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MENAFN - ProactiveInvestors - Australia - 24/11/2012

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Dart Energy receives corporate approach for energy IPO
(MENAFN - ProactiveInvestors - Australia) Dart Energy (ASX: DTE) has received interest from an industry participant with oil and gas interests in Asia to enter into a strategic relationship with the company's wholly owned subsidiary Dart Energy International.

Importantly, the deal will include a material participation by the industry participant in Dart Energy International's planned IPO prior to listing on the AIM market of the London Stock Exchange.

Dart Energy now plans to fully evaluate the potential partnership prior to proceeding with the IPO.

A transaction of this nature could achieve a number of long-term strategic, operational and financial benefits for Dart Energy International, especially in Asia, and will strengthen the IPO.

IPO progress

Dart has completed all of the preparatory work in relation to the proposed IPO.

Marketing of the IPO to qualified institutions and investors began in October, with initial plans to complete the IPO by the end of November 2012.

So far Dart Energy International has met with over 100 parties in the United Kingdom, Europe and Asia.

Dart expects to be in a position to update the market on the status of the potential transaction by the end of the year.

The company will then resume the IPO process and is AIMing to complete it at the earliest opportunity in 2013.

Post-admission Dart Energy will remain a majority shareholder of Dart International.

A separate shareholder base and funding structure for Dart International is expected to be of significant benefit to both Dart Energy and Dart International.

It will establish a separate funding platform from which Dart International can mature its asset portfolio without raising further capital in Australia.

The IPO will also achieve significant new funding for Dart International to see it through the next phase of development, commercialising and generating revenue from a range of projects.

Following the listing of Dart International, Dart Energy intends to maintain its existing strategy in Australia with a focus on maximising the value of its New South Wales assets and, where appropriate, to build further scale and diversification geographically and/or into other types of unconventional gas.


During the September quarter, Dart Energy International executed agreements for an up to US100 million senior secured reserves based lending facility with Hong Kong and Shanghai Banking Cooperation Limited, Singapore Branch (HSBC).

The facility is structured to provide Dart Energy International immediate working capital of up to US10 million and a further US90 million over the next two years to fund development of near term development projects that initially include Airth (PEDL 133) in Scotland, Liulin in China and Sangatta West in Indonesia.

This is believed to be the first reserve based lending facility of its size for coal seam gas projects in Europe or Asia and follows an extensive technical and commercial due diligence on Dart Energy International's projects by HSBC.


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