NuEnergy Gas Ltd. has signed the conditional Share Purchase Agreement (SPA) with Dart Energy International Ltd. (Dart) on May 20 to acquire 100 percent of the issued share capital of Dart Energy (Indonesia) Holdings Pte Ltd. (Dart Indonesia).

Dart Indonesia, through its group controlled companies (Dart Indonesia Group), has a participating interest in the following Production Sharing Contracts (PSC), and joint evaluation (JE) covering 186 and 602 square miles (482 and 1,559 square kilometers):- 45 percent participating interest in Tanjung Enim coal bed methane (CBM) PSC, South Sumatra 50 percent participating interest in Muralim CBM PSC, South Sumatra 100 percent participating interest in Bontang-Bengalon CBM PSC, East Kalimantan; and rights to the JE of Bungamas CBM, South Sumatra.

The acquisition of Dart Indonesia is for a cash consideration (Consideration) of $1 million to be funded from NuEnergy's available cash.

Tags: Dart Energy Limited, NuEnergy Gas