Dart Defers IPO to Concentrate on Core Business

Dart Energy's international arm has said that it will defer its listing on the Singapore Stock Exchange, instead concentrating on its core business projects around the world. 

In a statement released today, the company said a weak market and a decline in Dart's share prices meant it had taken the decision not to list the company on the stock exchange.

Though the company is "IPO-ready", Dart said, it did not believe a listing at this time would be in the best interests of its shareholders. It is now considering a number of options to finance its operations in the future, including the revisiting of the IPO decision, on the Singapore Stock Exchange or alternatives, farm-out opportunities or potential investment from new partners.

The company says it plans to concentrate its focus now on its core business to demonstrate its value in the absence of an IPO-listing. These projects include PEDL 133 in Scotland, as well as other projects in China, Australia, Indonesia and India. As such, the company will review its allocation of resources across these assets to determine and enhance its operations in the near future.

This allocation of resources will allow the company to focus "drilling and other operational activities to maintain licences in good standing", evaluate "farm-outs and portfolio rationalisation options" and align "management and operating structures to the near-term objectives of the company."

Currently, the company says it has enough funds to meet its operating and business needs over the next 12 months.