Achievements.
In March 2007, Arrow was included in Standard and Poor’s ASX 300 Index before entering the S&P/ASX 200 Index a month later. The company has been listed on the S&P/ASX 100 Index since September 2008.
List of Achievements:
18 September 2008: Arrow announces that Central Queensland Gas Pipeline Pty Ltd, a 50/50 owned joint venture company with AGL Energy Ltd (AGL) has been awarded a 45-year point-to-point gas pipeline licence from Moranbah to Gladstone by Queensland Minister for Mines and Energy, Geoff Wilson.
12 September 2008: Shell Exploration Company B.V. (Shell), a subsidiary of Royal Dutch Shell PLC, executes definitive agreements to acquire 30 percent of Arrow’s interest in its Australian upstream tenements and a 10 percent stake of Arrow International Pte Ltd which holds all of Arrow’s international assets for up to A$915 million.
5 September 2008: Arrow is included in Standard & Poor's ASX 100 Index which comprises the top 100 listed companies in Australia.
25 August 2008: Arrow announces a $A 37.2 million after tax profit for the full year ended 30 June 2008, a 109 percent increase on the prior year. The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) was $70.5 million, a 563 percent increase on the prior year.
31 July 2008: Arrow increases net 2P reserves by 81% to 1,430 PJ and gross uncontracted 2P reserves to 1,560 PJ via a major interim reserves upgrade by consultants Netherland, Sewell and Associates Inc. This is another in a series of planned reserves upgrades designed to meet the needs of the planned Gladstone LNG project.
28 July 2008: Arrow’s signs a Gas Supply Agreement with Incitec Pivot to supply 7 PJ p.a. of low pressure gas over a period of 15 years with first gas supply expected in 1st Qtr 2010. The ammonium nitrate produced from this plant will be used to supply Incitec’s customers in the Bowen Basin coal fields.
23 July 2008: Arrow announces financial closure of a $335 million senior debt facility completing the funding requirements for the development of the 450 MW Braemer 2 Power Station. In addition an electricity hedge agreement has been entered into with Origin Energy Ltd for 300MW of electricity hedges for a minimum of 10 years which will provide an underpinning revenue stream for the project.
2 June 2008: Arrow announces a major alliance with global energy giant Royal Dutch Shell. The A$776 million deal represents a major step forward in the realisation of Arrow’s coal seam gas to liquefied natural gas strategy.
6 May 2008: Arrow commences drilling its first overseas well at the Tatapani-Ramikola block in India.
31 March 2008: Arrow announces the execution of an agreement with the Government of the Xinjiang Autonomous Region in China which has 40 percent of the country's coal resources.
25 February 2008: Arrow announces a $14.2 million pre-tax profit for the half year ended 31 December 2007. The company's EBITDA was $21.2 million.
25 February 2008: Arrow announces it will partner with ERM Power to jointly develop the 450 MW Braemar 2 Power Station and high pressure gas pipeline. Arrow will take a half share in the estimated $545 million development.
16 January 2008: Arrow announces a substantial reserves upgrade pf its Tipton West field as part of an ongoing multi-field certification program in the Surat Basin. 1P reserves increased by 560% from 25 PJ to 167 PJ while 2P reserve increased by 68% from 174 PJ to 293 PJ.
11 January 2008: Arrow signs a major Production Sharing Contract (PSC) with PetroVietnam, a subsidiary of the Vietnamese Government. Under the terms of the PSC, Arrow will receive a 70% interest in a highly prospective coal seam gas tenenment area of 2743 km2.
11 December 2007: Arrow buys 10% of Liquefied Natural Gas Ltd (LMGL) for a total cost of $9.1 million. The strategic alignment between the two companies will serve to progress Arrow’s “CSG to LNG” strategy and open a broader range of resource opportunities across Asia.
1 December 2007: Arrow in 50/50 joint venture with AGL Energy takes ownership of the merchant gas and pipeline businesses of Enertrade from the Queensland Government. The businesses acquired include the 392 km North Queensland Gas Pipeline between Moranbah and Townsville, two gas supply agreements to large industrial customers in Townsville and a gas tolling agreement for the 230MW CCGT Yabulu Power Station in Townsville. Rights to develop the Central Queensland Gas Pipeline between Moranbah and Gladstone were also acquired under the deal.
15 November 2007: Arrow completes a share placement raising $120 million. The placement was supported by almost 100 Australian and overseas institutional investors. The proceeds will be used to fund the acquisition of Enertrade’s merchant gas and pipeline businesses.
18 October 2007: Arrow and Liquefied Natural Gas Ltd (LNGL) execute a “Key Terms Agreeement” for the supply of gas by Arrow to LNGL’s small-scale LNG plant in Gladstone. The agrrement is for the supply of 6p PJ/year from late 2010 for 12 years.
2 October 2007: Arrow achieves a new total daily sales record from its fields of 75 terajoules. Daily gas sales are now 30% higher than the reported average daily sales for the quarter ending 30 June 2007.
1 October 2007: Arrow signs two agreements with Indonesia’s state-owned oil company Pertamina and its upstream subsidiary Pertamina EP. The first agreement is a Memorandum of Underdtanding covering joint co-operation throughout Indonesia and the second is a Heads of Agreement for technical and commercial evaluation of coal bed methane development in the Production Sharing Contract, the Tanjung-1 PSC.
6 August: Arrow signs two significant agreements in Liaoning Province, north-east China. The first of these is a Heads of Agreement with Shenyang Gas Company which has rights to gas from nearby coal acreage owned by Fushun Mining. The second of the agreements is a HOA with Liaohe Petroleum Development Company to evaluate nine blocks in Liaoning Province, covering an area of 9,000km2.
1 August: Arrow signs two agreements with leading coal miners in Binchang coal field of Shaanxi Province, north China. The first of these agreements is for Arrow to provide a degassing service ahead of mining operations. The second of the agreements is a Memorandum of Understanding with Shaanxi Binchang Mining Company to initially evaluate the potential for coal bed methane developments on their mining tenements.
31 July 2007: Arrow signs a Letter of Intent with major Chinese Government-owned oil and gas company, Petro China. The LOI is to negotiate a Production Sharing Contract covering coal bed methane over the 4,000km2 Dajing blok in the Junggar basin of Xinjiang Autonomous Region, north-west China.
20 July 2007: Arrow completes a $125 million share placement which was heavily oversubscribed with strong support by over 100 Australian and international institutional investors. The money will be used to fund continued exploration, appraisal and development of the company’s domestic acreage, the development of export options and international assets.
