Royal Dutch Shell, PetroChina's 50-50 JV, Arrow Energy, proposes to buy all issued capital in Australian coal-seam gas explorer, producer Bow Energy by way of scheme of arrangement or other agreed structure; Arrow seeking to enter discussions with Bow

THE HAGUE, Netherlands , August 22, 2011 (press release) – Today Arrow Energy Holdings Pty Ltd (“Arrow”) confirmed that it has made a preliminary, indicative and non-binding proposal to Bow Energy Ltd (“Bow Energy”) to acquire all of the issued capital in Bow Energy by way of scheme of arrangement or other agreed structure.

Arrow is a 50-50 joint venture company owned by subsidiaries of Royal Dutch Shell plc and PetroChina.

The discussions are exploring a range of opportunities and there is no certainty of any material developments resulting from the discussions.

Arrow is seeking to enter confidential discussions with Bow, and Arrow will provide updates as appropriate.

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