Elaine Maslin, 3rd December 2012
The international arm of Australian coal bed methane outfit Dart Energy has put on hold a London stock market listing after an approach from a potential “strategic partner”.
Dart Energy International, which has coal bed methane assets in the central belt of Scotland, had been preparing to list on the Alternative Investment Market by the end of November.
But it said during talks with potential investors across the UK, Europe and Asia, it received a proposal for a “broader ranging strategic relationship” from a “an industry participant with oil and gas interests in Asia”.
This would include “material participation” in the listing, said Dart, without naming who the party was.
Dart has a coal bed methane project at Luilin in the Shanxi Province of China, due to deliver first production early next year, as well as assets in Indonesia, India and Europe.
“The boards of both Dart Energy International (DEI) and Dart Energy believe that a transaction of this nature could achieve a number of long-term strategic, operational and financial benefits for the DEI business, especially in Asia, and will strengthen the IPO,” said Dart.
The offer is to be evaluated with a view to a deal being agreed before then continuing with the London listing “at the earliest appropriate opportunity in 2013″.
Dart Energy was spun out of Arrow Energy in 2010 ahead of its being taken over by Shell and Petrochina.