Ann: Half Yearly Report and Accounts , page-4

This answers some of the capital questions:



http://www.theaustralian.com.au/business/news/arrow-to-spin-off-overseas-arm/story-e6frg90f-1225831423895


GAS explorer and producer Arrow Energy says it will likely spin-off its international arm through an initial public offer on the Singapore or Hong Kong stock exchanges and retain 70 per cent of the stock in Arrow International.
"It (the listing) won't be in Australia," chief executive Shaun Scott said.

"It will most likely be in Asia - Singapore or Hong Kong."

Arrow spin-off 2 Perth The IPO is slated for the first half of the 2010/11 financial year.

Mr Scott said Arrow Energy would retain 70 per cent of Arrow International.

Energy giant Shell has a 10 per cent stake in Arrow's Asian business, so 20 per cent of Arrow International will be up for grabs.

"We'd want to, at this stage, be keeping a majority stake," Mr Scott said.

"It will be something that we'll assess in a real-time basis ... where the market is at and what the value of the placement is like relative to what our funding needs are at the time."