Arrow confirms its preliminary and non-binding proposal to Bow Energy

abarrelfullabarrelfull wrote on 22 Aug 2011 05:15
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Arrow Energy Holdings Pty Ltd (“Arrow”) notes the statement this morning by Bow Energy Limited and confirms that it has made a preliminary, indicative and non-binding proposal to Bow Energy.

Arrow can confirm it is seeking to acquire all of the issued capital in Bow Energy by way of scheme of arrangement or other agreed structure.

At this stage, there is no certainty of any material developments resulting from Arrow’s approach.

Arrow CEO Andrew Faulkner said: “It makes sense for both companies to explore business opportunities given the proximity of both company’s CSG assets and the complementary nature of our businesses.

“Arrow has the technical capability, capital resources and guaranteed market that may assist Bow Energy realise the potential of its assets.

“Any such future business arrangement would strengthen the opportunity for Arrow to increase the size of its first two Liquefied Natural Gas (LNG) trains on Curtis Island from the currently proposed 4.0 million tonnes per annum (mtpa),” Mr Faulkner said.

Arrow is seeking to enter confidential discussions with Bow Energy and will continue to provide updates as appropriate.

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