Australia: Dart Energy Updates on IPO

Dart Energy Limited provided an update on listing its wholly owned subsidiary, Dart Energy International Ltd (DEI), on the AIM market of the London Stock Exchange Limited (LSE) .

On 21 November 2012, the company said that an industry participant with oil and gas interests in Asia proposed to DTE a broader ranging strategic relationship with DEI, which would include a material participation by that industry participant in the IPO.

Since that time, a number of other parties have also indicated interest in securing a strategic partnership with DEI, farming-in to a number of DEI’s assets and / or a participation in the IPO, with particular interest emerging in DEI’s CBM and shale gas assets in the UK. Discussions with several of these parties have been initiated and in several cases due diligence has commenced.

Nick Davies, Chairman of DTE said: “We understand that many shareholders are seeking news on the intended IPO for DEI, and wish to see a concluded transaction as soon as possible. At the same time, the landscape for DEI is changing rapidly – for example, it was only in November last year the UK government positively endorsed a shale strategy for that country, and as a result DEI’s shale position, one of the largest in the UK, is now of much greater interest to many industry participants. Thus whilst we are keen to complete the IPO of DEI as soon as possible, it is also important that we properly consider and investigate all opportunities arising, so as to make sure we achieve the best value and outcome for DTE shareholders”.

“To assist further with the IPO, Raymond Lim, who is currently a director of both DTE and DEI, will resign from the DTE Board to focus on the short term effort to IPO DEI. We thank Raymond greatly for his contribution to Dart Energy Limited. His feedback, practical and intellectual input to the Dart Board has been invaluable.”

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LNG World News Staff, February 18, 2013; Image: Dart