AOE

Shareholders of Australian company, Arrow Energy (AOE), a supplier of coal seam gas to eastern Australia and Asia, have approved a $3.5 billion acquisition by Royal Dutch Shell and PetroChina, permitting China to extract Australia's coal seam gas. The proposal was put forward by CS CSG (Australia) Pty Ltd, a 50/50 joint venture company owned by Shell Energy and PetroChina. In March, Shell and PetroChina agreed to buy Arrow's Australian business for $4.70 a share in cash.

Here are the Top 10 Stocks of Australian Stock Market ASX 100 for the 26th week of 2010. They are the top 10 stocks on the ASX 100 which performed the best in the last 5 trading sessions. Read the latest Top 10 Stocks of the Week.

Deloitte Touche Tohmatsu termed the PetroChina and Royal Dutch Shell $3.5 billion worth of Arrow Energy (AOE), bid as a fair one since it was about $17 percent higher than the value of the Arrow shares. PetroChina and Shell took the decision in March to buy the Australian operations of Arrow Energy for as much as $4.70 per share which is to be paid in cash. According to Deloitte, the Australian operations of the company worth within the range of $4.00 and $4.40 per share.

Arrow Energy (AOE) and Apollo Gas (AZO) have found a new potential gas resource in Newcastle, New South Wales. The resource is help in a partnership between the two companies.

Energy Resources of Australia (ERA), one of the primary producers of Uranium of the world was the worst performer of the ASX100 list for the 12th week of 2010. The company lost 5.9 percent or $1.20 to its stock price and was closed for the week at $18.90.

Arrow Energy (AOE) is set to accept the takeover offer of Shell and PetroChina after it managed to convince the bidders to raise their offer by several hundred million dollars. Arrow is expected to make an announcement today regarding selling their Australian assets for more than $3 billion to the foreign companies. It is to be mentioned that this is the second Queensland based coal-seam gas frontier that is going to be acquired by overseas companies.

Arrow Energy (AOE), one of the renowned coal seam gas producer and explorer of Australia with a current market capitalisation of over AUS$2 billion with resources in south and central Queensland and northern New South Wales was at the number winning company of the 10th week in ASX100 with a gain of 49.4 percent or $1.72 to its stock price closing the week at $5.20 (market capitalisation $3808.4 million).

Arrow Energy (AOE) shares jumped $1.63 (47%), closing yesterday's trade at $5.11. The share price jump can be attributed to the joint bid by Royal Dutch Shell and PetroChina for AOE in a deal worth at least $3.3 billion as the companies seek to expand their presence in the coal seam gas sector. The conditional bid would give shareholders $4.45 cash per share plus a share in a newentity comprised of Arrow's international business.