Dart Energy said it has completed the Farm-out Agreement with Total E&P UK Limited in respect of UK Onshore Petroleum Exploration and Development Licences PEDL139 and PEDL140.
Dart Energy now holds a 17.5% interest in both licences, and will receive US$1 million in cash consideration.
Work has now commenced on seismic acquisition and planning, which will be necessary for drilling of shale exploration wells on these licences in due course.
The interests in PEDL139/140 are:
- Total E&P UK Limited : 40.0%
- GP Energy Limited (a subsidiary of Dart Energy) : 17.5%
- Egdon Resources U.K. Limited : 14.5%
- Island Gas Limited (the Operator) : 14.5%
- eCORP Oil & Gas UK Limited : 13.5%.
Press Release, February 4, 2014; Image: Dart Energy