Ivor Ries News
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Karoon Gas Australia Ltd., listed as a possible takeover target by Citigroup Inc., rose the most in 15 months in Sydney after making a discovery off Brazil, where it may bid for more blocks.
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Karoon Gas Australia Ltd. expects to raise as much as $773 million in an initial public offering of its South American unit to fund exploration in Brazil and Peru.
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Arrow Energy Ltd., owned by Royal Dutch Shell Plc and PetroChina Co., agreed to buy Bow Energy Ltd. after sweetening its offer to A$535 million ($516 million), gaining resources for a natural gas project in Australia.
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China Petrochemical Corp., Asia’s biggest refiner, agreed to invest an estimated $1 billion to increase its stake in an Australian liquefied natural gas project led by ConocoPhillips and Origin Energy Ltd.
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China Petrochemical Corp. signed agreements to raise its stake in an Australian liquefied natural gas project led by ConocoPhillips and Origin Energy Ltd. and lift its purchases of the fuel.
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Computershare Ltd. , the world’s biggest share registrar, fell the most in more than seven years in Sydney trading after it said profit may drop as takeovers and initial public offerings decline.
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Exxon Mobil Corp. increased the cost estimate for its liquefied natural gas project in Papua New Guinea by about 5 percent to $15.7 billion because of a stronger Australian dollar, according to partner Santos Ltd.
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Australia’s S&P/ASX 200 Index fell 1.2 percent to 4,558.30 at the close of trading in Sydney. New Zealand’s NZX 50 Index dropped 0.5 percent to 3,054.19 in Wellington.
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