BG-This is an example of companies seeing technical value in acreage before operators get very far. Let's hope that Arc have a chance to make some discoveries before a takeover, something that is inevitable at their current price I believe.
Shell snaps up Exmouth gas trio
By Upstream staff
Anglo-Dutch supermajor Shell has bought three exploration permits in the southern Exmouth basin off Australia’s North-West coast.
Shell said it had bought WA-384-P, WA-385-P and WA-394-P from Octanex and Strata Resources and would operate all three of the licences.
The company said it expected to start shooting seismic surveys on the areas by the end of this year, subject to government approval.
Chris Gunner, chief operating officer of Shell Development Australia, said the deal was in line with Shell’s strategy to boost its gas portfolio in Australia.
“Shell is committed to growing its portfolio in Australia through exploration for more integrated gas. By 2015, Asia Pacific is predicted to represent about 50% of global LNG [liquefied natural gas] demand and we see Australia as well-placed to supply (liquefied natural gas) into this expanding market,” he said.
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
