Arrow Offers an 81% Premium for Pure Energy Resources (Update3)
Dec. 22 (Bloomberg) — Arrow Energy Ltd., Royal Dutch Shell Plcs partner in coal-seam gas in northeast Australia, offered to buy Pure Energy Resources Ltd. for A$673 million ($460 million) in cash and shares, an 81 percent premium to its stock price.
Arrow will pay A$2.70 cash and 1.21 shares for each Pure stock, the companies said today in a joint statement to the Australian stock exchange. Shares in Pure, a coal-seam exploration company in Queensland, surged as much as 65 percent in Sydney trading while Arrow fell.
Brisbane-based Arrow said it already has a 19.9 percent stake in Pure on a fully diluted basis. Shell this year acquired a 14.9 percent interest in Pure and a 30 percent stake in Arrows coal-seam gas acreage in Queensland. BG Group Plc and Malaysias Petroliam Nasional Bhd. have invested in coal-seam gas-to-LNG ventures in Australia this year.
A combination of Arrow and Pure will drive further upside from Pures acreage, and provide a commercialization path for Pures reserves as a result of Arrows downstream exposure through both Arrows existing domestic power generation projects and proposed LNG export projects, Arrow Managing Director Nick Daviessaid in the statement.
The deal is unanimously supported Pures board. The 81 percent premium is based on the companys Dec. 19 closing share price of A$2.98, according to todays statement.
Arrows shares closed 11 percent lower to A$1.95 in Sydney trading while Puregained 50 percent to A$4.47.
BG, AGL
The A$269 million cash component of the offer will be funded by cash reserves and funds from Arrows Nov. 21 sale of 30 percent of its coal-seam gas licenses for as much as $612 million, it said. Arrow holds 80,000 square kilometers of coal-seam gas reserves in Queensland state.
BG Group, the third-biggest U.K. oil and gas producer, said Dec. 5 it would compulsorily acquire shares in the rest of Queensland Gas Co. as it seeks to ensure the development of a gas export project in Australia.
BG in October agreed to pay A$5.2 billion for Queensland Gas shares it didnt own to take over a liquefied natural gas project. The bid followed BGs failed A$13.5 billion takeover offer for Origin Energy Ltd., Australias biggest producer of gas from coal seams.
On Dec. 17, AGL Energy Ltd., Australias biggest electricity and gas retailer, agreed to pay A$370 million for a coal-seam gas exploration venture in New South Wales state to add reserves of the fuel.
To contact the reporter on this story: Jason Scott in Perth at[email protected]
Last Updated: December 22, 2008 00:35 EST
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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