By OGJ editors
HOUSTON, Oct. 4 – Dart Energy Ltd., Singapore, invested $7 million for a 10% stake in Composite Energy Ltd., Stirling, UK.
Composite Energy holds coalbed methane in the UK and Poland and is pursuing other licenses in Belgium and Germany in 2010-2011. Dart is an experienced CBM operator in Australia, having demerged from Arrow Energy Ltd. earlier this year.
Composite Energy has drilled three wells on the Chelm and Werbkowicze concessions in easternmost Poland. In the UK it was awarded 14 CBM licenses in September 2008 and by June 2010 had drilled 10 of the 20 wells required within 6 years of those awards.