Dart Energy - The Road to Disaster

Dart Energy - The Road to Disaster

July 22, 2010 - Australia’s newest coal seam gas listing Dart Energy makes its market debut today, but analysts are fearful that the new company may struggle to retain support in its early days.

February 28, 2011 - Dart Energy will acquire the 90 per cent of Composite Energy it does not already own for $US46.7 million via the issue of 35.9 million shares.

April 19, 2011 - Global coal seam gas play Dart Energy is borrowing from shareholders for $100 million in a bigger-than-expected equity raising to tide it through until it can declare commercial reserves and start up early production.

November 30, 2011 - Coal seam gas explorer Dart Energy has narrowly avoided incurring a “strike” over executive pay after major shareholders objected to options for directors.

December 23, 2011 - Dart Energy has restructured its UK and Chinese interests, boosting control over assets but meaning it will also wear more of the financial burden of development.

December 28, 2011 - Junior gas explorer Dart Energy has agreed to acquire all of the unconventional gas assets of UK-based coal bed methane explorer Greenpark Energy for $42 million.

May 11, 2012 - Mining company Dart Energy has abandoned plans to drill a coal seam gas well in Sydney's inner west.

May 29, 2012 - Weak market conditions have taken their toll on the planned float in Singapore of Dart Energy’s international business, which has been indefinitely deferred.

August 24, 2012 - A NSW community group is mounting a court challenge to stop coal seam gas exploration at Fullerton Cove, near Newcastle, as dozens of people continued to demonstrate against Dart Energy's approval to drill four CSG pilot wells.

September 06, 2012 - A coal seam gas protest group has claimed success in temporarily halting Dart Energy’s plans to drill at its Fullerton Cove project near Newcastle pending a full legal challenge.

April 2, 2013 - Dart Energy Ltd. (DTE), a coal-seam gas and shale explorer, fell to a record low in Sydney trading after scrapping an initial public offering of its international assets and cutting staff by 70 percent. The shares slumped 44 percent to 5.9 cents in Sydney.Investment is leaving the country, field operations are being suspended.

Dart will close offices and axe 70 per cent of its workforce, taking the number of employees to 50, as it aims to slice costs by nearly two thirds.

Dart Energy has blamed Australia’s hostile regulatory environment for the collapse of its planned £30 million spin-off of its international business and will be forced to slash costs instead.

April 05, 2013 - Morningstar has suspended its recommendation and fair value estimate on emerging coal seam gas player Dart Energy after regulatory changes crippled the company’s prospects.

April 9, 2013 - Dart is actively seeking appropriate partner or partners to develop the Bowland shale gas position, the Sydney-listed company said in a presentation.

April 15, 2013 - Morningstar reduced its recommendation for Dart Energy from “hold” to “speculative” saying the emerging global coal seam gas explorer and producer was a “speculative gamble” that “hadn’t worked out”.

July 6, 2013 - Dart Energy suffered another blow this week with the resignation of European Managing Director Mark Lappin. This follows the resignation of Dart's Surface Management Manager last month and leaves the company with out a top executive for their European operations.

August 2013 - Dart Energy is in the throes of a major cash crisis, an Australian stock exchange announcement reveals. Large-scale community resistance has prevented the driller from obtaining planning permission at Airth; led by the Forth valley Against Unconventional Gas group (FAUG). Dart is now perilously close to running out of money.

Dart Energy (DTE) has temporarily ceased trading on the stock exchange as it seeks more money from investors.

Dart Energy has sought a trading halt on the Australian Securities Exchange as it works to increase investment among its shareholders.

September 16, 2013 - Dart announced the completion of the sale of its entire interest in Fortune Liulin Gas Ltd.

August 21, 2013 - Australia-based Dart Energy Ltd, which is battling a fund crunch, will shortly sell a 49 per cent stake in its India subsidiary to raise funds to finance its exploration and production ventures in India and the UK.

"Dart Energy has been facing a fund crunch. It tried to raise funds via the initial public offering route, but failed. Thus, it has decided to sell a stake in the company," a company executive said.

September 26, 2013 - New Hope Corporation subsidiary Krestlake wants to roll the board of Dart Energy due to the coal gas seam gas explorer’s perennial underperformance.

October 22, 2013 - GDF Suez SA (GSZ), France’s biggest supplier of natural gas, became the second utility to buy into U.K. shale with the purchase of assets from Dart Energy Ltd. (DTE). GDF will acquire a 25 percent interest in 13 licenses in northern England’s Bowland basin.

October 24, 2013 - Dart Energy Ltd announced that no dividend has been declared or recommended for the period ended June 30, 2013.

November 26, 2013 - Dart Energy chairman Nick Davies and three fellow directors have been forced to resign from the board of the coal seam gas player by dissatisfied shareholder New Hope Corporation.

January 16, 2014 - IGas Energy plc and its partners (Egdon Resources, Dart Energy and eCorp) announced they have signed a farm-out agreement with Total E&P UK Limited (Total) under which Total will acquire a 40% interest in the UK Onshore Petroleum Exploration and Development Licences PEDL139 and PEDL140 located in the Gainsborough Trough in Lincolnshire.

March 18, 2014 - A public inquiry into controversial proposals to drill for gas in the Forth valley is under way in Falkirk.

The Scottish Government has appointed two reporters from the Directorate for Planning and Environmental Appeals to consider the development.

The panel panel began hearing evidence at the Inchyra Hotel near Polmont on Tuesday and is expected to last three weeks.

April 2014 - Dart Energy is to start drilling on the former site of a huge explosive factory, the former 500-acre Royal Ordnance Factory Ranskill, near Daneshill Lakes in Nottinghamshire.