow has appointed Citi and UBS as financial advisers and Mallesons as legal advisers in relation to the Proposal.