Perturbation methods are used to determine the leading-order fluid dynamics equations of slender, compound, annular liquid jets at high Reynolds numbers. These equations are solved numerically together with those for mass transfer in the compound jet and those for the gases enclosed by the inner, annular jet for a variety of conditions. It is shown that, owing to the small mass diffusivities of gases in liquids, the steady mass absorption rate of the gases enclosed by the compound jet is small. It is also shown that, for certain parameters, the flow exhibits a Hopf bifurcation which, when excited periodically by means of a sinusoidal liquid injection rate, results in quasiperiodic or chaotic behaviour which is characterized by large absorption rates and which has been analyzed by means of time series, Fourier transforms, and Poincare diagrams.