Bow Energy: Receives Initial Bid From PetroChina, Shell JV
August 21 2011 - 7:37PM
Dow Jones News
Coal seam gas producer Bow Energy Ltd. (BOW.AU) said Monday it
has received an initial takeover offer worth 520.5 million
Australian dollars (US$540 million) from the Australian joint
venture of Royal Dutch Shell PLC (RDSB) and PetroChina Co.
(PTR).
Brisbane-based Bow recommended shareholders take no action over
the A$1.48-a-share conditional cash offer from Arrow Energy
Holdings Pty Ltd., which Shell and PetroChina acquired a year
ago.
A successful takeover of Bow would ease concerns that Shell and
PetroChina have enough coal seam gas reserves to support their
plans for an export facility at Gladstone in Queensland state
producing an in initial 8 million metric tons of liquefied natural
gas a year.
Shell and PetroChina, which last week awarded preliminary
engineering and design contracts for the Gladstone plant, plan to
double annual production capacity to 16 million tons of LNG at a
later date.
-By David Winning, Dow Jones Newswires; +61-2-82724688;
david.winning@dowjones.com
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