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GENERAL INTEREST — Quick Takes
Dart Energy aggregates unconventional gas business
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.
Pembina Pipeline to buy Provident Energy
Pembina Pipeline Corp. agreed to buy Provident Energy Ltd. for $3.2 billion (Can.) to acquire natural gas liquids assets and create one of Canada’s largest publicly traded pipeline companies in terms of market capitalization. Both companies are based in Calgary.
Terms call for Provident shareholders to receive 0.425 of a Pembina share for each Provident share held. The resulting company will operate as Pembina, which currently operates a crude oil pipeline and natural gas gathering system in western Canada.
The combined company will have a market capitalization of $7.9 billion, Pembina said in a Jan. 16 news release. In comparison, TransCanada Corp. has a market capitalization of $29.2 billion while Enbridge Inc. has a market capitalization of $26.6 billion.
Subject to regulatory approvals, closing is expected after shareholder meetings for both Pembina and Provident. Those meetings are to be scheduled during March. Both companies’ boards are expected to recommend shareholders vote in favor of the transaction.
Bob Michaleski, Pembina president and chief executive officer, said Provident’s NGL extraction, fractionation, and storage assets will accelerate Pembina’s growth plans in those areas. He will retain his title after the deal closes.
“Our expanded footprint will provide greater access to natural gas liquids markets across North America, and will allow us to offer customers a significantly expanded spectrum of energy services,” Michaleski said.
Doug Haughey, Provident president and chief executive officer, said the transaction “leverages off Provident’s strong growth as a pure-play midstream business.”
After closing, the combined company would have assets in Montney, Duvernay, Alberta Deep basin, Pelican Lake heavy oil, Athabasca oil sands, Cardium, Swan Hills, Bakken, Marcellus, and Utica plays.
Directors take reins at Connacher Oil & Gas
Two directors of Connacher Oil & Gas Ltd., Calgary, will oversee day-to-day operations of the company on an interim basis after the departure of Richard A. Gusella, chairman, chief executive officer, president, and interim chief operating officer.
Colin M. Evans, Connacher lead director and president of Evans & Co. Inc., and Kelly J. Ogle, director of Connacher and president and chief executive officer of Trafina Energy Ltd., have been appointed interim comanaging directors.
Connacher produces bitumen and conventional crude oil and natural gas in Canada and operates a 9,500 b/d heavy oil refinery in Great Falls, Mont.
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