Dart Energy Announces Resource Estimate (Australia)

Global coal bed methane (CBM) company Dart Energy Limited announced the independent assessment of a significant resource for its Australian portfolio of coal bed methane licences.

Following the completion of the acquisition of Apollo Gas Limited in January 2011, Dart Energy engaged MBA Petroleum Consultants Pty Ltd (MBA) to undertake an assessment of the coal bed methane resource within six of the seven licences in the portfolio, being PELs 456, 459, 460, 461, 463, 464 in New South Wales, Australia.

Dart has previously reported contingent resource in PEL458 that was independently assessed by Netherland, Sewell and Associates, Inc (NSAI). Both MBA and NSAI have undertaken their assessments using the Society of Petroleum Engineers’ Petroleum Resources Management System.

The aggregate resource position for Dart’s NSW portfolio as at 31 March 2011 is summarised as follows:

Dart’s NSW CBM Total Resource – Summary as at 31st March 2011

Simon Potter, Dart Energy Chief Executive Officer, said: “The outcome of the MBA evaluation endorses our view of the resource potential in NSW and underpins our strategy of accessing a significant resource adjacent to markets with unfulfilled demand; in this case the need for gas-fired power generation capacity in the State. Thus our acquisition of Apollo Gas has added over 12 Tcf of net prospective resource to the Dart portfolio. Our drilling programme over 2011 is designed to further delineate this resource which will then lead rapidly to commercialisation of gas in those licences most proximate to market”.

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Source: Dart Energy, April 7, 2011;