Arrow's Tipton West CSG field - a field operator and wellsite geologist confer
Under the deal, Shell will pay Arrow $99 million for a further 12% stake in the Tipton West joint venture, raising its interest to 30%.
The super-major will also reimburse Arrow for 30% of any contingent payments – up to $21 million – that it makes to Beach under the terms of the Arrow-Beach sale agreement.
Arrow Australia chief executive officer Shaun Scott said Shell’s intention to exercise the pre-emptive option marked another step in progressing the joint venture between the two companies as they matured their field development plans for first LNG output at Gladstone by 2012.
Arrow had acquired Beach’s 40% stake in Tipton West for $A260 million in cash and $70 million in Arrow shares in April.
The deal also allowed for Beach to receive up to $70 million in additional payments if certain milestones were reached.
Monday 20 July 2009
PNN
Monday 20 July 2009
PNN
Queensland opens up CSG groundwater data
