ARC / AWE Merger

On 24 April 2008 ARC and AWE announced a proposal to merge and create a leading Australian mid-tier oil & gas company. The proposal also includes plans to create a new listed company, Buru Energy, through the demerger of ARC's Canning Basin assets. Click here for an overview of Buru Energy.

The ARC Board unanimously recommends that ARC shareholders vote in favour of the proposal in the absence of a Superior Proposal. Click here for the key reasons.

The Consideration being offered includes a mixture of $0.19 cash, 0.3 AWE shares and 0.425 shares in Buru Energy. You also have the flexibility to elect to maximise the amount of cash you receive in exchange for a reduction in the number of AWE shares you receive. Click here for details of the Scheme Consideration.

The Combined Company will provide ARC shareholders with exposure to a portfolio with an increased diversification of high quality assets, including interests in Cliff Head and BassGas, in which ARC already has interests, the Henry and Casino gas projects in the Otway Basin and the Tui oil field offshore New Zealand. Click here for an overview of the Merged Group.