A report into a A$535 million (US$539 million) offer for Australian coal seam gas developer Bow Energy Ltd. (BOW.AU) by Royal Dutch Shell PLC (RDSA) and PetroChina Co. Ltd.'s (PTR) joint venture Arrow Energy shows it is fair and reasonable, Bow said Thursday.

An independent expert's report by Grant Samuel estimated that the full underlying value of Bow is in the range of A$1.14 per share to A$1.53 per share, compared with the A$1.52 cash offer from Arrow.

The report concluded that the planned deal was fair, reasonable and in the best interests of shareholders, Grant Samuel said.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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