Dart Energy Limited has agreed to acquire NSW Petroleum Exploration Licence 445 (PEL 445) from Arrow Energy, a company owned by a 50:50 Joint Venture between Royal Dutch Shell plc and PetroChina Limited.

Dart Energy 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 Dart Energy 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 (DTIRIS).

PEL 445 is Arrow Energy’s only licence in NSW and is non-core to Arrow’s Queensland focus, where it has an established domestic gas supply business and is working to develop its proposed CSG-LNG export project.

PEL 445 covers an area of approximately 7,100 km2 and is located in the Clarence Moreton Basin (CMB) adjacent to the border of NSW and Queensland, and to tenements held by Metgasco and ERM (see map below). The CMB represents an extension of the productive Surat Basin into northeast NSW. In Metgasco’s CMB licence areas, which are of similar size to PEL 445,

Tags: Dart Energy Limited