Australia’s Arrow Energy Holdings Pty Ltd said Wednesday it welcomed the outcome of a shareholder meeting of Bow Energy Ltd, at which shareholders voted to approve the acquisition of Bow Energy by Arrow Energy. Over 95 per cent of shares voted in favour of the Scheme of Arrangement, representing over 85 per cent of shareholders by number.
It is anticipated the acquisition agreement with Bow Energy will be implemented on 11 January 2012, subject to Australian court approval at a final hearing scheduled for 22 December 2011. Australian and Chinese regulators have already granted all the regulatory approvals required by Arrow Energy to complete the transaction.
Bow’s coal seam gas assets are strategically located in close proximity to Arrow’s own acreages. The acquisition is expected to allow Arrow to expand the two currently planned 4.0 mtpa LNG trains, while leveraging the synergies available through Arrow’s pipelines and infrastructure.
Arrow is a 50-50 joint venture coal seam gas company owned by subsidiaries of Royal Dutch Shell plc and PetroChina.