Gas explorer Arrow Energy Ltd
(ASX:AOE) shares took a hit yesterday after reports that the company may be considering raising funds to build its Fisherman’s Landing LNG project at Gladstone.
According to the Dow Jones Newswires CEO Nick Davies says the company will need to raise funds to get to first production.
Arrow originally said the project would be funded through a combination of debt and equity.
Yesterday the company announced a number of management reshuffles, saying that Mr Davies would step down as CEO and take over from John Reynolds as Chairman at the end of September.
Shaun Scott, currently CEO of Arrow’s Australian business, will succeed Mr Davies as CEO and Managing Director.
Arrow Energy earned profit of $366.85 million in fiscal 2009.
