Dart Energy to Raise Funds for Global Operations

International arm of Australia listed Dart Energy has set up a new loan facility with HSBC to fund the development of its global coal bed methane and other unconventional gas assets.

The development will result in a secured loan of up to $100 million composed of a borrowing base tranche of up to US$90 million and a US$10 million working capital tranche.

The initial base borrowing assets will be Dart International’s interest in PEDL 133 (Scotland), the Liulin PSC (China) and the Sangatta West PSC (Indonesia). The mandate is subject to completion of due diligence and final HSBC credit approval.

Subject to consent of the lenders, Dart International will have the right to incorporate new assets into the borrowing base from time to time.

Due diligence and work on the facility documentation is already well underway, Dart said.