Arrow Energy Holdings has submitted a bid worth $540 million for Brisbane-based coal seam gas producer Bow Energy, The Wall Street Journal reports. The Australian privately owned firm is seeking to acquire Bow Energy to fuel its gas-export project in the nation.

As part of the offer, Bow Energy received an initial cash offer worth $1.53 per share from the joint venture of Royal Dutch Shell and PetroChina. The venture is expected to make a final investment decision on the project in the second half of 2012, adds Reuters.

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