Arrow has acquired a 21 per cent shareholding interest in the company for $A4.5 million.
Arrow will also have the right to farmin to two of Apollo’s CSG tenements to earn up to a 50 per cent interest in each of the two tenements, and current Arrow executive director Stephen Bizzell is to be appointed to the board of Apollo Gas.
Apollo owns seven CSG exploration permits in New South Wales. The tenements cover prospective CSG targets in and around Newcastle, the Hunter Valley, Gunnedah and Sydney.
Arrow Managing Director Nick Davies said “The CSG and petroleum tenements in New South Wales assembled by Apollo Gas encompass a significant acreage position and are highly prospective with substantial gas resource potential.”?