Dart Acquires Exploration License in NSW

Dart Energy has agreed to acquire New South Wales Petroleum Exploration Licence 445 (PEL 445) from Arrow Energy.

PEL 445 is Arrow Energy’s only license 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, Dart said in a stement. PEL 445 covers an area of approximately 7,100 km2 and is located in the Clarence Moreton Basin adjacent to the border of NSW and Queensland.

Based on the work undertaken in Clarence Moreton Basin to date by Arrow Energy and others, the basin is considered to be highly prospective for coal seam gas as well as other unconventional and conventional gas deposits.  Since 2002, Arrow Energy has drilled 15 exploration wells.

“Dart Energy intends to undertake a detailed assessment of further exploration activities required to gain a better understanding of the area’s potential in accordance with work commitments to the NSW Government,” the company said.

Dart Energy considers the area has the potential to make a very significant contribution to addressing the anticipated shortage of domestic natural gas on the East Coast of Australia in the coming years as long term gas supply contracts expire.