Dart takes aim at Arrow acreage

In its sights: Dart has reached a deal to take over Arrow's PEL 445 licence in New South Wales

REUTERS/SCANPIX

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Josh Lewis

 05 February 2013 06:39 GMT

Singapore-based Dart Energy has agreed to buy an exploration licence in the Australian state of New South Wales from Shell and PetroChina joint venture, Arrow Energy.

Dart will make “a modest” cash payment to Arrow for petroleum exploration licence 445 which it said reflected the status of the licence and the level of understanding of its resource potential, however it did not reveal the exact sum to paid in Tuesday’s release.

PEL 445 covers about 7100 square kilometres in the Clarence Moreton basin, on the border of New South Wales and Queensland, and is believed to be prospective for coalbed methane as well as other unconventional and conventional gas deposits.

Arrow drilled 15 wells on PEL 445…

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