A subsidiary of China Oil HBP Science & Technology Corp. Ltd. will buy the Chinese unit of Dart Energy Ltd., Brisbane, that holds a 50% interest in the Liulin coalbed methane production sharing contract in China for $20.8 million.
Dart Energy noted that it restructured earlier this year to focus on its shale and CBM acreage in the UK.
Operator Fortune Oil PLC and Dart Energy said last year that horizontal wells at the Liulin project in Shanxi Province are producing at commercial rates (OGJ Online, July 30, 2012).
After closing, expected in 2-3 months, the acquired interest in Liulin will reside with Hong Kong HuiHua Global Technology Ltd.
Completion is subject to satisfying customary conditions, including obtaining the approval of various Chinese government bodies. Dart Energy plans to pursue monetizing other international noncore assets.