Arrow Energy Limited said that Shell Group had purchased a 10% interest in its Singaporean subsidiary Arrow International for USD 66 million.

Mr Nick Davies CEO of Arrow Energy said that the business benefits of being in an alliance with Shell. He added that "The combination of Arrow's acknowledged expertise in Coal Seam Gas and Shell's global energy experience and financial strength will enable the rapid development of our assets both in Australia and the Asia Pacific for the benefit of shareholders."

Mr Davies also said that Arrow would now have the opportunity continue expanding international operations. He added that "It is pleasing for both Arrow and Shell to have this investment completed which will enable Arrow to aggressively pursue its business development and exploration and appraisal activities in India, Vietnam, China and Indonesia."

Separately, Arrow said that it would own 49.98% of Pure Energy Resources Limited after the target's major shareholders accept its USD 673 million cash and scrip deal. At the same time, Pure was preparing a target's statement, which would be lodged with ASIC and sent to shareholders shortly thereafter. The offer was expected to close in early March 2009.

(Sourced from www.livenews.com.au)