Dart said in a securities exchange filing on Tuesday that GDF had agreed to acquire a 25% working interest in the blocks, with Dart retaining operatorship and a 75% stake.
The licences cover 1378 square kilometres and are located in both the western and eastern parts of the Bowland basin, onshore England and Wales.
In consideration for the interest, GDF will be required to pay $12 million in cash and meet Dart’s 75% share in costs, up to a capped amount of $27 million (in addition to GDF’s own 25% share).
The
