Dart Energy (ASX: DTE) is pleased to advise that it has today completed the farm-out agreement relating to thirteen of its U.K. licences with GDF SUEZ E&P UK Ltd ("GDF SUEZ E&P UK"), following satisfaction of all conditions precedent. The company has received US$12m in cash consideration payable on completion.
Planning is now well advanced for the first phase of the work program contemplated in the farm-out agreement, being the drilling of coal bed methane exploration wells. At the same time, the company has commenced planning and seismic work which will be necessary to the drilling of shale exploration wells in due course.
Source:
http://www.youroilandgasnews.com/news_item.php?newsID=96723
