*** BB for DART ENERGY ***30 Apr 2014 13:57
Dart Energy well positioned ahead of May AIM float
Ahead of next month's AIM float UK-focused unconventional gas firm Dart Energy (ASX:DTE) confirmed it remained debt free and at the end of the first quarter had A$34.2mln of cash.
In recent months Dart's coal bed methane (CBM) and shale assets have been put in the spotlight thanks to two separate, high profile farm-out deals, with GDF Suez and Total respectively.
As only one of a handful of companies with direct access to the UK's anticipated shale gas boom, the soon to be AIM-listed firm is expected to garner a great deal of interest in the City.
Alongside its high profile new partners progress appears relatively rapid, with drilling already underway well results anticipated from two CBM wells in the third quarter.
Drilling began last month, in the GDF joint venture, and the first two results will come from the Churton and Lound CBM wells.
Also in March, around 70 kilometres of 3D seismic was shot for the Total joint venture. The work constitutes the first phase of exploration under the agreed programme, and the data will be analysed over the remainder of the year.
Dart said its exploration expenditure totalled A$2.5mln in the three month period, ended March 31.
http://www.proactiveinvestors.co.uk/companies/news/68020/dart-energy-well-positioned-ahead-of-may-aim-float-68020.html