Bow Energy Ltd. (BOW.AU) on Monday urged its shareholders to accept a sweetened A$534.6 million bid for the coal seam gas company by a joint venture between Royal Dutch Shell PLC. (RDSB.LN) and PetroChina Co. (PTR).

The pair have increased their offer to A$1.52 cash per share from their previous offer of A$1.48, Brisbane-based Bow said in a statement.

Shell and PetroChina plan to feed Bow's gas through a proposed gas export terminal at Gladstone in Queensland state.

Bow shareholders will vote on the offer in mid-to-late December. The board's recommendation is subject to an independent expert report concluding the deal is in shareholders best interests.

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

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