Sunday, 13 May 2012

Dart Energy's latest reports

Dart Energy shares are down to 24 cents. Dart announces that it will not drill in St Peters and their quarterly report doesn’t mention PEL 460 where Putty is located.

10 May 2012
Dart Energy Limited (ASX:DTE, “Dart”) notes the media coverage regarding a decision
by Marrickville Council on Coal Seam Gas drilling and, as indicated in its ASX release
dated 25 July 2011 and regularly stated in the media since then, re-confirms drilling will
not be undertaken at St Peters.

8 May 2012
Marrickville Councillors backed residents campaigning against coal seam gas in the inner city tonight when they voted unanimously to support a new condition on agreeing to the development application of a waste recycling business – to prohibit coal seam gas mining.

Dart Energy’s Quarterly Activities Report 30/4/12

PEL 458, Newcastle – Fullerton Cove
A referral under the Environment Protection and Biodiversity Conservation Act has been submitted for PEL458 to the Australian Federal Government with positive indications from both the Federal and State governments. The proposal has been referred to the Independent Scientific Committee on the 18th of April with a recommendation to approve the project. Subject to approvals, Dart Energy expects work on site to commence during Q2 2012.

A Community Reference Group (CRG) has been established in PEL458 to address any concerns
relating to the project. The CRG includes representatives from industry, environmental groups and the community who have a stake in the project. The first CRG was held in March with follow up sessions to initially be held monthly.

During the quarter, the A$65 million glasshouse project being undertaken by Maria’s Farm Veggies Pty Ltd (MFV), received final credit approval for a limited recourse project finance debt and working capital facility to be provided by Bankwest, the first of its kind and a landmark development in the financing of horticultural projects in Australia. MFV is working towards execution of binding transaction documentation and financial close during this quarter, following which construction of the project is expected to commence. Dart has previously entered into a Memorandum of Understanding (MoU) under which Dart will supply natural coal seam gas to the project to produce heat and electricity, supplied from a small number of wells from the Fullerton Cove area.

In addition, Dart Energy together with Maria’s Farm Veggies Pty Ltd (“MFV”) won the FutureGAS Innovation Award for 2012. FutureGAS is the annual gas conference organised by Gas Today magazine.

The award was won on the basis of the sustainability demonstrated by utilising coal seam gas to
produce electricity for food production with a lower environmental impact than conventional food and power production techniques.

NSW Strategic Regional Land Use Policy

Further progress has been made in NSW with the recent Government announcement of a number of draft policies and plans related to the regulation of both coal seam gas and coal mining under the banner of “Strategic Regional Land Use Policy” (SRLUP). Dart supports the intent of the plans to provide balance to the process of resource development and concerns of landholders and the community. The SRLUP applies to New England North West and the Upper Hunter in the first instance and does not include “no go” zones.

The proposed regulations will require greater community consultation and that licence holders are transparent in their actions and reporting. Dart has already adopted best practice with regards to community and landholder engagement, and any changes to Dart processes are likely to be an extension to current activities.

NSW Licences (NSW, Australia)

Dart Energy is planning a drilling program of 10 wells during 2012, subject to approvals. There is strong government support for the industry and a better understanding within the community of what natural coal seam gas can offer, in terms of addressing the projected supply/demand gap for NSW (as early as 2014) and easing the pressure on rising energy prices. During the quarter a number of site locations have been identified as potential exploration targets and land access negotiations are progressing well.

PEL 463, Cumberland / Sydney
Dart Energy has undertaken a land use study of the PEL 463 Cumberland area to identify areas appropriate for CSG exploration and which can demonstrate long term benefits for existing land uses through local energy production. The study identified a number of industrial areas where such benefits could be realised. Initial contact with these land holders is planned in the next quarter and discussions will continue with State and local governments on Dart Energy’s strategy for the tenement.

PEL 456, Upper Hunter
Land access negotiations were progressed significantly during the quarter by Dart Energy’s farm-in partner, Santos. As a result, Dart Energy expects that work will commence shortly to prepare the submission for approval to commence drilling of a production pilot in PEL456 which is required for Santos to complete its farm-in obligations.


  1. why the DTE stcok price is being slashed to 16c in last 2 months. Any reason?

  2. The ASX has asked the same question and Dart have not been able to give an explanation - see their website.