Dart Energy Ltd., Brisbane, has formed Dart Energy International Shale Pte. Ltd. as a subsidiary that will manage Dart’s European unconventional gas assets acquired in three transactions in 2011.
Dart in February 2011 acquired the 90% of Composite Energy Ltd. it did not own. Composite held 15 unconventional gas licenses for coalbed methane in the UK and three shale gas licenses in Poland. The other two transactions occurred in December 2011.
Dart restructured its arrangements with BG Group PLC such that Dart agreed to acquire BG’s 50% interest in 14 UK CBM licenses and an exclusive 3-month option over a 100% interest in the Saxon I and II shale prospective licenses in Germany.
Dart also agreed to acquire the UK unconventional gas exploration business of Greenpark Energy Ltd., including 22 licenses in the major onshore CBM and shale gas potential regions across the UK. Dart also secured an exclusive option over interests in licenses held by Greenpark in Poland and Spain that are considered prospective for CBM and shale gas.
Dart believes that seven of Greenpark’s UK licenses are also prospective for shale gas and could have shale gas-in-place potential of several trillion cubic feet.
Dart’s combined assets span multiple European jurisdictions characterized by large gas deficits, reliance on imported gas, stable regulatory regimes, extensive and accessible infrastructure, and among the world’s highest current gas prices.
Dart said it sees its European shale portfolio as a stepping stone into the emerging Asian shale gas industry, where multiple governments plan shale gas bid rounds in the next few years.