Company News Summary
Dart Energy Acquires Highly Prospective EL in NSW
Original announcement: Dart Acquires Highly Prospective EL in NSW
Dart Energy announced that it has agreed to acquire NSW Petroleum Exploration Licence 445 (PEL 445) from Arrow Energy, a company owned by a 50:50 JV between Royal Dutch Shell and PetroChina. The company will make a modest cash payment to Arrow Energy that reflects the status of the licence, the level of understanding of its resource potential, and that the company is assuming all outstanding licence obligations. The agreement is conditional on approval for the transfer of the licence by the NSW Department of Trade and Investment, Regional Infrastructure and Services. PEL 445 is the company's only licence in NSW and is non-core to its Qld focus, where it has an established domestic gas supply business and is working to develop its proposed CSG-LNG export project.
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