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• TEX reported that Australian Arrow Energy Limited, which is a JV company between Royal Dutch Shell and PetroChina, will complete acquisition of Bow Energy Limited in Australia on January 11th 2012.Following the acquisition approval at a shareholder meeting at Bow Energy, which was held on December 21st 2011, Arrow Energy obtained permission of Federal Court of Australia on December 22nd 2011. As a result, the company completed all necessary procedures to take over Bow Energy. Shares of Bow Energy will be de listed at Australian Securities Exchange on December 23rd 2011.

• In an effort to increase supply quantity of feedstock gas to the coal seam gas to liquefied natural gas project Arrow LNG Plant, Arrow Energy made a proposal to Bow Energy to buy a share at AUD 1.48 in August 2011. Afterwards, Arrow Energy raised the purchase price per share to AUD 1.52 and succeeded in getting coal seam gas assets of Bow Energy. Coal seam gas reserves, that Bow Energy owns in Blackwater and Comet field (ATP1025P) and Norwich Park (ATP1031P), is located in the area adjacent to the gas fields, which Arrow Energy will explore.

• At present, Bow Energy's proven plus probable (2P) reserves amount to 238 peta joule, which is equivalent to about 4.3 million tonnes of LNG. However, with further development in the future, the reserves are expected to expand to 1,250 peta joule or about 22.55 million tonnes.With the acquisition of Bow Energy this time, Arrow Energy gained significant momentum to enlarge production capacity of its LNG project. At the initial stage, the company is scheduled to produce 8 million tonnes per year of LNG (4 million tonnes per annum each by two trains) and plans to expand its production capacity to 16 million tonnes per annum (4 million each tonnes per annum by four trains) in the future.

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