Arrow Energy Ltd. (AOE.AU) said Monday it agreed to sell the bulk of its Australian assets to Royal Dutch Shell PLC (RDSB) and PetroChina Co. (PTR) for A$3.44 billion.

Arrow said it will keep its international operations and holdings in small Australian companies Apollo Gas Ltd. (AZO.AU), Bow Energy Ltd. (BOW.AU) and Liquefied Natural Gas Ltd. (LNG.AU) and list them separately on the Australian Stock Exchange through a new entity called Dart Energy Ltd.

Dart Energy will also hold onto A$45 million in cash currently held by Arrow, it said.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; ross.kelly@dowjones.com
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