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DTE Dart Energy - Coal Seam Gas

Dart Energy - ASX code DTE

In Australia, Dart Energy has a portfolio of 8 Petroleum Exploration Licences all located in the state of New South Wales.

On 2 April 2013, Dart Energy announced a decision to suspend field operations in Australia until there is clarity and certainty around State and Federal policies to support the industry. The company intends to preserve its high quality licence areas in Australia until Government policies are reformulated and an initiative is underway to identify consolidation and farm-out opportunities for the Australian assets.

Commenting, Nick Davies, Chairman, said: “The Board of Dart is extremely disappointed with the uncertainty created by recent NSW and Federal government decisions in relation to CSG development in Australia. The consequence is that investment is leaving the country, field operations are being suspended, Australian jobs are being lost, and the impending energy crisis in New South Wales is not being addressed, and indeed, will only get worse. This is in direct contrast to the United Kingdom, where the Government is actively seeking to support the responsible development of unconventional gas resources.”

PEL 456 - Upper Hunter

Location: Liverpool Ranges, Upper Hunter Valley, NSW

Interest: Dart 85%, Santos 15% (operator)

Gross Resource (MBA): OGIP 30,170Bcf, Prospective resource 1,090Bcf, 3C resource 939 Bcf

PEL 456 is located in the Upper Hunter Valley of New South Wales covering an area of 5,953 km2. Dart Energy holds an 85% interest in the licence with Santos holding the remaining 15%. Santos has elected to exercise its farm-in rights for a further 35% by funding additional exploration and appraisal activities.

The Central Ranges Gas Pipeline (CRGP) and proposed Queensland Hunter Gas Pipeline (QHGP) traverse the licence area in addition to nearby high capacity power transmission lines, both of which present commercialisation opportunities for gas sales and regional gas-fired power generation.

PEL 458 - Newcastle

Location: Newcastle, NSW

Interest: Dart Energy 100%

Gross Resource (NSAI): OGIP 1,342 Bcf, 2C resource 542 Bcf

PEL 458 is located near the city of Newcastle, New South Wales, and extends over an area of approximately 2,000km2 from Belmont in the south to Myall Lakes in the north, Raymond Terrace in the west to the coast in the east.

Exploration in PEL458 commenced in January 2010 with four exploration holes drilled to date. Dart Energy has full state and federal regulatory approval for a pilot project at Fullerton Cove, north of Newcastle, assessing the prospective Medowie and Borda seams at approximate depths of 650 metres and 700 metres respectively. Drilling is to take place from a single well pad to minimise the environmental footprint, reduce site preparation time and truck movements.

The focus of the proposed pilot operations in the Fullerton Cove area north of Newcastle are the upper Tomago Coal Measures.

A review of all environmental factors, encompassing all risks and relevant studies has been completed and submitted as part of the regulatory approvals process. Approvals from the Federal Department, SEWPaC (Department of Sustainability, Environment, Water Population and Communities) and the State Department, DTIRIS (Department of Trade, Investment, Regional Infrastructure and Services) have been received. The application was also assessed and approved by the federal Independent Expert Scientific Committee.

Legal proceedings brought by the “Fullerton Cove Residents Action Group” in relation to the project were successfully defended by Dart Energy in the NSW Land and Environment Court.

Future exploration activities will continue to target the Tomago coal measures in addition to the equally prospective Greta coal measures.

Maria’s Farm Veggies Project

Dart Energy has taken a 20% equity interest in a project being undertaken by Maria’s Farm Veggies Pty Ltd (MFV) adjacent to the Fullerton Cove project site. MFV is a state of the art A$65million glasshouse development that will grow high quality vegetables for sale to Australian markets. The project is expected to create 125 jobs in the Newcastle area or up to 200 jobs if the project is expanded. Gas produced from the Fullerton Cove project will supply gas for heat and power generation to the MFV project with produced carbon dioxide being re-used as part of the growing process.

Dart Energy and MFV won the FutureGas 2012 Innovation Award as a model of sustainability that demonstrates the benefits that coal seam gas brings to the communities and the economy.

MFV has also executed a Gas Sales Agreement (GSA) with Dart Energy for gas supply from the Fullerton Cove project. The GSA is for a 10-year term at A$7.50/GJ linked to CPI.

PEL 445 - Bruxner

Location: North Eastern NSW

Interest: Dart Energy 100% (currently being acquired from Arrow Energy)

PEL 445 covers an area of approximately 7,100 km2 and is located in the Clarence Moreton Basin (“CMB”) adjacent to the border of NSW and Queensland, and to tenements held by Metgasco and ERM. The CMB represents an extension of the productive Surat Basin into northeast NSW. In Metgasco’s CMB licence areas, which are of similar size to PEL 445, 3P and 2P gas reserves of approximately 2,500PJ and 400PJ respectively have been booked.

Based on the work undertaken in the CMB 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. Exploration results indicate that the area contains significant gas resources, which are over-pressured, contain significant free gas, and are generally close to 100% saturation with a gas composition regularly over 95% methane.

Dart Energy’s management team is familiar with the licence area and its potential as they carried out the majority of exploration work done to date whilst at Arrow Energy prior to its acquisition by the JV in 2010.

Dart Energy intends to undertake a detailed assessment of further exploration activities required to gain a better understanding of the area’s potential.

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