Dart Energy Provides Update on Its European Operations

Dart Energy International Pte Ltd, the international operating arm of Dart Energy Limited, provides the following update on a number of key developments in its European operations, being:

• Completion of BG licence restructure
• Completion of Greenpark Energy acquisition
• Exercise of option to acquire 2 CBM and shale prospects in Germany
• Ongoing PEDL133 progress towards production and development
• Appointment of Mr Mark Lappin as European General Manager

Commenting on these developments, Dart International Chief Executive Officer, John McGoldrick, said:

“Europe is a key area of focus for Dart Energy International and we continue to make great strides in terms of progressing our business in Europe, including successfully finalising a number of transactions and initiatives previously announced.

Our flagship project, PEDL 133 in Scotland, is progressing well, and we hope to begin generating first gasto- electricity revenues from that project in the coming months, with full field development to enable GSA sales expected to commence in the first half of 2013”.

Dart International has now successfully executed a European entry and consolidation strategy, emerging as a leading European CBM / shale gas business with one of the largest onshore licence holdings in the U.K. These markets represent a strong opportunity for unconventional gas producers, given that they are characterised by large gas deficits and thus a reliance on imported gas, gas prices which are currently amongst the highest in the world, stable regulatory regimes, and extensive and accessible infrastructure.

In summary, Dart International’s European business now comprises:

• a large acreage position in the U.K. and across Europe, prospective for CBM and shale gas;
• a substantial resource base, including a significant prospective and 2C resource position, and initial 2P and 3P reserves (all independently certified);
• several projects with short lead times to commercial development, including in particular PEDL 133 project in Airth, Scotland and thereafter Greenpark’s PEDL 159 project in Canonbie, Scotland; and
• Gas Sales Agreements and other monetisation options in place, with more expected to follow over the next 12-18 months.

[mappress]
LNG World News Staff, May 2, 2012