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January 15, 2008 |
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ARROW ENERGY: Inks Production Sharing Contract with PetroVietnam Arrow Energy Ltd. signed a production sharing contract with the Vietnam government-owned PetroVietnam in Hanoi. In a statement lodged with the Australian Securities Exchange, Arrow stated that the project will be known as the Hanoi Trough (MVHN-01KT) Onshore PSC, wherein Arrow will be entitled to a highly prospective Coal Seam Gas tenement area of 2,743 sq. km. in the Hanoi Basin. Under the terms of the contract, Arrow will receive a 70% interest in the block and PetroVietnam Exploration and Production, a subsidiary of PetroVietnam, will receive 30%. Arrow, as required by the PSC, will spend US$1.5 million over a period of 12 months to drill 8 wells on the block. Arrow believes the PSC to be a technically and commercially attractive proposition. According to the statement, Arrow is also considering bringing an additional local partner into the project. About Arrow Energy Arrow Energy NL -- http://www.arrowenergy.com.au/ -- is an Australian company engaged in the undertaking of gas exploration and development activities. The Company is focused on coal seam gas exploration and production in the Surat, Clarence-Moreton and Ipswich Basins in southeast Queensland and northern New South Wales and the Styx Basin and Nagoorin Graben in coastal central Queensland. Arrow Energy NL has been carrying out exploration/appraisal drilling (over 50 wells) and has proven a large CSG resource. The Company's projects include Kogan North, Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale and Boyne River. The Troubled Company Reporter-Asia Pacific's Distressed Bonds Column on January 8, 2008, listed Arrow Energy's bond, with a 10.000% coupon and a March 31, 2008 maturity date, as trading at 2.56% on the AU dollar. |
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